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R Allen Stanford wants to help you in the worst way…

Posted on | February 19, 2009 | 3 Comments

Another Deregulation Success Story--cartoon of R. Allen Stanford skipping town, carrying a carpetbag full of loot, being chased by an angry mob of investors...

For some reason, they wouldn't take Sir Stanford's credit card

One of the dogmas of neocon economics is that any kind of governmental regulation or oversight is bad because it prevents business from meeting its true potential. That’s not quite true. What it does is prevent businessmen from having as much fun as they want playing with the markets and becoming Masters of the Universe. In other words, fraud…
I can understand this reluctance to allow governmental interference. I too was enamored of the schemes of Fisk and Gould in the 19th Century. What a pair…how they ran off Erie Railroad stock on their own printing press to sell to Commodore Vanderbilt and skipped across the Hudson on the Ferry moments ahead of the police. Or how they cornered the gold market and caused a massive panic. As James Fisk said when people complained about losing entire fortunes: “Can’t a couple of guys just have some fun?” I’m sure they were whom Ronald Reagan had in mind when he began the march towards totally free-wheeling markets.
Of course, there is a downside. With no regulation, you get people like Bernie Madoff (Weekend at Bernie’s $50bn), R. Allen Stanford, given the title Sir by Antigua for his role in its economic boom, soon to evaporate with the worthless CDs he sold, and that DOPE stock trader who tried to fake his own suicide by crashing a plane without even taking care to load a dead body into it. No one’s seen Sir Stanford lately–he tried to skip town by chartering a plane, but the credit card company had already axed his card–presumably, he went home to pick up some spare krugerands so he could rent one for cash. Of course, all these shenanigans take place in a rarefied region where people HAVE a few millions that they can lose. But, I ask you, who’s gonna pay for it? Three guesses, and I bet you guess it on the first try…

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3 Responses to “R Allen Stanford wants to help you in the worst way…”

  1. Madoff » R Allen Stanford wants to help you in the worst way…
    February 19th, 2009 @ 10:05 am

    […] Arm Yourself With The Weapons of Mass Education [sic] wrote an interesting post today on R Allen Stanford wants to help you in the worst wayâ

  2. Kathy O
    February 19th, 2009 @ 3:14 pm

    Damn good article. Couldn’t agree more.

  3. admin
    February 20th, 2009 @ 10:53 pm

    This comment obviously means me, but who is this “Arm Yourself With The Weapons of Mass Education”?

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