It is fascinating to observe how the Crisis is unmasking phony bankers.
With Mr Madoff barely gone, we have now Sir Allen Stanford stepping forward as the next fraud.
Allen is not knighted at all by the Queen but by the governor-general of Antigua.
The nice one is this: concerns were sparked after Alex Dalmady, a Venezuela-based analyst, compiled figures on SIB’s investment performance from the bank’s published annual and half-yearly reports that show consistent market-beating returns.
Mr Dalmady questioned the bank’s ability to ride out market volatility because SIB was purely in the business of trading stocks and bonds and did not make loans.
These were the returns Stanford International Bank produced for his clients against the DJIA. The upper line is the return on investment and the bottom line is the interest paid to investors. Figures are coming form the SEC report
Once more: it is even more fascinating to notice that no regulator or external auditor had a clue what was going on.
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With Mr Madoff barely gone, we have now Sir Allen Stanford stepping forward as the next fraud.
Allen is not knighted at all by the Queen but by the governor-general of Antigua.
The nice one is this: concerns were sparked after Alex Dalmady, a Venezuela-based analyst, compiled figures on SIB’s investment performance from the bank’s published annual and half-yearly reports that show consistent market-beating returns.
Mr Dalmady questioned the bank’s ability to ride out market volatility because SIB was purely in the business of trading stocks and bonds and did not make loans.
These were the returns Stanford International Bank produced for his clients against the DJIA. The upper line is the return on investment and the bottom line is the interest paid to investors. Figures are coming form the SEC report
Once more: it is even more fascinating to notice that no regulator or external auditor had a clue what was going on.
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