Friday, February 20, 2009

I'm glad someone asked this question!

Given the recent news of yet another Ponzi scheme being uncovered - it seems we've had about one per week since the Madoff case broke - I occasionally gave some thought to this question, but didn't have the energy to do any follow-up commentary.

Now I don't have to: AMERICAblog is on the scene:
Has anyone been working at the SEC in recent years?

Today's NYT has a fun story related to Stanford's Ponzi empire:
Texas Town Holds Roots of Empire
Published: February 19, 2009
MEXIA, Tex. — When Robert Allen Stanford began planting the seeds of his multibillion-dollar financial empire decades ago, he turned to a family friend here in his hometown, population 6,600, to fill a seat on the board.

Today, Oliver Goswick — a small-time car dealer with a high school education — oversees investments for the board of Stanford International Bank, according to the company’s most recent annual report.

But, Mr. Goswick’s son says, his father is not in a position to provide much oversight. “My father had a stroke in 2000 and has been unable to talk or communicate much for a multiple of years,” said Dick Goswick, explaining that be believes his father has been kept in a post normally considered pivotal to any bank’s operations out of respect for his long ties to the Stanford family.

[emphasis added]
High school education? Disabled by stroke?

On the bright side, it's good to know that even I might yet get a job in high finance!

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