Update: R. Allen Stanford is missing. No house arrest for him.
After Madoff…
Three senior executives with Stanford Group Co. have been charged with defrauding investors of billions through a high-yield certificates of deposit program and using false historical data to push a special Stanford mutual fund program.
Over the last ten years, R. Allen Stanford -- the Texas billionaire charged by the SEC today with "massive fraud" -- and his companies have spent at least $5 million on lobbying expenditures and campaign contributions to a bipartisan group of congressional leaders.The heavy political spending comes despite Stanford's history of run-ins with federal regulators dating back at least to 1999, when he caught the attention of the State Department for his role in tightening the already-secretive banking laws of the Caribbean island nation of Antigua.
Since this particular Stanford investigation has been ongoing since summer, it may be that Tom Daschle’s withdrawal from appointment may have at least in part been because he knew the feds were coming down on Stanford. Stanford had pumped tens of thousands of dollars into Daschle’s coffers.
Update: Arthur Nadel turned himself in for his $300 million fraud scheme.
....but hey, do what you want....you will anyway.
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