You're a billionaire, a stand up member of society, a living example of the American dream... and you're a complete fraud. That basicly sums up R. Allen Stanford who got caught this week swindling his way to riches. He hasn't been located yet according to the latest CNN reports but since his face is all over the news it wont be long before he turns himself in or gets caught. Here's an excerpt on Stanford from MSNBC.
The bank had been misrepresenting its performance since at least 2004, according to court papers. The claims of inflated returns allowed the bank to plow more money into other parts of Stanford Financial Group, paying "disproportionately large commissions" to its affiliate Stanford Group Company, the documents say.
I think it's great the credit crisis exposes frauds such as Madoff and Stanford. Unrestricted, unchecked greed is what caused the economic downfall in the first place. How many banks needed to be rescued with taxpayers money? Hopefully all the rotten eggs continue to be weeded out and get what they thoroughly deserve.
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