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In a sign of the times, it is only recently that his Wikipedia page has been updated to show any relevant facts on the man himself! Born personal loans columbus ohio in Texas, Sir Robert Allen Stanford now holds dual citizenship between the US and Antigua and Barbuda where his business interests have had a major impact upon the area. He was knighted by the Antigua government and is alleged to have been a regular visitor to various government and cabinet meetings on the island. Initially Stanford made his first fortune in Texan real estate prior to that bursting of that particular bubble in the 1980s.
He then used the money made from real estate to expand into insurance, set up a formal real estate company and eventually moved into global wealth management. However, there are suggestions surfacing in the press that the US authorities have been monitoring the operations of Stanford Group for up to 15 years. However, it must be noted that no formal charges have yet been laid and while Allen Stanford has been questioned by the FBI and the US authorities he is yet to be charged with any criminal activity.
While the ongoing investigation relates to only a small fraction of the overall Stanford Group, panic has spread across the Caribbean and South America in particular where the Stanford Group has a number of banking operations.
Many of these smaller economies have literally need cash now bad credit been bankrolled by Allen Stanford, with Antigua and Barbados two which bring to mind, and the potential for further damage to the reputation and stature of the group is likely to have a serious impact on economies in the region. The last few days has seen investors queuing outside Stanford banks around the world demanding their deposits back as they fear the whole group could collapse in due course.
At this moment in time there are no plans to close down any other Stanford Group operations although investigations are ongoing.
The online personal loan headlines in the press have assisted in creating a climate of fear and panic which has prompted a number of governments in the region to issue specific advice to clarify the personal loans columbus ohio situation.
It seems inevitable that rumours and concern about the economies in the Caribbean, and South America, will impact upon investor confidence and potentially impact upon the tourist industry where the trust factor could be affected.
There are also serious concerns that the offshore banking industry, which is prevalent in personal loans columbus ohio many Caribbean countries, could be under serious threat from US authorities and other international regulators. Amid unsubstantiated rumours of various businesses having very close relationships with various governments in the region we could see credit lines seriously impacted in the short to medium term as the overseas banking regulations come under ever closer scrutiny. Obviously, a reduction in credit lines in the region will impact upon property investors and further exacerbate the problem which is already in existence because of the worldwide economic downturn. The potential collapse of some of the more tourist dependent economies in the region is not out of the question and even the Prime Minister of Antigua has suggested it is not a potential problem, it is a real problem. The future of the Caribbean property market is very much under threat in the short to medium term not only because of the ongoing Stanford Group investigation but the potential impact this could have on banking operations in the region.
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If one person can have such a potential impact, as highlighted by the Prime Minister of Antigua, this could change the whole outlook for the region in the longer term.
What would happen if other prominent business people in the area decide to withdraw their services and their support? What would happen if tourist investment is reduced and tourist numbers fall? While personal loans columbus ohio it has to be clarified that no formal criminal charges have yet been laid against Allen Stanford or his Stanford Group, much damage has already been done to the small economies of Antigua and Barbados and the potential impact on the property markets in the region could be enormous. The real estate industry in the Caribbean has welcomed the start of new airline services from London to several islands as personal loans columbus ohio a much needed boost to the region s property sector. Like many parts of the world the Caribbean has seen dwindling property sales particularly since US real estate investors have fallen away and many perceive the region as being too pricey. The new British Airways services begin on 25th of October which will see a twice weekly service from London Gatwick to Punta Cana in the Dominican Republic, an increase in the number of flights to St. Lucia from three a week to five and Barbados will see double figures for weekly flights. Paolo De Reniz, area commercial manager, said it is positive news for Caribbean property markets with more flights meaning increased access for holiday renters over the winter getaway period. The Caribbean tends to be a popular destination with our leisure customers seeking a relaxing winter break. From October, we will fly 45 times a week to the Caribbean and be servicing 13 destinations in the region, more than any other UK airline, he pointed out.
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The Guyana situation is just one of many which are ongoing after the EU instigated a round of Economic Partnership Agreements with 78 African, Caribbean and Pacific countries. The EPA was the brain child of Peter Mandelson prior to his decision to leave the EU and rejoin the UK government and covers trade between EU and non-EU countries. While many agreements have been in place since as far back as 1975 with regard to payday advance loan requirements the treatment of export taxes, etc it seems that we are entering a whole new era. Many of the smaller Caribbean countries such as Guyana have blossomed with personal loans columbus ohio the help of EU trade but this could drop substantially over the coming months.