I didn't run a Ponzi scheme. Honest!


The latest news in the case of the alleged $8 billion Ponzi shceme perpetrated by Allen Stanford is that... he says he didn't do it. Now isn't that clever and unexpected? In an interview with ABC News, Stanford apparently said he didn't really run a Ponzi scheme, and he'd "die and go to hell" if his business was a Ponzi scheme.

Well all right then. That's all I needed to hear. Move along. Nothing to see here.

If only it were that simple. And if only those who invested money with Stanford were going to have such an easy time getting their money back. I say we let Stanford prove that he didn't run a Ponzi scheme. Just go ahead and refund everyone's money to them. If it's not a Ponzi, surely there are funds available?

Stanford says there are funds, but that government agencies have frozen account and other assets in order to hopefully collect for investors. It will be interesting to see how much is really available from those frozen assets. And I'd be thrilled if there really was enough money out there to make investors whole. Somehow, I doubt it.