Stanford’s alleged scam led to bank runs in several Latin American countries and forced governments in the region to take drastic actions. Panamanian branches of Stanford bank were closed while Colombian authorities are seeking details over Stanford’s dealings in that country. Mexican officials are looking into Stanford's supposed links with violent drug gangs.
Venezuela’s government quickly intervened to “stem fears of investors”:
Venezuela has seized a local bank owned by Allen Stanford…after panicked investors withdrew millions of dollars worth of deposits.Image- BBC News
Ali Rodriguez, the Venezuelan finance minister, said on Thursday that Stanford Bank SA would be sold and the government would back all deposits, after at least $26.5m was withdrawn in two days.
The move comes despite the Venezuelan government trying to reassure depositors that the local bank was healthy.
Online Sources- AFP, Reuters, The Telegraph, BBC News, Monsters & Critics, Al Jazeera English
1 comment:
Amizing guy, this Sir Allen Stanford. He even has a site build by his victims.. (www.sibfraud.com)
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