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Billionaire's bank customers denied their deposits

Wednesday February 18, 8:39 pm ET



ST. JOHN'S, Antigua (AP) -- Panicky depositors were turned away from Stanford International Bank and some of its Latin American affiliates Wednesday, unable to withdraw their money after U.S. regulators accused Texas financier R. Allen Stanford of perpetrating an $8 billion fraud against his companies' investors.



Some customers arrived in Antigua by private jet and were driven up the lushly landscaped driveway of the bank's headquarters, only to be told that all assets have been frozen pending an investigation by Antiguan banking regulators.



"I don't know what to think. I have my life savings here," said Reinaldo Pinto Ramos, 48.



http://biz.yahoo.com/ap/090218/cb_antigua_stanford.html

My plan is working.

A news item everyday to distract Gordon from his eye on the prize.

MUUUHHHHAAAAHAA

dan - i was pretty hot yesterday. i took some time last night to reflect, and i'm just as hot today.



will this impact me for the baseball season...probably. life goes on.

Maybe people won't be as free-spending in the Auction drafts. Force of habit in these tough times.

Originally posted by Lost Sailor:

Maybe people won't be as free-spending in the Auction drafts. Force of habit in these tough times.

I have no clue if this applies or not...but there are boat loads of online sportsbooks or casino or cardrooms connected to Antigua.

I don't know if this is connected either, but a quote on CNBC today was, "The last two type of stocks I'd want to own right now would be newspaper and casino stocks.

Originally posted by DOUGHBOYS:

I don't know if this is connected either, but a quote on CNBC today was, "The last two type of stocks I'd want to own right now would be newspaper and casino stocks. Newspapers are dead-men walking business models with a nasty cyclical overlay.



And casinos were overbuilt for the times - they have worried me for years as both investors and operators relied on past recessions to assume they would continue to be recession-proof businesses. This was tremendously flawed based on the relative strength of consumers in the last few recessions and the value-vacation component of LV being turned upside down in recent years.



[ February 19, 2009, 07:07 PM: Message edited by: KJ Duke ]