R. Allen Stanford has been under intense investigation since mid-February for one of our nation’s most massive trade fraud, amounting to $8 billion.
The Securities and Exchange Commission said the fraud was ‘based on false promises and fabricated historical return data.’
Stanford is the CEO of Stanford Financial Group, a $2.2 billion company, and because of his luxurious lifestyle, is under investigation for owing $226.6 million in taxes and penalties. His actions went unnoticed despite every aspect of his life being extravagant, from hosting a $20 million cricket game, to having a close association with Nancy Pelosi.
Why is it this Ponzi scheme went undetected by our trusted financial experts?
‘There’s no surprise at all,’ Washington lawyer and IRS consultant Jack Blum said. ‘This man has been on law enforcement’s radar screen for the better part of 10 years.’
Stanford has been under surveillance for a decade. In an ever-changing market, investors have trusted financial experts with the future of their money-making careers. But the real problem is not who we are listening to on Wall Street, but whether these experts are really looking out for America’s dollars?
Jon Stewart highlighted the current economic status in a very confrontational manner in The Daily Show. Although the show was created to entertain, Stewart manages to tackle the larger issues, and last year The New York Times questioned whether Stewart was the most trusted man in the U.S.
True to his show’s purpose, he posed great questions for CNBC financial expert, Jim Cramer. Instead of probing the well-being of successful companies, Stewart effortlessly asks, ‘Is it fun being a millionaire?’
Cramer was offended by Stewart’s breakdown, and later appeared on The Daily Show. Defending the truth, Stewart did not hesitate to be blunt. He said to Cramer, ‘What we’re getting is, you knew what the banks were doing and yet were doubting it for months and months. The entire network was, and so now to pretend that this was some sort of a crazy once in a lifetime tsunami that nobody could’ve seen coming, is disingenuous at best and criminal at worst.’
This could mean the end of the financial expert’s credibility, only time will tell.
Marylu Rodriguez is a communiation senior and may be reached at opinion@the dailycougar.com
