Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/568/6989

From The Socialist newspaper, 24 February 2009

ECB suffers Stanford hangover

WE ALL know the feeling. You've committed some indiscretion, possibly while under the influence of intoxicants, and now in the cold light of day when all the facts are revealed there is the humiliating prospect of facing derision from the world at large. At this point a person generally asks themselves: "How could I have been so stupid?"

Neil Cafferky

Such thoughts must now be on the minds of the England Cricket Board (ECB) as they survey the wreckage from the multi-billion dollar fraud probe into Alan Stanford's former financial empire, now revealed to be closer to a rotten borough.

Stanford has been indicted in the US by the Securities and Exchange Commission for an $8 billion scam that bears striking similarities to the even bigger Bernie Madoff case. Like Madoff, investors were receiving returns almost double the market average. Both alleged fraudsters used tiny, unknown firms of auditors. CAS Hewitt audited Stanford's global enterprise out of a one-room flat in Enfield, north London.

Alan Stanford had bankrolled the ECB to the tune of 70 million. However unlike more modest sugar daddies like Roman Abramovich, who seem to be content simply to smile inanely from the corporate box (while of course exercising control from behind the scenes), Stanford demanded, and got, an almost endless publicity circus from the ECB.

Who could forget the sight of Alan Stanford landing at Lords cricket ground in a gold plated helicopter and disembarking with transparent coffers filled with $20 million?

On that day the hallowed turf of the English upper classes, so long the epitome of values that supposedly separate the rich from the common herd; 'decorum', 'style' and 'class', were turned into a gaudy spectacle to one man's ego.

The Evening Standard commented in that understated tone usually reserved for members of the elite caught out in bad behaviour: "The gesture instantly identified him as a man who likes to make a statement". Indeed.

Not content with larging it at Lords, Stanford then outdid himself a few months later at the Stanford Cup in Antigua.

This was a one-day cricket match between England and a selection of West Indies players surprisingly named the Stanford All-Stars. The fact that England was crushed by ten wickets was secondary to the images, flashed around the world, of Stanford cavorting with players' wives in his lap.

Readers of The Socialist will be well aware of the tut-tutting and harrumphing that goes on in the capitalist press at the vulgarity and greed of working-class professional footballers.

We are also assaulted daily with headlines decrying benefit fraud and petty larceny. Socialists have always known that these vices are inevitable at all levels in society when we live in a system dominated by the pursuit of money.

However, this whole sorry episode illustrates that, far from being 'the masters of the universe', when it comes to vulgarity, greed, selfishness, fraud and deceit no-one does it bigger or better than the upper classes.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 24 February 2009:


No Job Cuts

Organise to defend jobs

Car industry in crisis: Death of jobs by a thousand cuts

Jobs protest continues

Workers march for jobs in Cardiff

Fight to save Royal Mail


Campaign for a New Workers Party

What do union members get from Labour link?


International socialist news and analysis

Ireland: workers say 'We won't pay for your crisis'

General strike movement grips island of Guadeloupe

Kashmir: Health workers take strike action


Marxist analysis: history

Iran 1979: A revolution that was taken from the working class


Sport

ECB suffers Stanford hangover


Socialist Party campaigns

Defend Yahya Al Faifi campaign

BNP bigots retreat under pressure

Greenwich: "Hands off my school"

Look at the gravy train!

Devon residents against incinerators


Socialist Party workplace news

Leeds journalists strike against job cuts

Successful launch for United Left

Manchester Unison: Good vote for left

Protest at the Unison witch-hunt - date change


 

Home   |   The Socialist 24 February 2009   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Cricket:

triangleSocialism, black liberation and cricket - the life of CLR James

triangleTamil Solidarity Old Trafford protest

Olympics:

triangleInvest in grassroots sports needs

triangleWould you call G4S for help over discrimination?

triangleBarcelona 1936: the people's Olympics

triangleFilm review: Eddie the Eagle

Football:

triangleGentrification on the terraces: fans say twenty's plenty

triangleWomen's football - Sampson allegations

triangleThings are changing: 20,000 sing for Corbyn at Wirral rock festival!

Reports and campaigns

Reports and campaigns

22/1/18

Sudan

Sudan: Free Mohamed Satti

22/1/18

London

Women rally defiantly

22/1/18

Obituary

Red Mary - a Force of Nature

17/1/18

Women

Socialist Party women's meeting brings together members to share experiences

17/1/18

Newham

Packed Newham meeting against academies

17/1/18

Liverpool

Lobby pushes Liverpool council to oppose privatisation

17/1/18

Barking

Heating scandal on east London estate

17/1/18

Policing

Undercover policing legal challenge

17/1/18

Woolwich

No to the Woolwich monster block

17/1/18

Union

Workplace news in brief

17/1/18

Union

PCS union 2018 elections - nominate the left slate for a continued fighting leadership

17/1/18

Hackney

Hackney school cleaners strike

17/1/18

RMT

RMT strikes against driver-only operation continue

17/1/18

Yorkshire

Ferrybridge: Workers down tools over unpaid wages

17/1/18

Cuts

We must fight all council cuts!

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle22 Jan Women rally defiantly

triangle22 Jan Red Mary - a Force of Nature

triangle17 Jan Corbyn's Labour needs 100% anti-cuts strategy and fight for democracy

triangle17 Jan NHS crisis: under pressure from all angles - end cuts and sell-offs!

triangle17 Jan We must fight all council cuts!

triangle16 Jan Home care workers to strike

triangle15 Jan Carillion crisis: Demand action to save jobs and services

More ...

triangle23 Jan Bristol North Socialist Party: 'You can't have capitalism without racism' - was Malcolm X correct?

triangle23 Jan Cardiff West Socialist Party: How the Poll Tax was beaten

triangle24 Jan Caerphilly Socialist Party: The Carillion scandal

triangle24 Jan Cardiff Central Socialist Party: Carillion collapse - Watershed moment for public services

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2