InfoAnda - Cash scandals hit rich, poor Latin Americans alike

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Blasts heard in restive Kyrgyzstan city | | 29 November 2010
Eurozone faces 2010 debt crisis | 3 January 2010
Apple hires IBM exec to head iPods; IBM objects | Technology | | 4 November 2008

Mom returns to work after uproar over suspension for answering soldier son's call | 22 February 2011

Forum Views () Forum Replies ()

Read more with google mobile : Cash scandals hit rich, poor Latin Americans alike | International |

My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Cash scandals hit rich, poor Latin Americans alike Wed Mar 11, 2009 11:21am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Patrick Markey BOGOTA (Reuters) - Colombian college teacher Mercedes Diaz has little else in common with mattress maker Henry Moreno, but they both know the bitter sting of investment schemes that promise high returns only to collapse in scandal. Latin America's poor and working class are more often the victims of get-rich-quick scams, but now some of the more well-heeled are feeling similar pain since U.S. bank Stanford crumbled under the weight of massive fraud charges. The region's professionals and well-off pensioners were among the biggest investors with Stanford owner and billionaire, Allen Stanford, who was hit with accusations he fraudulently sold $8 billion in certificates of deposit from his Antigua operation. From Mexico City to Quito, retirees sporting designer purses have waited with Blackberry-twiddling bankers to reclaim cash from Stanford, once seen as a guarantee of high returns or a safe haven offshore account in an often unstable region. "We thought it was something solid, with a lot of years and tradition," Colombian Diaz said recently lining up outside a Bogota university hall with other clients to transfer her cash from a local Stanford brokerage to another fund. A U.S. lawyer for some Latin American investors says his clients want to keep their names confidential, fearing they could be targeted by criminals if word gets out about their wealth. Lawyers and investors say wealthy Latin Americans also bet with Bernard Madoff, the Wall Street trader accused of masterminding a $50 billion Ponzi scheme stretching from Florida to Europe. He is expected to plead guilty this week. Investors are still counting the cost of those schemes, but Latin America has a history of scams targeting the poor. Hundreds of thousands of Colombians like Henry Moreno got burned last year in schemes with names like "Money, Fast, Easy and in Cash" that sparked riots and worries over the country's already sputtering economy when they imploded. Moreno, who makes mattresses in a working-class Bogota neighborhood, said he and his brother sold an apartment and took out bank loans to invest in two schemes that later imploded. Now he is waiting to get his money back after the government took over one of the companies and jailed its director on money-laundering charges. "All that money is lost, they haven't told me anything, nothing has been solved," he said. "It's frustrating to have no money, and to pay back the bank I have to work even harder." For many Colombians, already feeling the pinch in the global economic slowdown, their local "get-rich-quick" schemes seemed like an alternative to banks, who they say charge too much for holding basic savings accounts. Colombian authorities say hundreds of thousands of people are trying to reclaim investments in the pyramid schemes that offered returns of up to 150 percent. In neighboring Ecuador, hundreds of people plundered stores in Machala city in 2005 to demand their money back after a public notary ran a $400 million pyramid-style scam. The notary died just as frantic investors tried to rescue their funds. An angry mob even dug up his body to make sure he was dead. But most were never able to recover their cash. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Dalai Lama hopes Beijing will use more common sense also on reuters Is Apple developing a touch-screen PC? Analysts: The state of al Qaeda Slideshow Slideshow: The power of coal and those who work it More International News Teenage gunman attacks German school, kills 15 North Korea accuses U.S. of plotting attack Anti-narcotics drive fuelled drug cartels: U.N. Former Saddam aide jailed for 15 years China navy officers harangue U.S. over sea spat | Video More International News... Related News Stanford Latam clients don't want names known 11:21am EDT Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Museum finds "secret" message in Lincoln's watch Apple orders 10-inch touchscreens for third quarter: source CORRECTED-Protesters target U.S. foreclosed-homes auctioneer U.S. intelligence candidate pulls out after objections 45 percent of world's wealth destroyed: Blackstone CEO China navy officers harangue U.S. over ocean spat China navy officers harangue U.S. over ocean spat China exports slump, IMF warns on toxic banks | Video Motive unclear in Alabama shooting spree | Video Exclusive: Bernanke says AIG tightens grip on perks, pay Most Popular Articles RSS Feed Video Zimbabwe mourns nation's ''mother'' Deadly multiple shooting in Alabama Official: US China tensions mount NeoMedia aims to save 'old media' The Overstock economy Gold outlook retains luster Democrats cool to Obama budget All-at-once or step-by-step? Tibetan life 'hell on earth' Wall Street roars on Citi Most Popular Videos RSS Feed Tibet Dalai Lama slams China over Tibet "suffering" The Dalai Lama said more and more Chinese were beginning to see a problem with Beijing's rule over Tibet, lamenting how the homeland he fled 50 years ago had become a "hell on earth." Full Article | Topics Heavy security as Tibetans mark Dalai Lama's exile China's Hu demands wall of stability in Tibet Question marks over succession of Dalai Lama Factbox: Historical ties between China and Tibet Reuters Deals The global destination for corporate leaders, deal-makers and innovators Knowledge to Act Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Interactive TV | Labs | Reuters in Second Life | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Wednesday, 11 March 2009
U.S.-China spat complicates minister's visit | International |
Mexican drug gangs dump human heads in ice coolers | International |
Italy high court to rule on CIA kidnap case | International |
EU's first 2009 bird flu case found in Germany | International |
IBM develops 3D patient record software | Technology |
Telecom firms eager to help U.S. spend $7.2 billion | Technology |
Inventor settles with Citrix on voicemail patent | Technology |
U.S. battle over patent reform headed for compromise? | Technology |
Tajikistan bans cellphones from schools | Technology |
Rap star Coolio charged with crack possession | Entertainment |
Netanyahu ally says met Syrian officials in U.S.
China navy officers harangue U.S. over ocean spat | International |
2 Iraqi journalists killed in Abu Ghraib bombing
Obama condemns Khartoum for expelling aid groups | International |
Suicide attack in west Baghdad kills up to 33
Suicide attack in west Baghdad kills up to 33 | International |
U.S. media chiefs urge release of reporter in Iran
US Congress passes spending bill, eases Cuba curbs
Netanyahu ally says met Syrian officials in U.S. | International |
Madoff set to plead guilty, could face 150 yrs in jail
Israeli kids get rocket-proofed indoor playground
Madoff to plead guilty, prosecutors seek 150 years prison
Iraq suicide bomber kills 33 in Abu Ghraib
Citi outlook sparks explosive Wall Street rally
Another reformer enters Iran's presidential race
Delta Air Lines to slash 10 percent of international flight capacity
Top level Afghanistan meet on March 31: Netherlands
Sea levels to surge 'at least a metre' by century end
Istanbul prosecutor indicts 56 more in coup plot
Diarrhoea a major child killer despite easy treatment: WHO
Major attacks in Iraq since Jan. 1
Sea levels to surge 'at least a metre' by century end
Scientists warn seas to rise faster than expected
An Error has occured |
Iraq media booming, yet still in sectarian grip | International |
Malaysia Christians battle with Muslims over Allah | International |
Pakistan bans protests on eve of long march | International |
US awards contracts for new embassies
Scotland Yard team in Bangladesh for mutiny probe | International |
Iran lacks nuclear bomb fuel: US officials
Seattle P-I employees may lose jobs next week
San Francisco mayor "tweets" as California politics goes Twitter
Disney launches new fan website
UN expert wants Gitmo probe before camp closes
US embassy says non-vital staff may leave Sudan
Craigslist claims 'spectacular' results in curbing sex ads
Apple orders touchscreens for Q3: source | Technology |
Arrests as N. Ireland faces 'abyss' after new killing
US struggles to pinpoint cyber attacks: Top official
Sony, NBC ink content deal for PlayStation | Technology |
Hewlett Packard to create 500 jobs in Ireland
SF Chronicle, union reach tentative agreement
Telecom firms eager to help U.S. spend $7.2 billion | Technology |
U.S. battle over patent reform headed for compromise?
France proposes disconnecting Web music pirates | Technology |
Telecom firms eager to help U.S. spend $7.2 billion
Inventor settles with Citrix on voicemail patent
Tajikistan bans cell phones from schools | Technology |
A volatile corner of Afghanistan gets policing
NKorea reopens border to stranded SKorean workers
Sri Lanka suicide blast kills 14, wounds minister
China-US sea confrontations could continue
Japanese teams off to flying start in AFC Champions League
Hollywood actors split over vote on contract offer
Two mild quakes off Indonesia's coast: USGS
Smallpox vaccine good for biological attack
Chris Brown, Rihanna recording love duet: reports | Entertainment |
Officials: US ship in China spat was hunting subs
China-US sea confrontation may have tested waters
Leno offers free show for Detroit's unemployed | Entertainment |
15 dead, minister hurt in Sri Lanka mosque attack
Big Love makers apologize to Mormons, to air show | Entertainment |
S.Korean won up over 2 pct to hit near 3-wk high
Aussie politician turns rocker again for benefit gig | Entertainment |
HBO, Mormons square off over airing of sacred rite
Seoul shares open after U.S. rise; banks rally
Slumdog star to be feted at L.A. festival | Entertainment |
Bill Clinton to speak at publishers gathering
Orphanage director looks into Eclipse | Entertainment |
NZ terms of trade fall in Q4
"Big Love" makers apologize to Mormons, to air show
Devo whipping up first album since 1990 | Entertainment |
NZ stocks open 2.2 percent higher
Bolshoi Theatre may not reopen till 2013: report
MTV sets its sights on comedy scripts | Entertainment |
Japan's MUFG to have director in Morgan Stanley board
Hollywood actors split over vote on contract offer | Entertainment |
Chris Brown, Rihanna recording love duet: reports
Hitachi to pay 31 mln dlr fine for LCD price-fixing
China auto sales up nearly 25 pct in Feb: state media
Leno offers free show for Detroit's unemployed
List of top 20 shows in prime-time Nielsen ratings
Japanese real estate investment firm files for bankruptcy
ABC's `The Bachelor' brings the women
SKorea urges US to ratify trade pact
Boyd, 'I Saw Mommy Kissing Santa' singer, dies
Hollywood actors split over vote on contract offer
Teenage gunman attacks German school, kills 15 | International |
Israel-Lebanon borders stable despite attacks
North Korea accuses U.S. of plotting attack | International |
Media outlets: Iran must allow access to reporter
Anti-narcotics drive fuelled drug cartels: U.N. | International |
Former Saddam aide jailed for 15 years | International |
Swiss bank UBS says earnings 'at risk'
Hundreds flee as Sri Lanka fighting nears last throes | International |
Dutch advance with second World Baseball Classic stunner over Dominicans
Iran says capitalism on verge of collapse | International |
Migraines in pregnancy linked to stroke risk
Northern Irish unite in protest against killings | International |
Cash scandals hit rich, poor Latin Americans alike | International |
Dalai Lama hopes Beijing will use more common sense | International |
UN chief to share concerns with Congress
Cubans applaud U.S. bill easing trade, travel
Embattled top US intel pick Freeman withdraws: official
Eleven killed in Alabama shooting spree
Apple rolls out talking iPod Shuffle | Technology |
Eleven killed in Alabama shooting spree
Pearson partners with language website Livemocha
AT&T to spend $565 million for eco-friendly Ford cars | Technology |
Eight killed in Alabama shooting spree
Sony, NBC ink content deal for PlayStation
Nokia launches 3 music phones | Technology |
UN chief, Bill Clinton optimists on Haiti
Smartphone sales to jump in 2009: Gartner | Technology |
EU extends Microsoft antitrust deadline to April 21 | Technology |
Pearson partners with language website Livemocha | Technology |
Sony, NBC ink content deal for PlayStation
Michael Jackson to add concerts after sellout | Entertainment |
Strategy shift in Philippines insurgency fight
China to hike security budget: state media
China navy officers harangue U.S. over sea spat
2 provinces in Pakistan ban protests
Son jailed for murdering family in Australia
Palm oil prices unlikely to reclaim highs soon: Sime Darby
"Slumdog" star to be feted at L.A. festival
NKorea says to take 'every measure' to protect itself
Japan's machinery orders in record losing streak
Ex-NKorea spy believes Japanese abductee still alive
Taiwan c.bnk behind half of Wed T$ trade -dealers
Philippine leader signs law on maritime borders
Human-looking robot smiles in Japan classroom
UN accuses Tamil Tigers of misusing food aid
Samsung to recruit 5,500 graduates amid crisis
Never a plain Jane _ Fonda makes Broadway return
SKorea wants to conclude Qualcomm probe soon
Sundance names John Cooper festival director
China's exports plunge again, but car sales rise
50 jobs in 50 weeks: US man's economic odyssey
Taiwan Formosa to resume No.1 unit, shut No.3 unit
Australian sport's drinking culture under spotlight
S.Korea takes lead for Jordan nuclear plant deal-report
Qaeda may outnumber tourists in Yemen's mythical land
Asia stock markets solidly higher
MTV sets its sights on comedy scripts
Pakistan c.bank sells 15 bln rupees of T-bills
"Orphanage" director looks into "Eclipse"
Aussie politician turns rocker again for benefit gig
"Slumdog" star to be feted at L.A. festival
Japan still searching for 16 missing sailors
Publisher pays big for Niffenegger's 2nd novel
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01