This is a BIZARRE story.

The Stanford Group is a wealth-management firm. We competed against them when I was with Wells Fargo's Wealth Management Group. It was tough, because they were always flying prospects around in private jets, while we didn't do that sort of thing.

Well, they fired two guys a few months ago, and those guys have now claimed that the Stanford Group is basically another Bernie Madoff-type deal. Allen Stanford is a Texas billionaire/recluse, and the Stanford Group has a bank in Antigua that has for years offered way-above-market-rate CDs. According to these two guys, they could do that because it was a Ponzi scheme.

Stanford has (or more likely, HAD) $50 billion in assets under management.

Last week, it was disclosed that six Stanford locations were being audited by the government. Allen Stanford said the audits were routine examinations and that nothing was amiss.

This morning, US Marshalls showed up at Stanford's offices and locked the doors. The SEC has sued Allen Stanford and some of his top officers. A U.S. District Judge has frozen the assets of Stanford, the other officers, and the firm, and appointed a receiver.

This is a BIG story in Houston, and probably nationwide.

Heard about it on the news this morning. We have economic AIDS right now. The country needs meds and the virus needs to be killed.