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I say things on Twitter

2/10/09

Four more on Stanford International Bank

Anyone for cricket?

1) The story is getting traction. Felix Salmon over at his high traffic blog "Market Movers" has picked up on the story.

2) So far today this humble blog has had several visits from major newswires, three visits from the US Federal Reserve and one from the SEC, all using combos of "Alex Dalmady", "Stanford", "Madoff" etc as keyword entries*. Not to mention all those people from some island called Antigua and plenty from a company called "Stanford Eagle" in Houston. Hi guys, having a nice day?

3) The more I think about it, the better the original article written by Alex Dalmady that points to SIB bank looks. It's an excellently constructed note and deserves plenty of eyeballs. Here's the link again.

4) I can't help but be reminded of this post dated 25th October that quoted a large chunk of JK Galbraith work, The Great Depression. Here's part of the quote:

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At any given time, there exists an inventory of undiscovered embezzlement in, or more precisely not in, the country's businesses and banks. This inventory—perhaps it should be called the bezzle—varies in size with the business cycle. In good times, people are relaxed, trusting, and money is plentiful. And even though money is plentiful, there are always many people who need more. Under these circumstances, the rate of embezzlement grows. The rate of discovery falls off, and the bezzle increases sharply.


In Depression all this is reversed. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks."


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Related Post
Alex Dalmady, blogger
Alex Dalmady guest blogs on IKN (February 14th)
As bad banks seem all the rage......
More evidence that Stanford International Bank is in a tight spot
The Stanford Scandal: Alex Dalmady speaks
Stanford International: BusinessWeek and MSM getting busy now

* and by the way, the stats software cannot pick up on individuals, so rest easy. It can only tell me about companies or registered bodies such as gov't offices like the Fed. Big brother is not watching you.