• 13 Jul 2009 at 3:24 PM

Stanford Victims Go After Entire Nation

By Greg Michaels

It looks like we’re taking the fraud lawsuits up a notch to the sovereign level. CNBC is reporting that a $24 billion class action lawsuit has been filed against the nation of Antigua (2007 GDP: $1.2 billion) in connection with Sir Allen’s dealings. The lawsuit alleges that in light of the size and scope of the fraud, the Antiguan government simply had to been in on it. If that is really the standard being set today, the SEC might want to make a couple deposits into its ‘Madoff legal reserve’ fund.

Comments (12)

  1. 1
    Posted by guest | July 13, 2009 at 3:32 PM

    Filed by whom?
    Former investors?
    Former lovers?
    Former business partners?
    Men who were formerly women?
    Greg if you are going to be a report, at least try and answer some of the basic questions.

  2. 2
    Posted by guest | July 13, 2009 at 3:33 PM

    Good luck collecting

  3. 3
    Posted by american bandersnatch | July 13, 2009 at 3:36 PM

    @1 – Shut up.

  4. 4
    Posted by guest | July 13, 2009 at 3:38 PM

    @1 please take it easy on Greg.. he is just reporting what was on CNBC.
    Greg’s Mum

  5. 5
    Posted by guest | July 13, 2009 at 3:40 PM

    Antigua has a GDP of $1.6B and government revenues in the neighborhood of $175 mil.
    If anyone believes they will collect a dime from the nation of Antigua, they are smoking crack.
    The mere thought of bankrupting a third world country to pay back a bunch of greedy and stupid investors trying to stash money offshore to evade tax obligations is beyond absurd. I wish these Stanford investors would just shut up, take their medicine and quit blaming others for their stupid investment decisions.

  6. 6
    Posted by Anal_yst | July 13, 2009 at 3:55 PM

    @5
    Are you daft? They don’t want the $24bn, they want the damn island.
    Duh?

  7. 7
    Posted by trojan | July 13, 2009 at 4:23 PM

    I can’t sail all the way to Antigua all by me onesies

  8. 8
    Posted by guest | July 13, 2009 at 5:07 PM

    Ever since someone started reaming Greg en Espanol, I’ve been getting Spanish-language ads on this site.

  9. 9
    Posted by guest | July 13, 2009 at 5:14 PM

    @8 – let’s see if we can get some better ads:
    Je voudrais une prostituée, si vous plait.

  10. 10
    Posted by guest | July 13, 2009 at 7:07 PM

    if there’s the slightest hint Antigua can argue sovereign immunity, DOJ lawyers acting for the US State dept will go to court to tell the judge toss the suit.

  11. 11
    Posted by guest | July 13, 2009 at 11:01 PM

    the only thing wrong with dealbreaker is the losers criticising it…i luv greg!

  12. 12
    Posted by guest | July 17, 2009 at 3:12 PM

    “The lawsuit alleges that in light of the size and scope of the fraud, the Antiguan government simply had to been in on it.”
    Did you actually read the suit? There’s a lot more in it than that!
    Watching CNBC is fine, but you may want to do a little “googling” on your own.

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