Wednesday, February 18, 2009

In Local News...

Looks like the Stanford Mini-Madoff scandal is hitting close to home...literally:

Before the SEC investigation, Baton Rouge and its Stanford offices had become a star in Sir Allen’s expanding constellation.

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.

In 2007, Stanford rewarded Green -- who had worked out of an office of 25 people at City Plaza -- by naming him president of the company’s Private Client Group, with 130 investment advisers under his nationwide supervision.

There were plans to grow that number to 350 advisers by 2010. Stanford said it would establish Baton Rouge as a national headquarters for the Private Client Group, which in 2007 managed $9 billion of the company’s $30 billion in assets.

Neither Green nor his Baton Rouge successor as managing director, Grady Layfield, returned calls for comment Tuesday.

As a bit of trivia, City Plaza is at most a five minute walk from Casa de Miguel, and I drive by it pretty much every morning on the way to work.

In other local news, I see the gubnah's decided to look a gift horse in the mouth, or at least announce his intention to do so. I can only hope for the sake of the Gret Stet that this is just so much talk to placate the mouth breathers and that he won't turn down badly needed funds that will provide thousands of state employees with paychecks.

1 comment:

  1. Anonymous5:48 PM

    Grady and Jason had to know.