During a week so miserable that not even Southwest Airlines could help you get away, about the only good news you got if you were a Stanford Group executive or adviser is that the federal government ordered you to keep your yap shut, 10/12 Associate Publisher J.R. Ball writes.
Being told by the feds that they not only have the right, but the mandate, to remain silent is saving them a lot—I mean a lot—of embarrassing phone calls.
“Uh, excuse me Mr. [insert name], how is everything today? By the way, remember that $4.2 million you reinvested in our CDs last December? Well, uh, it’s all gone.”
What exactly went down at Stanford Group, which last week was charged with a “fraud of shocking magnitude” over the sale of its high-yield certificates of deposit, is something the Securities and Exchange Commission and other federal and legal authorities will spend the coming weeks and months sorting out. Then there will be the lawsuits—lots of them. To read the full column, click here.