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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 07:40 AM
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Stanford receiver cuts 1,000 U.S. jobs
Source: Reuters

HOUSTON (Reuters) - The court-appointed lawyer overseeing the assets and operations of Texas billionaire Allen Stanford's companies on Friday told 1,000 U.S. employees their jobs have been terminated and said most of the businesses' operations will be discontinued.

The cuts represent about 85 percent of Stanford Financial Group's U.S. employees, U.S. receiver Ralph Janvey said in a statement.

The U.S. Securities and Exchange Commission has charged Stanford, his two top aides and three of his companies with a long-running $8 billion Ponzi scheme involving high-yield certificates of deposit.

A small number of U.S. employees will be retained to help wind down Stanford Financial Group's operations, Janvey said.

Stanford's Houston buildings, where the company has about 500 employees, appeared empty on Friday, with parking garages empty and only security guards visible in the lobbies.


Stanford employees have not been paid since Janvey took over the company on February 17. Many have also seen their Stanford accounts frozen by the court, leaving them struggling to pay bills.

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   Replies to this thread
  - Hardly surprising  dipsydoodle   Mar-07-09 07:58 AM   #1 
  - duplicate topic  maddezmom   Mar-07-09 08:25 AM   #2 
dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 07:58 AM
Response to Original message
1. Hardly surprising
especially given that the funds were never really there to pay them in the first place.

What facinates me is that people like Stanford are not already banged up behind bars pending trial.
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maddezmom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-07-09 08:25 AM
Response to Original message
2. duplicate topic
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