This time it’s a Texas banker (yeah, what are the odds?)
Hoping to halt what it called “a fraud of shocking magnitude that has spread its tentacles throughout the world,” the Securities and Exchange Commission charged billionaire R. Allen Stanford and other executives at his massive financial services company, Stanford Financial Group, with operating a multibillion-dollar fraudulent investment scheme.
In a complaint filed early Tuesday in U.S. District Court in Dallas, the SEC alleged Antigua-based Stanford International Bank (SIB) fabricated investment returns in order to market and sell high-yielding certificates of deposits.
The complaint charged SIB with selling approximately $8 billion of CDs to investors by promising improbable and unsubstantiated interest rates.
You kind of wonder what it’s going to take to get Republicans espousing “free-market” solutions to admit that the “market” has not functioned as such. It’s apparently been a non-stop, gigantic crime wave by people using offshore accounts and white collar trickery instead of guns and knives.
The moral decay in our society is widespread and palpable, and it’s not confined to one party. But there is one party that is more intensely and palpably rotten than the other, and most regular Americans know that.