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Billionaire Stanford Jailed in Alleged $7B Fraud

American Banker  |  Friday, June 19, 2009

Brash Texas billionaire R. Allen Stanford was indicted and jailed Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery...

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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