When accounting goes unaccounted for
“Every day, I am fraught with pain and anguish for those affected by my actions. For those who lost money, I will work to repair and replace what has been lost.”
~ Convicted Ponzi Schemer Tom Petters, at his sentencing where Judge Richard Kyle sentenced him to 50 years in prison.
Despite Allen Stanford all but flipping out Judge David Hittner isn’t feeling it, denying his request to be released from prison while awaiting trial.
Stan’s attorney was shocked — SHOCKED! — that the judge was in such a cavalier mood with his client’s well-being:
“The issues we raised were real, as well as legally and factually compelling,” attorney Kent Schaffer said in an e-mail today. “I am surprised that we were shot down so abruptly and without a response from the government or a hearing. I am not sure how Allen will be able to participate in assisting in his own defense and, the truth is, he probably won’t be.”
Stanford is scheduled to go on trial in January 2011 which will probably seems a helluva lot longer if you’re slowly…coming apart…at the seams.
Stanford won’t be released, judge rules [Houston Chronicle]
“[I]t is hard to justify giving special compensation to the investors of Mr. Madoff and Mr. Stanford just because they lost significant amounts of money with little prospect of any recovery.”
~ Peter J. Henning, on Madoff and Stanford victims lobbying members of Congress for a law that would compensate them for some of their losses.