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Senators Seek To Block Loans To Antigua
A group of U.S. senators wants the U.S. to oppose international loans to Antigua until victims of a fraud allegedly run by Central Texas billionaire R. Allen Stanford have been compensated.
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6 Comments 
WASHINGTON (December 1, 2009)--A group of senators wants the United States to oppose any new international loans to Antigua until the island nation compensates victims of the fraud allegedly run by Central Texas billionaire R. Allen Stanford, the Mexia native whose bank was located in the Caribbean nation.
Sen. Richard Shelby of Alabama is the senior Republican on the Banking Committee, and he and seven other senators introduced a so-called sense-of-the-Senate resolution Tuesday that would have Treasury Secretary Timothy Geithner direct U.S. representatives to the World Bank and International Monetary Fund to oppose new loans to Antigua "until that government cooperates with the United States" and compensates the Stanford investors.
The resolution would be nonbinding and it's unclear when the Senate might vote on it.
Treasury spokeswoman Meg Reilly declined to comment. Spokesmen at the embassy of Antigua and Barbuda in Washington had no immediate comment.
Stanford is in a Texas jail awaiting trial on U.S. federal charges that he ran a $7 billion Ponzi scheme by promising huge returns on certificates of deposit from now-closed Stanford International Bank in Antigua.
Latest Comments
In 2001, Stanford loaned the Government of Antigua $65 million and demanded the gorgeous Half Moon Bay hotel and resort in return. When the American owners of the property refused to sell, they were blocked from refurbishing the property (damaged after a hurricane) and became victims of Stanford (his newspaper, the Antigua Sun exocriated them) and the government (which declared them "Enemies of the State" and "expropriated" their property)! Such was the power of Stanford over Antigua. Problem now is that Antigua still has not paid the American owners for the Half Moon Bay property and is in breach of its WTO obligations. Antigua cannot have it both ways. It is either going to take responsibility for its past acts, distance itself from Stanford, and attract future legitimate investors, or it is flaunting to the world that it is a very dangerous place to visit or do business.
My name is Stevan Jackson and I am a regional communications officer for Latin America and the Caribbean at the World Bank. I read your story on US Senators seeking to vote against World Bank and IMF loans to Antigua and Barbuda with great interested. Wanted to let everyone know as soon as possible that the World Bank does not have loans to either country; therefore, we hope you will update your story to reflect this information as soon as possible.
Am certainly sure that you people in your high and mighty country think that because we are 108sq miles we are a bunch of cavemen living on an island selling coconuts. We have always been appreciative of the United States and respect them for the help thus far in this country and am forced to say that as sympathetic as i am of the persons that have lost WE TOO ARE MOURNING BECAUSE WE LOST MONEY TOO!!! Am looking at getting back 2cents on a dollar. I am sooo tired of you all trying to force this and that on our beautiful country when you all know that some of us lost money too just like you did. Stanford was born and raised in THE UNITED STATES OF AMERICA and he a native of your soil RIPPED us off!!! I think that the watchdogs in your country should answer how all this flew over their heads too....don't you find that strange. Oh we love you Mr. President!! I may be poor now but love what you did with the place....born in New Jersey and raised in Antigua!!!
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