Posted on 02/21/2009 4:54:46 AM PST by TigerLikesRooster
Stanford panic spreads across Latin America
By Naomi Mapstone in Lima and Adam Thomson in Mexico City
Published: February 19 2009 01:54 | Last updated: February 19 2009 01:54
Peru, Mexico, Ecuador, Colombia and Mexico were the latest Latin American countries to experience the fall-out from the Stanford case on Wednesday.
Well-heeled investors queued at the offices of Stanford Financial Group’s Ecuadorean affiliate in the capital of Quito, demanding to know the status of their deposits.
Stock exchanges in Quito and Guayaquil, where a second Stanford unit is based, were expected to suspend the group’s local brokerage house by late Wednesday.
Santiago Noboa, head regulator for markets in Quito, told Reuters an investigation had been launched into the portfolios managed by Stanford. He said the Stanford units managed a fund and investor portfolios that totalled about $15m, but authorities were unaware of other instruments the firm might have sold to local investors.
Conasev, Peru’s Supervisory Commission for Companies and Securities, meanwhile, inspected the Lima offices of Stanford’s Peru unit, which operates as a broker and has assets of some $6.8bn.
(Excerpt) Read more at ft.com ...
Ping!
I think I read the other day that this guy was under suspiscion by the SEC for 15 years??? Nice work SEC.
In Ecuador when the local version of the SEC closes your business, they issue an order to Cease and Quito.
Stanford may be the culprit here, but America will be blamed for spreading “poison” around the world.
We are building up a well of anger. Don’t expect help if our economy implodes.
The real scandal is how easy it is to bribe U.S. Sentators with campaign contributions.
They are the ones who caused the SEC to look the other way.
“Stanford may be the culprit here, but America will be blamed for spreading “poison” around the world.
We are building up a well of anger. Don’t expect help if our economy implodes.”
Global Economy, was a hot item a few years back....don’t hear much about that concept, today...I guess a chain is only as strong as the weakest link....
Why has this guy not been charged with anything and arrested. You are never going to bring back confidence in the market until these guys are dealt with in criminal court...I include the former CEO of Wachovia too...he should be prosecuted.
It’s a good thing we have a military or those countries that have been bankrupted by credit default swaps and criminals like Sanford would be launching attacks against us.
And the snowball grows...
double agent for the CIA...
I don’t see how most nations will ever trust us again. We foisted toxic sub-prime backed securities on them, all carrying AAA ratings. The credit crisis was 100% caused by the USA. If I am a pension fund manager in Germany and the USA comes knocking again for me to buy into some safe bonds, I’m going to tell them to go jump.
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