Texas financier Allen Stanford was recently accused by the SEC of engaging in “massive, ongoing fraud” at his Houston investment firm. Bloomberg notes that Stanford “cultivated his image by shuttling politicians in corporate jets.” One politician he was particularly close to was Sen. John Cornyn (R-TX):
The money trail led to the Caribbean, where Texas Sen. John Cornyn took a three-day trip in late November 2004. Cornyn spokesman Kevin McLaughlin confirmed to Texas on the Potomac’s Stewart Powell that Cornyn’s Senate disclosure form showed that Stanford’s firm had paid $7,441 in 2004 to cover the senator’s travel expenses to the Caribbean island of Antigua as part of a “financial services industry, fact-finding mission hosted by a constituent company with substantial operations on site.”
Cornyn has issued a response to the revelations: “No one is above the law and prosecutors should follow the facts, wherever they may lead.” Stanford contributed heavily to former Sen. Tom Daschle (D-SD), the Bush Inaugural Committee, and a host of other prominent leaders of both parties.