At first we thought maybe Stanford wasn’t quite the out-and-out fraud that Madoff was, but it’s obvious that our hopes were optimistic. The court-appointed receiver has only found $250 million of what should be at least $8 billion in assets. That doesn’t mean it’s all evaporated. They might find more and there’s probably a lot more in a numbered account somewhere, but for now there’s not much there for depositors.
We wonder, what the hell is up with Stanford calling Antiguan power-brokers to plead his case? If the guy only has $250 million or so, how could he possibly hope to win them over?