Tag Archives: Bank Failure

Financial Inspector Carl Hiralal too cosy with bankers he’s supposed to supervise

(click photo for large)

Shareholders, policy holders and citizens pay the price for trusting Hiralal

Sometimes things ARE as they appear.

An August 24, 2009 photo “Banking on Republic” in Trinidad & Tobago’s Newsday shows the happy Trinidad & Tobago Inspector of Financial Institutions, Carl Hiralal, having the honour of cutting the ribbon to open a new Republic Bank branch. (Oh, did we forget to mention that Clico owns 33% of the Republic Bank?)

The promotional message is clear: T&T’s Inspector of Financial Institutions is publicly declaring his approval of the Republic Bank and the bank personnel who appear with him in the photo: Derwin Howell, David Dulal-Whiteway, Gregory Thomson and Susan Williams.

There are other improper messages being delivered too… Continue reading

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Filed under Barbados, Business & Banking, Consumer Issues, Corruption, Ethics, Offshore Investments

UPDATED: Stanford Trying To Flee USA! US Federal Authorities: Allen Stanford Money-Laundering For Drug Cartels

Sticky Wicket! Sir Allen Stanford Under US Federal Drug Investigation

Sticky Wicket! Allen Stanford - US Federal Drug Investigation

UPDATE – February 19, 2009

Various sources are reporting that as late as last night, Stanford was seen trying to flee the USA in a chartered jet bound for Antigua but was refused because the charter company wouldn’t take his credit card. (TelegraphUK: Sir Allen Stanford’s ‘attempted flight’ thwarted as credit card refused)

Original Article…

Allen Stanford’s office and banking buildings on Antigua were constructed conveniently close to the airport. According to the local rumour, certain aircraft didn’t have to clear customs in exactly the same manner as most others. It looks like there might be something to the rum-shop stories…

United States federal authorities are putting out the word that as well as the Ponzi-scheme fraud charges, Sir Allen might be facing the music for money-laundering for a Mexican drug cartel and bribing public officials. Apparently the investigation has been going on “for some time” and one of Stanford’s aircraft was seized while transporting drug money.

Meanwhile, American politicians all the way up to the very top are quickly saying “We had no idea!” No less personages than former President Bill Clinton, Speaker of the House Nancy Pelosi and Senator John McCain are on video gushing wonderful things about Allen Stanford. Well, they said nice things up until the past week or so anyway!

At the time of this writing, Stanford is on the run. If I were a betting man, I wouldn’t want to put my money on Stanford’s chances if he doesn’t surrender soon.

The U.S. Marshalls are not the only organisation that is hunting Sir Allen.

Further Reading

ABC News: Accused Financier Under Federal Drug Investigation

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Filed under Barbados, Business & Banking, Corruption, Crime & Law, John McCain, Offshore Investments, Police, Political Corruption, Politics, Politics & Corruption

How Many “Political Donations” Did Sir R. Allen Stanford Give To Barbados Politicians?

Cocaine Bosses Were Victims Too?

Cocaine Bosses Were Stanford Victims Too?

“Stanford’s business is headquartered on the Caribbean island of Antigua. In the last decade, Stanford and his companies have spent more than $7 million on lobbyists and (US) campaign contributions in efforts to loosen regulation of offshore banks. Among the top recipients: Senator Bill Nelson (D-Fla.), Congressman Pete Sessions (R-Texas), Sen. John McCain (R-Ariz.), Senator Chris Dodd (D-Conn.) and Senator John Cornyn (R-Texas), one of the members who took a trip to Antigua where he was entertained by Stanford.”

Stanford On The Run From Police

SIR Allen Stanford won’t be attending many public cricket matches for the next little while because news reports are coming in that the once-billionaire high-flying “banker” who practically owned the country of Antigua is on the run from police.

Stanford Spent Millions Lobbying Politicians!

Tell Us The Truth, PM Thompson!

Tell Us The Truth, PM Thompson!

American politicians are required to report donations and gifts, but the same is not the case with Barbadian politicians and other government officials. How much did Stanford donate to Prime Minister David Thompson’s campaign? How much to the Barbados Labour Party?

Keep guessing my friends – because David Thompson lied about the Ministerial code of ethics he said he would implement “immediately upon forming a government.”

The scandal of no oversight into offshore banking does not begin or end with the present case involving Sir Allen Stanford: the wild west Caribbean atmosphere with few rules and even less oversight is directly attributable to the our politicians throughout the region who resist any efforts for Integrity, Transparency and Accountability Legislation (ITAL). Like the current liar in chief, Prime Minister David Thompson, they all have promised ITAL and then forget all about it when elected.

Prime Minister Thompson: How much money did you or your party receive from Sir Allen Stanford or his companies in the last two years?

Stanford Banks Were Favourites With Colombians!

News stories are also reporting that many of Sir Allen’s customers are from Colombia and other South and Central American countries – and while they don’t say that the customers are rough looking men who always travel with eight or ten rougher looking bodyguards, you can bet that Sir Allen had a few such clients.

Or maybe more than a few. Current and past allegations include drug money-laundering by Stanford’s companies.

Nope, upon consideration we reflect that perhaps Sir Allen’s main concern is not being arrested or even going to jail. His concern is that the jail is filled with friends and employees of some of his rougher clients.

All we can say about this story about another crooked financial wizard is… Who’s next?

ABC News: Accused Financier Scammer Stanford Missing

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Filed under Barbados, Business & Banking, Corruption, Crime & Law