Monday, August 17, 2009
The failure of regulators: a case study
Stanford outdid Bernanke by making HIS helicopter money-drop at Lords but unlike Bernanke he has now been rumbled. But what took so long? Partly it was that he was such a bad guy that too many authorities were watching him (FBI, SEC, customs, IRS, DEA - drugs) and he slipped between the cracks (bad guy escapes while FBI and local cops argue about on whose patch the mayhem is taking place), partly because he bought the govt of Antigua, whence he operated, and some of the regulators and agents on his trail. But largely it was because he was laundering money for swindlers, tax dodgers, drug barons and intelligence agencies and was able to buy protection by snitching to the DEA about the movement of drug money through his bank - and maybe to other agencies.about his other scumbag clients.