The Secret To Stanford's Success

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It feels like it's been forevs since we last heard from Sir Allen Stanford, our favorite cricket-loving knighted fraudster. To tide you over, a little color on how things operated in Stanford Financial's inner sanctum, starting at the top. It seems Reuters would have us believe the firm's CIO, Laura Pendergest-Holt was hired to keep her head down and her mouth shut, and not to say "Hey wait a second," as she assumed the position with "no business school degree, no internship at a Wall Street firm or stint as an analyst at a mutual fund company managing billions of dollars." Lawrence Lieberman, senior managing director at Orion Group, is apparently convinced, commenting that "From what it sounds like here, this company may not have wanted a legitimate CIO because that person might have asked a lot more questions and not played ball," and you might be too, but you sheeple are wrong.

In one instance the regulators asked her about her role in preparing the Stanford International Bank quarterly report. She replied it was her job to edit the report, checking the report's pie charts "to make sure they equal 100."


Stanford CIO's fast path to top a red flag
[Reuters]

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