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4/10/09

Dalmady explains Stanford


My favourite type of blog, blogger or article comes when an expert in their corner of the world can explain tricky concepts in a way that most everybody can understand. It always reminds me of something that particle physicist Richard Feynman used to say about how it's perfectly possible to explain even the most difficult of concepts in his field to a class of freshmen. For the record, this is why I like and appreciate econobiz bloggers such as Brad Setser, Jurgen Schuldt, Felix Salmon, Yves Smith, Farid Matuk, Gary BiiWii, Paul Krugman and also why people like Tim do a great job on El Salvador, RG equally on Mexico, Plan Colombia & Beyond on its subject etc etc. All those people and many more gooduns are linked over there on the right.

Alex Dalmady (Quack!) shows today that, in my opinion and according to the same criteria, he's also a top blogger. Dalmady has written a post today that explains just how the internal structure of the Allen Stanford empire was set up, why the "tier 3" assets are so important and how much of a fraud Stanford really is. I really don't think this subject can be explained better than in Dalmady's post, as anyone with a modicum of financial knowledge and experience will 'get it' straight away. One of those things that, after you read it, makes you ask yourself "Why do people always make finance sound more complicated than it is?".

It's a wonderful piece of writing, edifying, entertaining and educational. Here's the link. Go read.