R. Allen Standford, notorious scam artist of the Carribean, got 110 years for his massive Ponzi schemes that defrauded untold thousands of people of their hard earned savings. But that’s not the real take away from this story:
WJS – On Thursday, Mr. Stanford’s lawyers repeatedly maintained that he didn’t engage in a Ponzi scheme but made actual investments in businesses and was ruined when the government froze his assets. Prosecutors countered that it was a “blatant Ponzi scheme,” predicated on his ability to obtain more deposits and that his business collapsed when he couldn’t.
After his arrest, Mr. Stanford claimed that head trauma from a prison beating he suffered in September 2009 impaired his memory. Judge Hittner initially found him incompetent to stand trial because of his addiction to his prescribed painkillers, but in December 2011 endorsed a forensic and psychiatric report finding that Mr. Stanford had exaggerated his impairment and found him competent.
Huh, imagine that, lying his ass off and stealing right and left just for a few zillions of dollars and to avoid prison. And here I thought only the poor did stuff like that for a few hundred bucks in welfare …
So, what’s the important take away here? If conservatives are able to get their none regulatory market dreams enacted, what Stanford did wouldn’t be illegal at all.