{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP Ven govt takes over financier\u0026#39;s bank, investors reax ADDS Mexico, Colombia' data-url='/boclips/videos/5c54c1e4d8eafeecae15593a' data-video-url='/boclips/videos/5c54c1e4d8eafeecae15593a' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP Ven govt takes over financier\u0026#39;s bank, investors reax ADDS Mexico, Colombia\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eCaracas, Venezuela - February 19, 20091. Various of closed Stanford Bank in Caracas 2. Close up of padlock  3. People outside bank Caracas, Venezuela - February 19, 20094. Wide of news conference attended by Venezuelan Finance Minister...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eCaracas, Venezuela - February 19, 2009\u003cbr/\u003e1. Various of closed Stanford Bank in Caracas \u003cbr/\u003e2. Close up of padlock  \u003cbr/\u003e3. People outside bank \u003cbr/\u003eCaracas, Venezuela - February 19, 2009\u003cbr/\u003e4. Wide of news conference attended by Venezuelan Finance Minister Ali Rodriguez \u003cbr/\u003e5. SOUNDBITE (Spanish) Ali Rodriguez, Venezuelan Finance Minister:\u003cbr/\u003e\"Most of the clients of Stanford Bank Venezuela handle their accounts through the internet and this has made it easier for them to make massive withdrawals, putting the bank in a very delicate and precarious (financial) situation. This has forced authorities, in particular the country's banking superintendence to decide to intervene.\"\u003cbr/\u003e6. Zoom in of news conference\u003cbr/\u003e7. SOUNDBITE (Spanish) Ali Rodriguez, Venezuelan Finance Minister:\u003cbr/\u003e\"I must tell you in advance that there are some groups who have expressed interest in buying the bank, and the actions taken by Venezuelan authorities is guided exclusively by an interest in protecting the depositors, and for that reason we decided to immediately sell this bank.\"\u003cbr/\u003eCaracas, Venezuela - February 19, 2009\u003cbr/\u003e8. Tilt down of Stanford Bank Venezuela headquarters \u003cbr/\u003e9. Various of man trying to enter the building, which has been closed, walking away\u003cbr/\u003eMexico City, Mexico - February 19, 2009 \u003cbr/\u003e10. Wide exterior of building where Stanford Bank has offices in Mexico \u003cbr/\u003e11. Medium sign outside building reading (in Spanish) \"Stanford Funds\"  \u003cbr/\u003e12. People inside door to Stanford office building talking \u003cbr/\u003e13. Woman takes notes as she looks at posted announcements outside Stanford office building \u003cbr/\u003e14. Close up of announcement posted outside Stanford Funds office notifying investors that their accounts are frozen \u003cbr/\u003e15. Close up of photo on front of Mexican newspaper of man waiting outside Stanford offices on Wednesday \u003cbr/\u003e16. Close photo of woman sitting outside Stanford offices in different Mexican newspaper \u003cbr/\u003e17. Headline about the fraud and photo of R. Allan Stanford in Mexican newspaper \u003cbr/\u003eBogota, Colombia - 19 February, 2009\u003cbr/\u003e18. Colombian Financial Superintendent Roberto Borraz speaking to reporters \u003cbr/\u003e19. Camera \u003cbr/\u003e20. SOUNDBITE (Spanish) Roberto Borraz, Colombian Financial Superintendent: \u003cbr/\u003e\"After an evaluation of the financial condition of Stanford SA, the superintendence supports the decision to stop operations, which was presented by the administrators and directors of Stanford SA.\"\u003cbr/\u003e21. Wide of briefing\u003cbr/\u003eSt. John, Antigua - 18 February, 2009\u003cbr/\u003e22. Wide of people lined up outside bank \u003cbr/\u003e23. Close of sign in front of bank\u003cbr/\u003eSt. John, Antigua - 19 February, 2009\u003cbr/\u003e24. SOUNDBITE (English) Vox Pop, Antigua resident:\u003cbr/\u003e\"It's unfortunate for us in Antigua, but you know, if there is a problem, we have to solve it, and they have to solve it, they have to do what they have to do, but for the people coming and taking all of the money out of the bank, I don't think it is necessary right now, because nobody knows what is going to happen. But everybody is scared and we need people to come and say something to us, about what is going on and what we have to do.\"\u003cbr/\u003eSt. John, Antigua - 18 February, 2009\u003cbr/\u003e25. People lined up outside bank\u003cbr/\u003eDepositors across Latin America and the Caribbean have rushed to withdraw savings from Stanford-controlled banks since US regulators filed civil fraud charges and froze assets at three Stanford companies on Tuesday, including at Antigua-based Stanford Bank International, which has affiliates in Mexico, Panama, Colombia, Ecuador, Peru and Venezuela.\u003cbr/\u003eVenezuela on Thursday seized a failed bank controlled by Texas billionaire R. Allen Stanford after a run on deposits there, while clients were prevented from withdrawing their money from Stanford International Bank and its affiliates in a half-dozen other countries.\u003cbr/\u003eThe Venezuelan government said it would immediately put the Caracas-based Stanford Bank SA up for sale and guarantee the remaining savings of some 15-thousand Venezuelans, most of them small depositors.\u003cbr/\u003eA group of wealthy Venezuelans also holds 2.5 (b) billion US dollars in assets at the Antigua-based Stanford International Bank, but their investments are outside the purview of Venezuelan law and will not be protected by Caracas, Banking Superintendent Edgar Hernandez said.\u003cbr/\u003eStanford Bank SA will immediately be put up for sale and the government will back deposits, Finance Minister Ali Rodriguez said.\u003cbr/\u003eThe government is assuming total ownership of Stanford Bank SA and is expected to receive the proceeds of the sale, a bank spokeswoman told The Associated Press. \u003cbr/\u003eShe spoke on condition of anonymity because she wasn't authorised to speak publicly about the matter.\u003cbr/\u003eThe takeover and sale were approved by the bank's board, which was meeting with government regulators to coordinate the hand-over, the bank spokeswoman said.\u003cbr/\u003eRodriguez told reporters in Caracas that some groups had already \"expressed interest in buying the bank\".\u003cbr/\u003eStanford Bank branches across the country were temporarily shut on Thursday under a decision by the government and bank directors in order to facilitate the takeover. \u003cbr/\u003eIt was unclear how long the offices would remain closed.\u003cbr/\u003eThe bank's board asked regulators for government help late on Tuesday, suggesting \"an open intervention,\" including the possibility of the government or a state-run bank depositing funds to back deposits, Hugo Faria, one of the bank's directors, told the AP.\u003cbr/\u003eThe decision to intervene follows a run on the local equivalent of 26.5 (m) million US dollars, about 12 percent of the bank's Venezuelan deposits early this week, according to the country's banking superintendence.\u003cbr/\u003eThe bank, which said it has 14 branches and 15-thousand clients in Venezuela, reported total deposits of 473 (m) million bolivars, or 220 (m) million US dollars, last week.\u003cbr/\u003eIn Antigua on Thursday, one angry Stanford Bank depositor said she had spent hours standing in a queue which had not moved.\u003cbr/\u003eAnother depositor described the situation as \"unfortunate\" for Antigua, but said he wasn't waiting for more information before deciding whether to withdraw his money.\u003cbr/\u003eThe alleged fraud involved a pattern of secrecy and promised \"improbable\" returns on certificates of deposit, among other things, according to the US Securities and Exchange Commission complaint.\u003cbr/\u003eColombia and Ecuador suspended the activities of Stanford's local brokerages on Wednesday, and Panamanian regulators occupied Stanford bank branches hit by a run on deposits.\u003cbr/\u003eIn Mexico, where the Stanford Fondos unit manages about 50 (m) million US dollars for 3,400 clients, a note posted on a shuttered office door in the capital's wealthy Polanco neighbourhood announced that all accounts \"are temporarily frozen.\"\u003cbr/\u003eStanford, 58, is a larger-than-life figure in the Caribbean, using his personal fortune, estimated at 2.2 (b) billion US dollars by Forbes magazine, to bankroll public works and cricket tournaments.\u003cbr/\u003eHe also is a major player in US politics, personally donating nearly a million dollars, mostly to Democrats.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan 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