Panama's biggest scam to date

latest financial scam perpetrated by the Stanford International bank which has an office in Panama. Although only about 20% the size of the Bernie Madoff pyramid scheme, it has to rank as Panama's biggest scam to date. Obviously this is not a home grown fraud, but unfortunately the fact that it has been operating in Panama will not be good for the Banking commission and Panama's reputation.The history section of the Stanford website has this quote from the father of the founder:"Build the business, step by step, on a firm foundation of hard work, clear vision and value for the client." -Lodis B. StanfordHere is what Bloomberg had to say about the Panama operation.Feb. 18 (Bloomberg) -- Panama's banking regulator said it took over
a local affiliate of Stanford Financial Group after fraud accusations by
U.S. authorities prompted a

"massive withdrawal of funds."
Stanford Bank (Panama) SA was taken over by the government as of 7
a.m. local time today, according to a statement posted on the Web site
of Panama's superintendent of banks. A similar statement was taped to
the door of a shuttered Stanford branch in Panama City.
"I was here yesterday and they said I could come back tomorrow to
close my account," said Marcus Edval, 32, who was trying to withdraw his
entire $50,000 from the bank. "No one knows what's going on."
The Securities and Exchange Commission yesterday accused R.
Allen Stanford of running a "massive, ongoing fraud" through his
Houston-based Stanford Group. Co. In addition to Panama, Stanford has
offices in Antigua, Venezuela, Mexico, Ecuador, Peru and Colombia.

I guess something went terribly wrong with the vision of those running the company today as the SEC closed them down and filed charges of fraud.