Career
Stanford started in business in Waco, Texas, opening a bodybuilding gym that failed. His first success in business came from speculating in real estate in Houston after the Texan oil bubble burst in the early 1980s; his partner in this venture was his father, James: the two men made a fortune in the 1980s, buying up depressed real estate and selling it years later as the market recovered. After his father retired in 1993, Stanford took control of a company with 500 employees.
Stanford moved to the Caribbean in the 1980s, first to Montserrat, then to Antigua. With Stanford Finance, he started a bank on the island of Montserrat in 1985, Guardian International Bank; he moved it to Antigua during a British crackdown on Montserrat's offshore-banking industry in the 1980s, renaming it Stanford International Bank, an affiliate of Stanford Financial.
Early in 2007, Stanford and Baldwin Spencer, prime minister of Antigua and Barbuda and formerly an ally, began verbally feuding in public.
In 2009, Antigua's Financial Services Regulatory Commission named a British firm, Vantis Business Recovery Services, the receiver for Stanford International Bank and Stanford Trust Company, the Associated Press reported.
Read more about this topic: Allen Stanford
Famous quotes containing the word career:
“He was at a starting point which makes many a man’s career a fine subject for betting, if there were any gentlemen given to that amusement who could appreciate the complicated probabilities of an arduous purpose, with all the possible thwartings and furtherings of circumstance, all the niceties of inward balance, by which a man swings and makes his point or else is carried headlong.”
—George Eliot [Mary Ann (or Marian)
“In time your relatives will come to accept the idea that a career is as important to you as your family. Of course, in time the polar ice cap will melt.”
—Barbara Dale (b. 1940)
“They want to play at being mothers. So let them. Expressing tenderness in their own way will not prevent girls from enjoying a successful career in the future; indeed, the ability to nurture is as valuable a skill in the workplace as the ability to lead.”
—Anne Roiphe (20th century)