Thank the heavens the FBI and a receiver are on the case. If the SEC were in charge we would have found assets of -$1.8 billion by this time. Yes, we could be angry. We could be very angry indeed. Fortunately, cooler heads have prevailed, and instead we have begun the slow process of financial fraud recovery. Specifically:
1. We admitted we were powerless over Ponzi schemes and fraud–that our lives had become unmanageable.
2. Came to believe that a Power greater than money could restore us to sanity.
3. Made a decision to turn our will and our lives over to the care of unemployment checks as we understood them.
4. Made a searching and fearless moral inventory of our assets.
5. Admitted to the bank, to ourselves, and to another investor the exact nature of our wrongs.
6. Were entirely ready to have the bankruptcy judge remove all these defects of character.
7. Humbly asked Him (the judge) to remove our shortcomings.
8. Made a list of all creditors we had harmed, and became willing to make amends to them all.
9. Made direct amends to such creditors wherever possible, except when to do so would injure them or others.
10. Continued to take personal inventory and when we were wrong promptly admitted it to our auditors.
11. Sought through our attorney to improve our conscious contact with Him as we understood Him, pleading only for knowledge of His will for us and the power to carry that out.
12. Having had a financial awakening as the result of these steps, we tried to carry this message to others, and to practice these principles in all our affairs.
So, this news seems… well… beneath us. We’d write more, but we have a meeting to go to.
The court-appointed receiver overseeing the financial empire of Texas billionaire Allen Stanford, who is charged with fraudulently selling $8 billion in certificates of deposit, has located $90 million in assets so far, an FBI agent said on Friday.
Stanford receiver finds $90 million in assets: FBI [Reuters]
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Is it a bad time to start a ponzi?
meeting? EP do you still work in PE on top of dealbreaker?
Man, it really takes talent to f’ up that royally, you really gotta hand it to ‘em!
Step 1–cut a hole in the box…
1 – Absolutely not. You can run with it for a long time, and stash your gains with UBS, before being busted. Just be sure to plan your escape well (see EP’s guide to becoming a fugitive).
@2 AWESOME…great episode, especially when James Spader eat’s the icecream for teh liquor
Going long Monte Carlo banking system
“Posted by guest, Feb 27, 2009 3:50PM
meeting? EP do you still work in PE on top of dealbreaker?”
An AA meeting (Asset losers Anonymous). I gambled away all my carry during a drunken binge in Toronto.
EP – It’s beyond awesome that you spoofed Zoraz. I am impressed.
Fantastic comments on the WSJ blog.
http://blogs.wsj.com/law/2009/02/27/first-to-be-charged-in-stanford-case-laura-pendergest-holt/
.
Fantastic comments on the WSJ blog.
http://blogs.wsj.com/law/2009/02/27/first-to-be-charged-in-stanford-case-laura-pendergest-holt/
@7. Agreed. Immelt sux. We need Stuart Cornfeld, aka Les Grossman, to take over GE.
7,143
@15/16
Thats one helluva mouth-grill on that broad, she better try to “monetize” that asset if she wants to save her a$$
How long before they kick C, BofA and GM out of the DJIA?
too 12, didn’t step.
“Laura Pendergest may have had no financial experience, but she is also not unattractive.”
@Anal_yst
Unfortunately they appear to have deleted some of the better posts.
That grill reminds me of another family embroiled in the Ponzi game show.
- Sorry about the double post.
@22, not unattractive to a horse, that is.
The grill doesn’t look as bad in this shot. Very hittable.
http://www.cnbc.com/id/29433727
decidedly sub par, given all the hype.
@24, @25 – I’d actually hit that prettty hard (with my penis, not a frying pan nor a drug-laced sugar cube). Reminds me of Brooke Balentyne – big mouth, and makes a lot of noise…
Would provide a link but am at work…
That grill not bad? Shit I’d hit her semi-retarded fat sister. But that’s only because I don’t have standards. It’s like a disability that leads to a burning sensation when I pee
That CNBC pic just screams “bukakke,” at least that’s what I’m hearing
EP – A drunken binge in Toronto?! I live here, and – outside of frat parties, heh, heh – I just don’t think that’s possible!
Sorry, the teeth speak to me, loudly!
http://www.djournal.com/photos/pendrestholtatolemiss.jpg
Why the long face?
“EP – A drunken binge in Toronto?! I live here, and – outside of frat parties, heh, heh – I just don’t think that’s possible!”
Exactly.
We, as financiers, love efficiency.
As such, the true measure of the Best Ponzi Scheme is the ratio of assets collected to assets recovered.
In this case, I believe Sir Stanford has bested Dear Madoff for the title of Best Ponzi Scheme. Such title is subject to monthly revisions although it is statistically unlikely that said title will be forfeited.
When I saw this post’s headline, I thought it was the number of hedge funds that have turned out to be Ponzi schemes.
EP – I worship at your feet. Drinks on me next time you’re here, but don’t come soon – it’s frickin’ minus 20 C today.
works if you work it and keep coming back to the next meeing
So it all comes to the 12 steps in the end. Must have a lot of people with insane ponzi schemes to run this shit.