You may have seen stories in the WSJ, the NYTimes, and on Bloomberg about the SEC probe of Houston’s Stanford Group, which has just been joined by the FBI. On June 29, 2007, the DMN ran a press release about Stanford’s sponsorship with the City of Dallas Office of Cultural Affairs of a program to offer awards for excellence in financial management to arts organizations. This quote is especially nice:
“As a wealth management firm, we understand the importance of fiscal management and being good stewards of one’s resources,” said Lori Bensing, Dallas managing director with Stanford.
I’m sure Lori is a fine person. And I appreciate her recognition of the need for excellence in financial management of arts organizations. And I also hope she has all her files in order.
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For what it is worth, any time the word “wealth management” is used by a financial professional it is almost always a reference to financial planning in the senior/elder market.
2008 was a watershed year for the investment advisory industry as countless financial planners got caught with their pants down when it came to manageing their senior client portfolios. In many cases, the financial planners were remiss in recalibrating their senior clients’ tolerance for risk. As a result, these seniors’ nest egss were decimated not only by the shift in the market, but also by the terrible advice (or more often the lack of it) they received from their trusted advisors.
Unfortunately, the victimized seniors likely won’t be made whole and their charlatan investment advisors will receive little more than a slap on the hand.
Wow. Stanford’s fund is also valued at $50b . Is that a magic number to reach just before you call shenanigans?
http://www.guardian.co.uk/sport/2009/feb/16/allen-stanford
Has anyone even seen a picture of this letch? He was a joke during the cricket tournament he sponsored last year, groping the players wives.
That should have been a big red flag to the investors.