Why Not Just Give Him A Ride To The Airport?

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You know, we weren't expecting that authorities, once they found him, were going to stick Allen Stanford in a burlap stack and beat him with reeds. But we also weren't expecting handshakes and cordiality. We believe in innocent til proven guilty and all that jazz but times like these call for some dog and pony shows, and when you can't count on the apparently worthless FBI to, at the bare minimum, shove a possible fraudster up against the wall and demand that he "spread 'em!" and "shut up, I said shut up," even if they had to lean in and whisper, "We're just doing this for the press, we ain't gonna hurt ya," you really can't count on anything. So, no holding in a meat locker, AND, apparently, this hideousness:

Agents with the Federal Bureau of Investigation, brought into the case by the Securities and Exchange Commission, located Mr. Stanford on Thursday afternoon in Fredericksburg, Va., about 55 miles south of Washington, said Richard Kolko, a spokesman for the F.B.I.
F.B.I. agents were waiting at the home of a relative of Mr. Stanford's in Fredericksburg when he arrived in a car with a girlfriend, according to a law enforcement official who spoke on the condition of anonymity because he was not authorized to discuss details of the episode.
Mr. Stanford was "extremely cordial and cooperative," the official said. "They served him with the papers, said 'Have a good day,' and left."

F.B.I. Finds Financier Suspected of Fraud [NYT via Daily Intel]


Former Madoff Employee Pleads Guilty To *A* Madoff Securities Scam Just Not *The* Madoff Securities Scam

You know what has got to suck? When you decide to start charging stuff that doesn't fall under "business expenses" to your corporate card and engage in a few other amateur hours scams that probably wouldn't have been found out (or, if discovered, not taken to the authorities because your boss had high tolerance for fraud) but then they are because the CEO of your firm had to go and engage in the largest Ponzi scheme on record, which shone an uncomfortable light on company personnel and all of the cheese, popcorn, and salsa of the month clubs you joined (for example).  Craig Kugel knows what we're talking about. The son of a longtime trader for convicted Ponzi scheme operator Bernard Madoff pleaded guilty to conspiracy and other criminal charges Tuesday, but denied any involvement in the decades-long fraud. Craig Kugel, the son of David L. Kugel, a former supervisory trader in Madoff's proprietary-trading operation, admitted to filing false forms that claimed people were on the Madoff payroll when they didn't actually work for the firm and to not declaring as income personal expenses charged to the firm's corporate credit card. Those individuals were paid salary and benefits, but weren't actual employees, he said. "I am sorry for my lapses in judgment in committing these federal crimes, but I want to make clear I had nothing to do with the Madoff Ponzi scheme and I was never involved in the Madoff trading operation," Craig Kugel said at a hearing before U.S. District Judge Laura Taylor Swain in Manhattan. Ex-Madoff Employee Pleads Guilty to Conspiracy [WSJ]