(14 votes, average: 3.71 out of 5)Until about a couple of weeks ago, Stanford (to most people across the world) was synonymous for purely academic reasons. The prestigious educational institution in California took in proud students and churned out distinguished alumni, for they occupy an arguably equal level in the esteemed echelons of the industry as say the Harvard graduates.
The law of averages, or karma (however one wishes to look at it), had to strike back at the Stanford name – it was too long for it to go on without an untarnished image! The Harvard had its fair share of recent criticism if the news coverage of the background and education that the instigators of the biggest financial turmoils in recent times had, was anything to go by. Now it was the other hand’s turn to face the music – ladies and gentlemen, enter RA Stanford.
What took most people by surprise was the quarters the name’s sacrilege came from. A relatively less well known state side until recently, Robert Allen Stanford came into spotlight more or less in the same fashion of his entry into the Mecca of world cricket – Lord’s stadium in England – amidst much fanfare, he descended in a helicopter. Much has been written about, and some even criticized it very early on, the England and Wales cricket board’s hand-in-glove extravagance with Stanford but it was all attributed to just a public display of wealth then.
There’s also been more than enough coverage as to what happened on the sidelines of the Stanford 20/20 game with the WAG’s of English cricket. Last week, the Federal Bureau of Investigation charge sheeted Stanford after a movie-like chase across the continent with reports that his attempt to flee the country on a private jet failed miserably for his accounts had been frozen the previous day. I am not about to draw conclusions as to whether RA Stanford is a sinner or a saint – there’s many paid folks whose day job it is to make that determination.
Where I find this amusing, or even cynical at some levels, is the quick disassociation of the very same people who were seen closely by his side all along. I am sure there must have been some red flags raised last year, especially when the investigating agencies say they’ve been on his trail for 3+ years now trying to gather all the evidence. The pictures of the helicopter arrival in London make a mighty and stark contrast to the long lines outside the Stanford Bank in Antigua this week ensuring the hard earned money isn’t lost.
I wonder whether the same people knew where the $20M 4-hour game was being funded from. The positives from this – another lesson on financial misrepresentations.
On a lighter note, if something sounds too good to be true, it probably is!!
Image Credit: Media Imran
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February 23rd, 2009 at 10:49 am
Nice article, Mukund. I had written one on Allen Stanford (I refuse to call him, Sir now
) – http://indiaspecial.net/featured/ipl-the-moolah……
Little did I know that he was a bundle of scam brewing inside…As for people disassociating from him – thats how most of us are, isn't it ? We chase where moolah resides!
Regards
K
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February 23rd, 2009 at 1:57 pm
I agree – most common folk tend to base their opinion or judgment of public figures based on their representation through the media outlets. I didn't pinpoint the character in my article, but I had Kevin Pietersen in mind – he was the brand ambassador for Stanford a few months ago, and in an article in Cricinfo yesterday, calls him a sleazebag!!!! Quite a turnaround, never mind the IPL auction happened right beforehand with him securing a 1.55M $ contract, after losing out on 1M $ in the Stanford 20/20 – make your own inferences
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February 23rd, 2009 at 2:36 pm
Good satire
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February 23rd, 2009 at 2:40 pm
The contribution made by Sanford to West Indies Cricket should be remembered here.Its a wonderful stadium there and the treatment he has given to the legends of West indies cricket is commemmorable of this second largest employer of Antigua Island.What ever be the level of fall of this Texan ,dealing with oils, due to his financial bunglings he should be given credit for raising the levels of cricket in the region.
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February 23rd, 2009 at 6:14 pm
Point taken, Vigil – it is a relevant thought indeed! No matter what his downfalls were, he seems to have done his bit to improving the quality of life in Antigua in particular. Time will be true judge of his intentions, but the fact that nearly 5% of the Antiguan populace is employed by Stanford's group of companies says something about his reach and influence there.
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February 23rd, 2009 at 8:19 pm
This is a bigger story than our own Satyam. If Ramalinga Raju is crucified from all corners, why should Stanford be given an exception. Did we ever remember the Emergency Response System that he created or tried to create in Andhra Pradesh which would have become a new benchmark in ER in India ?. And does anyone remember how many lives he saved in the process – But yes! We did crucify him because he cheated a million others who believed in him and rightly so. The message is “Two wrongs never make a right “
Wrong deeds are “wrong” in the first place and it should be treated that way. So, for all the good things he has done, Sir Allen will always be remembered for the wrong deeds…and that is how the world works, fortunately or unfortunately.
Good discussion to have, though!
Regards
K
The Idea Factory
February 23rd, 2009 at 8:29 pm
This probably goes a little off-topic, but in the spirit of continuing this thought-provoking discussion: doesn't every great individual that has lived has some wrongdoing associated with his/her name? Doesn't Gandhi, for all his contribution to non-violinist movements, have his childhood tarnished in some way, with some bad choices he made early on? bill Clinton for all his positive contributions had a single moment of error in judgment that altered the way he was perceived. History has many such people on its rolls. To their credit, they did redeem themselves and attempted to make a positive difference to themselves and society after picking themselves up. The difference in the Stanford and Raju cases is that they committed their faults or sins, long after their good deeds, much unlike the truly greats that course corrected their lives after initial deviations.
The Idea Factory
February 23rd, 2009 at 8:46 pm
I am not sure if Gandhi and Clinton are the right people to compare…. While the ones committed by Gandhi and Clinton can be termed as stupid “Mistakes”….the ones by Stanford and Raju are “Frauds”….and that too massive ones, impacting the lives of many.
It certainly isn't about timing, for a wrong is a wrong is a WRONG (sorry if I got carried away).
Everyone has their shades of grey, no doubt about it. But knowingly committing for years together is unforgivable crime!
But I have to say this- you do bring interesting perspectives…Keep it coming
!
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February 24th, 2009 at 7:16 pm
Don't get me wrong, please – I am not, by any stretch of imagination, protecting or condoning the actions of the fraudsters wherever they may be, and whatever form they take (financial or otherwise). I meant to say that history has a liking to those that redeem themselves after they've deviated from their core principles of life. Unlike Madoff or Stanford, who after seemingly glorious lives in public were committing frauds of enormous magnitude in the background, the Clintons and Gandhis of the world made private mistakes and did public good later. That, my friend, is the difference in their lives and influence on humanity.
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February 24th, 2009 at 9:51 pm
100% Agreed.
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