Senate resolution seeks sanctions for Stanford scandal

By Patsy R. Brumfield/NEMS Daily Journal

WASHINGTON, D.C. – Mississippi’s two senators and others Thursday asked the U.S. Senate to sanction a Caribbean country in the wake of the Stanford Financial scandal.
Sens. Thad Cochran and Roger Wicker, R-MS, Sen. David Vitter of Louisiana and Sen. James Shelby of Alabama authored Senate Resolution 346, expressing “the sense of the Senate” toward the government of Antigua and Barbuda for failing to help Stanford investors regain any part of their $7.2 billion lost in a Ponzi scheme.
The resolution, referred to the Committee on Foreign Relations, lists numerous reasons fellow senators should support the sanctions.
R. Allen Stanford, the company’s CEO, several other executives and a former Antiguan bank regulator face federal criminal charges associated with the scheme.
The Senate resolution is especially critical of Antigua-Barbuda’s seizure of Stanford money and property, which it says should be under the control of the U.S. district court-appointed receiver.
In the resolution, the senators ask that any U.S. aid to the country be suspended until “complete redress” of the issues, to direct the World Bank’s directors and IMF to help and to use the vote of the U.S. to ensure that any loans to Antigua-Barbuda be conditioned on a resolution.
patsy.brumfield@journalinc.com