Allen Stanford Financial Fallout Case Study Essay

1280 Words6 Pages
Case study: The Stanford Financial Fallout History: Allen Stanford was born in Mexia, Texas in 1950. His childhood became one of the significant boosts in life. When he was 13, his money worth of $400 was offered to a real estate developer for felled trees by selling it as firewood. He study at one of the oldest school in Texas called Baylor University. A massive great depression spread in Texas, which held Lodis to come up with an Insurance industry. After he graduated, Allen Stanford took over the control of Stanford financial and replaced his father as the CEO of the said firm. He drove that firm into a multi-billion company. Stanford chief financial officer and second highest position is no other than James Davis, who is his roommate in Baylor University The oil crisis in Texas made the house prices in Houston declined by 22% over a four-year period. For Stanford it is a great opportunity, they started buying real estate banks to convert assets to cash quickly. The advantage of which, the firm continue to buy properties in a cheap amount. After 10 years, economy reclaims the development. His father earned more than two but not very many hundred million dollars. It helped the company to a grand slam. Stanford…show more content…
He sent the top notch group of former US regulatory professionals to make surge banking laws. In 2003, the branch at US did a blast earning $17m in new deposits and grows up until $150m. The firm and its employees volunteer to give $2m to US political candidates and partied. Two of the political seekers are Boy Ney and Tom Delay – who were in prisoned because of financial allegations. Furthermore, Ney honoured Allen Stanford for his achievements and success in the field of banking. His firm made the Caribbean Sun as an official airline for the House Caribbean Caucus to the West. It is used for official gatherings like meetings and social

More about Allen Stanford Financial Fallout Case Study Essay

Open Document