How is it that now we are somehow being asked to feel sorry for the one industry with massive growth in the entire economy? Of course, I speak of the professional advisers in the business of working bankruptcies and otherwise administering assets seized by the state?
Life isn't easy for Ralph Janvey, the court-appointed receiver now overseeing the financial empire of Texas billionaire Allen Stanford, accused by U.S. regulators of carrying out a massive Ponzi scheme.
Janvey, a straight-talking, Dallas-based lawyer and adjunct law professor at Southern Methodist University, has taken the helm of Stanford Financial Group, after a U.S. judge tapped him to serve as the receiver, with final say over Stanford's vast estate of offices, island properties, yachts and castles.
So far, he has been sued by angry investors and had to fire 1,000 Stanford employees on Friday.
Poor Mr. Janvey. Must be hard collecting all those fees.
Stanford receiver faces herculean task [Reuters]