Sunday, February 15, 2009

Still on this Stanford Thing

It’s Sunday night. Almost a week since DiabloCaca put “Duck Tales” up on the web. This should help get things out there. The bloggers and reporters are still finding details and new edges on stories. There’s the mistress CIO…a bunch of SEC filings to go through. There are some “whistles” from the past, which suddenly fell silent (jammed with benjamins?).

It’s over guys. Thank you all. It was over when the WSJ said “FBI”. Probably WAY before that. The FBI does not investigate “accounting discrepancies” or even “disgruntled employees”. The WSJ does not say “FBI” and “bank” in the same sentence unless they are sure. The FBI does not work 9 to 5 Monday through Friday. They have pulled files, put people on this. The same as the SEC. These guys have “expert” auditors who can sniff out schemes much more complicated than this one. They’re NOT STUPID, they just weren’t looking at this. Any 10-year old could read “Duck Tales” and tell something was fishy. Heck, “Duck Tales” is already linked on Sir Allen’s wiki bio.

The financial statements were on the website and still are. Let’s give these guys some credit. They’re on it and with a TON of face to save, so you can be sure there is some overtime and more than a few plane tickets to Antigua.

Today I stopped talking to reporters. I don’t want to seem rude or pretentious but...they need to take the story forward…not back. There are ton of angles. Some of you are a WEEK behind. Where’s Sir Allen? He’s already at least a week ahead of everybody. And he has his own means of transportation. Still reporting on that letter? C’mon, that was a “parting shot” to cover his retreat. Who are these directors? Where are they? They left that poor Mr. Bertsch behind to now “decline to comment”.
You’re a good man, Mr. Bertsch. I hope you find a job soon.

The odds of the bank opening for business tomorrow (or Tuesday, don’t know about the holiday) are not good. In Antigua, the PM is saying, “It is out there now that things may not be as rosy as they ought to have been with the Stanford Empire…” That’s Reuters reporting, not me speculating.

People are going to lose money. Some deserve to. I was told today of someone who sent $50k to Stanford Friday AFTER reading “Duck Tales”. Maybe that will make “Stupid investment of the week”. Many will be innocent. Some may never come forward admitting it was theirs. But if the hole is as big as I believe it is, we’re talking many times the GDP of Antigua (like 5). Antigua will NOT bail them out. They have no obligation to do so, either. Forget the US, too. That “Excess FDIC” insurance that SIBL talks about in its December letter? That’s for the Bank’s US deposits…not the money of depositors in SIBL. The money is NOT insured.

The hotspots will be easy to find. Just check the Stanford map at In the US: Florida, Texas, and most of the South, Montreal in Canada. The Caribbean, (of course). Venezuela, Colombia, Ecuador.

People are going to lose their jobs. Some deserve to. Some people are going to feel really bad about losing other people’s money. You know who you are. Think hard about it when you’re driving around in your Mercedes convertible. Think about what you really knew. But PLEASE, don’t do anything rash. Your life is valuable and you can turn it around.

All for now. I’m already worse than Joe the Plumber.

Patience. I will figure this blogging thing out.

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