Bad news for Cricket: Sponsor Standford is being investigated

Via the WSJ it appears that Stanford International is under investigation:

Stanford International Bank Ltd. of Antigua recently failed to provide some $16 million in funding to a small Florida telecommunications firm, while a small Alabama health-care firm said it was unable to complete a roughly $62 million merger after funding fell through. 

….The disclosures raise new questions about the activities of Stanford International Bank, part of a sprawling financial-services network controlled by Texas businessman R. Allen Stanford. As reported, the Federal Bureau of Investigation and securities regulators are examining the bank’s marketing of high-interest certificates of deposits through affiliates in Texas and elsewhere.

It doesn’t seem totally bad, but R Allen Stanford is a huge support of cricket in the West Indies, and it would be really sad to see that go away.

About Lance Wiggs

@lancewiggs
This entry was posted in Business, Global Macro Trends. Bookmark the permalink.

2 Responses to Bad news for Cricket: Sponsor Standford is being investigated

  1. Jimmy says:

    An FBI probe into ‘high-interest certificates of deposits’ and you say it doesn’t seem totally bad? Not even a whiff of Ponzi about that one?

    Like

  2. Lance Wiggs says:

    and of course Jimmy was right it seems – Standford is under investigation, his passport is being held and the sums involved are $8 billion.
    Interestingly, like Madoff, the complaints about his activity extend back several years.

    Like

Comments are closed.