Stanford Operations Run by CFO Davis, Not Boss, Manager Says

R. Allen Stanford left daily operating decisions to his finance chief, who volunteered to “lay himself off” for a $650,000 lump-sum payout as regulators were closing in on the company in February 2009, a former manager testified. “We were in the midst of a crisis, and I told him it would look strange if we lay off our global CFO,” Joan Stack, former global human resources manager at Stanford Financial Group, said she told finance chief James M. Davis. “He was the person I felt made the day-to-day decisions.” More on Bloomberg Businessweek here.

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