Wall Street is currently being rocked by another scandal. Billionaire Allen Stanford is being investigated for fraud. There’s one little problem: No one knows where he is. Now investigators are looking at any place he might be.
I’m currently in Houston and the Marriott hotel where we held the investment seminar last night is next to the Stanford offices. What a zoo! The media is parked outside and there are quite a few satellite trucks.
I was supposed to have some business meetings at Stanford’s headquarters this morning. It looks like that ain’t gonna happen. Everything is shut down. This is starting to look like an episode of Law & Order.
Stanford was also a major political donor. The Drudge Report was circulating a picture of him with Nancy Pelosi. Stanford’s Latin American connections and ABC’s report that he might have been laundering drug money may explain why we may never see Mr. Stanford again.
The WSJ reported that there was an investigation into Stanford’s offshore CDs back in 2006. After the Madoff fiasco, the SEC need to show some leadership.