Allen Stanford receiver cuts 1,000 U.S. jobs

[Robbien]

Source: Reuters

HOUSTON (Reuters) - The court-appointed lawyer overseeing the assets and operations of Texas billionaire Allen Stanford's companies on Friday told 1,000 U.S. employees their jobs have been terminated and said most of the firm's operations will be discontinued.

The cuts represent about 85 percent of Stanford's U.S. employees, U.S. receiver Ralph Janvey said in a statement.

U.S. regulators have charged Stanford, his two top aides and three of his companies with a long-running $8 billion Ponzi scheme involving high-yield certificates of deposit.

A small number of U.S. employees, most from the company's Houston headquarters, will be retained to assist with the process of winding down the company's operations, Janvey said.

All terminations are effective March 6, so regular salary and benefits will be discontinued immediately and employees will not receive any severance or bonus, Janvey said.

Read more: http://www.reuters.com/article/pressReleasesMolt/idUSTRE5256S620090306

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It is rather surprising that Stanford enterprises employed so many people just to sell CDs. No wonder there is no money left.

[Stinger2]

1. Madoff - Silverstein - Stanford - Swiss Banks/Insurance - Twin Towers

Madoff - Silverstein - Stanford - Swiss Banks/Insurance - Twin Towers

http://uk.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUKN0535577420090205

Larry Silverstein

In January 2001, Silverstein, via Silverstein Properties and Westfield America, made a $3.2 billion bid for the lease to the World Trade Center. Silverstein was outbid by $50 million by Vornado Realty, with Boston Properties and Brookfield Properties also competing for the lease. However, Vornado withdrew and Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001.<13> This was the first time in the building's 31-year history that the complex had changed management.


In 2007, Silverstein and the Port Authority of New York and New Jersey filed a lawsuit against some of its insurers for failure to pay out insurance proceeds following the 2004 verdicts, and that litigation was settled in late May, 2007.<23><24><25><26> Silverstein's lease with the Port Authority for the World Trade Center requires him to continue paying $102 million annually in base rent.<27> He is applying insurance payments toward the redevelopment of the World Trade Center site.<22>

http://en.wikipedia.org/wiki/Silverstein_Properties


Now Stanford blames Madoff ? SEC charges Stanford with covering up Madoff losses

Allen Stanford suffered losses from the alleged $50bn (€39.7bn) fraud carried out by Bernard Madoff but lied to his investors that he had not, the Securities and Exchange Commission has claimed, according to a report in The Times, London.

http://www.wealth-bulletin.com/wealth-business/content/1053390420/25590/


UPDATE 3-Madoff client list peppered with big names


NEW YORK, Feb 5 (Reuters) - Hall of Fame baseball pitcher Sandy Koufax, actor John Malkovich and World Trade Center developer (Larry Silverstein) are among the well-known people on a list of customers of accused swindler Bernard Madoff, according to court papers.

http://www.wealth-bulletin.com/wealth-business/content/1053390420/25590/

One of the oldest questions to ask in a high crime, who had the most to gain? Silverstein, out of pocket $14 million dollar investment, return, not bad, $4.55 Billion. Silvertsein and Madoff walking hand in hand around the world. Silverstein leases the Twin Towers, (6/24/01) Silvertein and Madoff both dealing with Swiss banks and Swiss insurance companies, then steps in another billionaire, Stanford?

Tying this all together as a conspiracy? Just a thought. Who paid the terrorist to fly planes? Exactly where was Silverstein on 9/11 and what was Madoff doing and can you tie in Stanford? Just the allegation should start the tongs wagging.

[UpInArms]

2. kickin' this back up

:kick:

[End Of The Road]

3. Are you serious about your last statement? That they just sold CDs?

They were a regular ol' brokerage firm, no different from Merrill or Morgan or AG Edward or Edward Jones or whatever.

Kinda sad that they were known for recruiting some of the most talented brokers/advisors/analysts that they could find. A lot of talented people are out of work.