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Started By
Message
re: Stanford Financial Houston office's raided
Posted on 2/19/09 at 2:37 pm to Camp Randall
Posted on 2/19/09 at 2:37 pm to Camp Randall
quote:
Wonder how many of them knew that their paper was worthless.
Either stupid or dishonest (or both).
1
Posted on 2/19/09 at 2:56 pm to Tiger JJ
Too much to ask for a broker comment on this?
Posted on 2/19/09 at 3:11 pm to Camp Randall
quote:
These guys were prob. nothing more than salesmen.
understatement
quote:
Wonder how many of them knew that their paper was worthless.
They didn't want to know. That way you can claim to be an innocent pawn when it hits the fan.
Posted on 2/19/09 at 3:12 pm to kfizzle85
quote:
Too much to ask for a broker comment on this?
I'm sure it's still a good time to buy.
Posted on 2/19/09 at 3:21 pm to Cash
quote:
I'm sure it's still a good time to buy.
You can't market time fraudulent CDs. You have to be in it to win it!
Posted on 2/19/09 at 4:44 pm to Tiger JJ
I understand the amount is much larger than the $800 million in BR, I'm hearing it is much closer to 1.7 billion in the BR region. Included in that number are some of the wealthiest individuals in BR who tied up their entire investments with Stanford--one individual in particular had her entire fortune tied up, another individual lost over $23 million, and I know of a third who lost everything. All those names are names who are the upper crust of BR. A couple of attorneys said that they were worried that their clients businesses were going to fold because of the massive wealtth loss they took and that one person was worried that over one hundred of their employees were going to be let go very soon. Also heard that several BR law firms invested their clients settlement funds in those CDs.
Posted on 2/19/09 at 4:50 pm to MrLSU
Jeez that could have legitimate real-economy effects on BR.
Posted on 2/19/09 at 5:40 pm to kfizzle85
Posted on 2/19/09 at 5:40 pm to MrLSU
quote:
Also heard that several BR law firms invested their clients settlement funds in those CDs.
Wow, that is derelict. They should be sued out of business. Who says attorneys aren't total fricking idiots?
Posted on 2/19/09 at 5:44 pm to Tiger JJ
Attorney's want to chime in on that? If that money is gone, is the firm ultimately on the hook? I would certainly think so.
Posted on 2/19/09 at 5:46 pm to MrLSU
MrLSU, what is the nature of your sources?
Posted on 2/19/09 at 6:06 pm to kfizzle85
quote:
Attorney's want to chime in on that? If that money is gone, is the firm ultimately on the hook? I would certainly think so.
i honestly don't know
i am assuming these were client trusts. prolly a suit would come about that
Posted on 2/19/09 at 6:12 pm to SlowFlowPro
How could an attorney put money in a "CD" that was paying 10% and was custodied in Antigua and ever do business again?
Posted on 2/19/09 at 6:14 pm to Tiger JJ
Yeah that reeks of shifty business agreements to me.
Posted on 2/19/09 at 6:16 pm to Tiger JJ
see that's what i'm trying to figure out. lawyers don't invest money for clients, and there are rules about safekeeping over these funds. lawyers don't take this money and invest it, and if they do...yikes
if it's a trust account, you'd want it to be liquid so that you could disburse the funds. i don't know why they'd invest in CDs you'd have to leave in for a certain amount of time
perhaps he means defense firms and their retainers? investments?
if it's a trust account, you'd want it to be liquid so that you could disburse the funds. i don't know why they'd invest in CDs you'd have to leave in for a certain amount of time
perhaps he means defense firms and their retainers? investments?
Posted on 2/19/09 at 6:27 pm to SlowFlowPro
Structured Settlement proceeds.
Posted on 2/19/09 at 6:27 pm to Tiger JJ
quote:
MrLSU, what is the nature of your sources?
Posted on 2/19/09 at 6:28 pm to SlowFlowPro
because good lawyers =! good businessmen. Every month I get my bar journal and check to see who's been disbarred. Without a doubt the two primary reasons for disbarment are (a) alcohol/drug related issues and (b) pissing away clients' money. These lawyers probably thought "oh, a CD. That's a safe investment."
But what I really don't get is that those kinds of funds are usually held in IOLTA accounts. Interest on IOLTA accounts goes to the state bar, so the attorney really shouldn't give a flip what kind of % return he's making.
But what I really don't get is that those kinds of funds are usually held in IOLTA accounts. Interest on IOLTA accounts goes to the state bar, so the attorney really shouldn't give a flip what kind of % return he's making.
Posted on 2/19/09 at 6:30 pm to MrLSU
ah ok
is this the law firms or one of those third party companies?
i'm not sure if a law firm is allowed, under the ethical rules, to invest a client's money
is this the law firms or one of those third party companies?
i'm not sure if a law firm is allowed, under the ethical rules, to invest a client's money
Posted on 2/19/09 at 6:33 pm to Cold Cous Cous
quote:
These lawyers probably thought "oh, a CD. That's a safe investment."
agreed
i'm just trying to assume it was legit and not unethical
it's always easy to explain it in terms of unethical behavior
quote:
But what I really don't get is that those kinds of funds are usually held in IOLTA accounts. Interest on IOLTA accounts goes to the state bar, so the attorney really shouldn't give a flip what kind of % return he's making.
it doesn't make sense
you wouldn't put client money in a trust that you couldn't withdraw from either
sounds like third party structure settlement companies
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