Michael Winship reports on TruthOut:
On Tuesday, Texas financier Robert Allen Stanford was convicted in a Houston federal court on 13 out of 14 criminal counts of fraud. As the New York Times reported:
The jury decision followed a six-week trial and came three years after Mr. Stanford was accused of defrauding nearly 30,000 investors in 113 countries in a Ponzi scheme involving $7 billion in fraudulent high-interest certificates of deposit at the Stanford International Bank, which was based on the Caribbean island of Antigua.
Media accounts of Stanford’s conviction were filled with stories of his excesses — mansions, private yachts and jets, and so much money invested in Antigua — including bribes — the small island awarded him a knighthood. Among his other indulgences, noted the Reuters news service: “He bought a castle in Florida for one of his girlfriends and his oldest daughter lived in a million-dollar condominium in Houston. He wore custom-made suits and bankrolled a $20 million prize for an international cricket tournament.”
But what most of this week’s stories failed to mention was the large amount of his clients’ cash that was spent on campaign contributions, greasing the corrupt nexus of money and politics for personal gain. Hundreds of thousands of dollars were given to candidates, including Barack Obama, John McCain, John Boehner and Harry Reid; as well as national fundraising committees for the Republican and Democratic parties…
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