Tuesday, February 17, 2009
Another Madoff – when will the Ponzie schemes end?
Allen Stanford, the chap behind 20/20 cricket and one of the richest people in the world, has been accused of running a giant Ponzi scheme involving anywhere from $8-50billion of assets. As with Madoff, his funds offered suspiciously high and consistent rates of return even while the market tanked last year. That is, until investors started demanding their funds back - now it all unravels and the authorities step in too late as usual, to shut the stable door after the horse has bolted.