Allen Stanford, the flamboyant Texan billionaire and cricket impresario who sponsored a $1 million-a-man match in the West Indies, was charged in the US yesterday in connection with an alleged $9.2bn (£6.4bn) investment fraud, The Times reports.
As investors arrived at his Stanford International Bank (SIB) on the Caribbean island of Antigua to demand their money back, US marshals raided the Houston headquarters and offices in Memphis and Tupelo of the privately-owned parent company, Stanford Financial Group, which says it manages more than $50bn in assets.
The England and West Indies cricket boards suspended sponsorship negotiations with Mr Stanford last night.
BRITAIN COULD BE stripped of its prized AAA credit rating as a result of the Government's latest bank bail-out, potentially jeopardising any economic recovery, according to rating agency Standard & Poor's, according to The Telegraph.
S&P only last month confirmed its "stable outlook" for the country's sovereign debt but may now be forced to review the top-notch rating.
The change has been prompted by the Government's asset protection scheme - insurance for toxic debt - which will leave the taxpayer exposed to losses on billions of pounds of bad loans made by the banks.
SAAB, THE SWEDISH carmaker owned by America's General Motors (GM), could go bust within ten days without an immediate injection of state aid, the US company warned last night, The Times also reports.
GM said last night that as part of a sweeping restructuring of its global operations, it aimed to sell Saab along with other underperfoming businesses including its Hummer brand.
However, GM said that Saab was losing so much money so quickly that, without government intervention to secure its future, the subsidiary could be forced to file for reorganisation by the end of this month.IFAonline
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