Alleged Ponzi-Schemer Allen Stanford: ‘People Are Stupid’

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In October 2008, at the height of the financial crisis, Allen Stanford spoke to a meeting of his invesment company’s employees and spoke out strongly against Wall Street greed and malfeasance, Bloomberg reports.

At his trial for allegedly running a $7 billion Ponzi-scheme, jurors were shown a video of Stanford’s comments at the 2008 meeting.

Per Bloomberg, Stanford said complained of Wall Street’s “damn greed” and said his firm was not the same:

People are stupid, they’re greedy, they’re lazy, they don’t stick to their core values,” he told a gathering of Stanford Financial Group Co. executives in Miami. “We’re different.”

Additionally, in the video Stanford said the firm has $5.5 billion dollars in excess liquidity. He was indicted in June 2009.