Stanford Financial

I'm still just in shock,of all the ways to get St Croix noticed. When I was there I was thinking that getting in on the Stanford train would help alot of people there and the island. WOW. What do you think it'll do for the cruise ships and tourism?

stanford bought about 10 buildings in the c'sted area and 30-40 homes on island for his employees,most of his island employees eat in the restaurants daily for lunch,the executives anyway,some were in on friday for lunch

So what's going to happen with all of those buildings and homes? are they automatically seized?

too early to tell,only been a couple of days

WHAT A BUMMER. I feel terrible for people who moved here for the job, especially since there aren't many comparable jobs available on the island. How awful it would be to have to pick up your family and leave the island under these circumstances. 🙁

(I don't know if all these people will lose their jobs, but they must be extremely stressed out right now.)

If the offices here stay closed the trickle down will be quite bad for STX. Many of the relocated senior staff have children going to Good Hope or Country Day, many eat lunch out in local restaurants, not to mention dinners out, grocery shopping, other shopping, catered events, construcion projects, on and on...

probably didn't give any to them.

I bet the local employees are stuck and screwed! There may be no funds for them to even relocate themselves and household goods back to the U.S.

They took the dog off the boat today....I say follow the dog you find the man

ask jack

St Croix didn't sink when the EDC scammers closed down; I doubt this will sink us either.

Yes, there are some highly compensated execs at the company but do your homework. Not all employees at Stanford fall into that category and some locals even took pay cuts for the opportunity to work at Stanford.

the source says they never received any tax benefits here

It's on the BBC-America news now.

I was familar with many of the bank employees he enticed to come work for him. I really think a large percentage were locals. But its just not that big of a company. Going to miss all the money he was putting into downtown and he was paying for alot of the police protection on the boardwalk at night.

But this is by no means a disaster for stx, like someon who started the false rumor on the stx today thread about hovensa and it's sub contractors having a major lay off. That would be a disaster for stx. We may not have much tourism, but hovensa and it subs hire so many people to come live down here, they pay them well and they spend alot of money here. That would be a disaster.

how true Betty

I heard???????that Stanford people were told to go home today. Saw the camera crew at one of their offices.

Oh no! I saw that they are investigating his involvment in a Mexican drug cartel?-found him in Virginia. I'm worried about all the people of STX who this touches in the worst way.

I heard the STX offices were shut down yetserday...........:-(

stephaniey, im sorry did you say mexican drug cartel. where did you hear this

WASHINGTON (Reuters) - The U.S. Federal Bureau of Investigation and others have been investigating whether Texas billionaire Allen Stanford was involved in laundering drug money for Mexico Gulf cartel, ABC News reported on Wednesday, citing federal authorities.

The U.S. Securities and Exchange Commission on Tuesday charged Stanford and two executives of Stanford Group Co with an $8 billion fraud.

Mexican authorities detained one of Stanford's private planes as part of the investigation, which has been ongoing since last year, ABC reported, citing unnamed officials.

Officials said checks found inside the plane were believed to be connected to the Gulf cartel, reputed to be Mexico's most violent gang, ABC reported.

FBI spokesman Richard Kolko said the agency could not confirm or deny an investigation.

ABC cited authorities as saying that Stanford could potentially face criminal charges of money laundering and bribery of foreign officials.

Authorities said the SEC's action against Stanford on Tuesday may have complicated the federal drug investigation.

The SEC investigation follows earlier government probes into Stanford's payment of federal taxes and his offshore businesses, The Washington Post reported in Thursday editions.

The FBI and other federal agencies launched multiple investigations into suspected money laundering at Stanford's offshore banks in the 1990s but could not come up with evidence to charge him, the Post reported, citing a former federal law enforcement official.

Industry experts say significant securities violations at Stanford Group years before this week's SEC move were telltale signs of deeper problems, The New York Times reported. Records show that each time regulators ultimately let the company off with relatively small fines, the paper said.

thanks,dringel I could not have drawn such a thorough explantion. I stay glued to CNN all day,on tv and via internet. I am very interested in how this affects St Croix

all i can say is WOW, a drug cartel too. Thanks for the info. Also, did not see a single security guard downtown yesterday. All the people that work(ed) downtown for Stanford are such nice people too.

This situattion is certainly hard for Crucians. But we were here before Stanford and we'll still be here long after he's just another footnote in history.

Linda J, I could not agree more---he was just another "carpet bagger" come to save us all. We've seen them come and go since Hugo and we're still here.