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Started By
Message
re: How will BR/LSU/TAF handle the Stanford crisis?
Posted on 2/19/09 at 6:57 pm to TippyTiger
Posted on 2/19/09 at 6:57 pm to TippyTiger
quote:
There is 500,000 securities / 100,000 cash sipc insurance on the United states accounts.
If you have over 500,000 it is going to hurt but really you should spread your money out more.
Are they any "United States accounts"? My understanding is that it's all offshore.
1
Posted on 2/19/09 at 6:59 pm to Kim Jong Ir
quote:
Some big players in BR have lost millions if this is all true.
oh it's true
but the exposure to BR is what the question is
Posted on 2/19/09 at 7:03 pm to Tiger JJ
quote:
Are they any "United States accounts"? My understanding is that it's all offshore.
when he posted this i was wondering this also
Posted on 2/19/09 at 7:06 pm to SlowFlowPro
I'd say there's no doubt that the whole thing is a zero. The only question is how much exposure does BR and the rest of the state have. I'm guessing it's a minimum of several hundred million. I'm really hoping it's not the $1.7B that was rumored on the other thread. The Advocate story said that Jason Green told them in 2007 he had raised $2B, but I think it's unclear if that was all in the state or not.
This post was edited on 2/19/09 at 7:08 pm
Posted on 2/19/09 at 7:07 pm to SlowFlowPro
quote:I've heard the same numbers as you (about $2 billion). Some big names got burned.
but the exposure to BR is what the question is
Posted on 2/19/09 at 7:11 pm to Kim Jong Ir
quote:
In 1996, Baton Rouge became Stanford’s first satellite brokerage. Eleven years later, then-managing director Jason Green said in an interview with The Advocate that the company had amassed $2 billion in Baton Rouge investments
LINK
Posted on 2/19/09 at 7:15 pm to Tiger JJ
wow so the high number may be true
BR is in for a world of hurt
BR is in for a world of hurt
Posted on 2/19/09 at 7:15 pm to Kim Jong Ir
All this is just conjecture. There are many schemes that seem to be coming to light right now all over the US, getting back to the initial question of how will this hurt the LSU program, the answer is that it will, but the Baton Rouge area is in pretty good condition financially compared to the rest of the country. My guess is that the net effect of the financial crisis will actually probably help LSU.
I hate to say it will help us given the difficulties facing the financial markets internationally, but that's just my opinion.
I hate to say it will help us given the difficulties facing the financial markets internationally, but that's just my opinion.
Posted on 2/19/09 at 7:15 pm to Tiger JJ
quote:Then the question is what % of the investments was in the Antigua bank? They did broker some legitimate products too, but the Antigua bank CD was what they pushed. The names I have heard had big $$$ in this investment are all big TAF donors, so SFP does have a point.
quote:
In 1996, Baton Rouge became Stanford’s first satellite brokerage. Eleven years later, then-managing director Jason Green said in an interview with The Advocate that the company had amassed $2 billion in Baton Rouge investments
Posted on 2/19/09 at 7:20 pm to Tiger JJ
Even if they did raise 2 billion they wouldn't have 100% in those bogus CDs. I bet green was exaggerating...lying douchebags tend to do that.
Posted on 2/19/09 at 7:21 pm to rabend1
quote:
the answer is that it will, but the Baton Rouge area is in pretty good condition financially compared to the rest of the country
the state cutting jobs all over the place and BR losing possibly $2B will really hurt things
also let's not forget the post-katrina, post-Go Zone incentives that have flooded the BR market with crappy, super overpriced condo complexes
Posted on 2/19/09 at 7:21 pm to Tiger JJ
I can personally vouch that a lot of very intelligent, successful Baton Rouge people will take gigantic hits. Stanford has as big a presence in BR as anyone. Probably more than anyone.
I know one former very high Stanford person, and I think very highly of him. It's going to devastsate a LOT of families who invested, and probably discredit a lot of good people who worked there as well. I sure wouldn't want it on my resume.
I know one former very high Stanford person, and I think very highly of him. It's going to devastsate a LOT of families who invested, and probably discredit a lot of good people who worked there as well. I sure wouldn't want it on my resume.
Posted on 2/19/09 at 7:25 pm to Lsupimp
well my financial situation doesn't make me feel so bad now
Posted on 2/19/09 at 7:30 pm to Lsupimp
SFP-
my point is that job cutting and investment scams are not a solely "Louisiana" problem, the way that political corruption sometimes seems. Jobs are being cut all over the nation. Charlotte, NC, the center of financial services in the Southeast US has an unemployment rate hitting scary levels. As bad as things are for those families who lost their arse in the Stanford Ponzi scheme, there are families just like them all over the nation. Other programs are in much worse shape than LSU. Many schools depend upon income from their endowments to fund their overhead, due to the financial crisis these endowment funds are worth approximately 60% of the value they had in 2007. Additionally, the interest generated on these endowments is well below what was forcasted, so they are struggling. The long and short of it is...It sucks everywhere.
my point is that job cutting and investment scams are not a solely "Louisiana" problem, the way that political corruption sometimes seems. Jobs are being cut all over the nation. Charlotte, NC, the center of financial services in the Southeast US has an unemployment rate hitting scary levels. As bad as things are for those families who lost their arse in the Stanford Ponzi scheme, there are families just like them all over the nation. Other programs are in much worse shape than LSU. Many schools depend upon income from their endowments to fund their overhead, due to the financial crisis these endowment funds are worth approximately 60% of the value they had in 2007. Additionally, the interest generated on these endowments is well below what was forcasted, so they are struggling. The long and short of it is...It sucks everywhere.
Posted on 2/19/09 at 7:30 pm to SlowFlowPro
quote:
may this be the end of LSU as a prime time athletic spender?
Don't you think this statement is just slightly hyperbolic?
Posted on 2/19/09 at 7:31 pm to Kim Jong Ir
quote:
Then the question is what % of the investments was in the Antigua bank? They did broker some legitimate products too, but the Antigua bank CD was what they pushed. The names I have heard had big $$$ in this investment are all big TAF donors, so SFP does have a point.
the question of the hour
Posted on 2/19/09 at 7:31 pm to SlowFlowPro
quote:+1
well my financial situation doesn't make me feel so bad now
Posted on 2/19/09 at 7:32 pm to SlowFlowPro
Ditto. It was my good fortune that my personal financial collapse coincided with this mess. I don't feel so lonely. A rising tide sinks all boats.... 
Posted on 2/19/09 at 7:33 pm to Kim Jong Ir
now i just need like a year of hyperinflation to pay back student loans easy peasy
Posted on 2/19/09 at 7:34 pm to SlowFlowPro
quote:
well my financial situation doesn't make me feel so bad now
i don't feel quite as bad, still not good though
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