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Anyone who thinks that more regulations are needed should consider how the watchdogs turned their snouts away during the Madoff and Stanford case. Remember the criminals love the idea of more regulation, because they are the wolves who will be put directly in charge of the hen house. This proves beyond any shadow of doubt that a lack of regulation was not the problem!
The FBI said its agents were acting at the request of the SEC when they served Stanford with papers in Fredericksburg, about 50 miles (80 km) south of Washington, D.C.
“We were helping out there to locate and serve papers,” said Bill Carter, an FBI spokesman in Washington. Stanford, 58, was not taken into custody, Carter said. He declined to discuss how Stanford had been located. Other officials said he was not a fugitive and had not been hiding.
SEC spokesman Kevin Callahan said that Stanford and his two co-defendants had surrendered their passports in keeping with a judge’s order. The co-defendants are James Davis, SIB’s chief financial officer, and Laura Pendergest-Holt, chief investment officer of a Stanford affiliate.
So they had him and now he’s gone. Great work boys. Now we know who’s side your on.
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