Thursday, June 25, 2009

The year Stanford and Sanford Crash And Burn

The names in the news this year...




Governor Mark Sanford tearfully admitted on Wednesday he had been unfaithful to his wife, likely ending any chance he might be a Republican contender for the U.S. presidency in 2012.

And this...Texas billionaire and cricket promoter Sir Allen Stanford is facing up to 250 years in prison if he is found guilty on all charges relating ...

South Carolina Governor Sanford admits extramarital affair


ATLANTA (Reuters) - South Carolina Governor Mark Sanford tearfully admitted on Wednesday he had been unfaithful to his wife, likely ending any chance he might be a Republican contender for the U.S. presidency in 2012.

Sanford resigned as chairman of the Republican Governors' Association and was replaced by Mississippi Governor Haley Barbour, another possible 2012 candidate.

"Any aspirations for 2012, if he had any, are certainly out of the question," said Robert Oldendick, a political scientist at the University of South Carolina.

Sanford's confession at a tumultuous news conference ended days of speculation over his whereabouts. After he disappeared last week, his staff first said he was hiking on the Appalachian Trail. It later emerged he had traveled to Argentina to be with his lover, leaving his family over Father's Day weekend.

"I spent the last five days of my life crying in Argentina," he said.

Shedding tears, Sanford apologized to his wife Jenny, his family, friends and staff when he made the shock announcement after returning on Wednesday from Buenos Aires.

Sanford's wife Jenny said she and her husband had been undergoing a trial separation and she regretted his actions and the damage it had done to their children.

But she added in a statement: "I remain willing to forgive Mark completely his indiscretions and to welcome him back."

Sanford explained how he had "developed a relationship" with a "dear friend" from Argentina. "It began very innocently ... in just a casual e-mail back and forth," he said.

"But here recently over this last year it developed into something much more than that. And as a consequence, I hurt her. I hurt you all. I hurt my wife. I hurt my boys. I hurt friends ... I hurt a lot of different folks."

With his tearful admission and groveling apologies, Sanford became the latest member of a fast-growing club of U.S. politicians who have confessed their sexual indiscretions before a public audience.

Sanford was one of several Republican governors seen as possible 2012 presidential candidates. Others include Alaska Governor Sarah Palin, Minnesota's Tim Pawlenty, and Louisiana Governor Bobby Jindal.

REPUBLICAN FORTUNES AT LOW EBB

As chairman of the governors' association Sanford has been one of the party's most visible spokesmen when its fortunes are at a low ebb.

Last week, Senator John Ensign, another potential Republican presidential contender in 2012, announced he had an affair and resigned from the Senate leadership.

Texan cricket billionaire facing 250 years in jail

By Washington correspondent Kim Landers



Texas billionaire and cricket promoter Sir Allen Stanford is facing up to 250 years in prison if he is found guilty on all charges relating to an $8.5 billion scheme to defraud investors.

Stanford, a one-time promoter of Twenty20 cricket, has appeared in a Virginia court with four others facing charges of conspiracy to commit wire, mail and securities fraud.

Prosecutors says Stanford orchestrated an $8.5 billion fraud by advising clients to buy bogus certificates of deposit from his Antigua bank.

A judge has declared him a flight risk and ordered him to be held in custody until a detention hearing can be held in the 59-year-old's home state of Texas.

US assistant attorney-general Lanny Breuer says Stanford faces up to 250 years in jail.

"[Stanford faces] seven counts of wire fraud, 10 counts of mail fraud, conspiracy to obstruct an investigation by the SCC, obstruction of an investigation by the SCC and conspiracy to commit money laundering," he said.

Stanford has previously declared his innocence but US authorities say he and some of his company executives swindled up to 6,000 investors.

Court documents show his co-accused include Stanford's chief investment officer Laura Pendergest-Holt and the head of the financial services regulatory commission in Antigua, Leroy King.

A 50-page indictment reveals the alleged fraud dated from 1999 until last February.

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