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Stanford Spent Millions to Lobby Congress

$8B scammer's island junkets helped push anti-tax agenda

By Gabriel Winant, Newser User

Posted Feb 18, 2009 10:39 AM CST

(Newser) – Billionaire R. Allen Stanford has spent millions of dollars in attempting to enlist high-powered Washington officials in his anti-tax efforts, reports the Wall Street Journal. Stanford’s investment companies spent over $5 million on lobbying, $2 million on campaign contributions, and thousands more on flying members of Congress to the Caribbean, where Stanford lives. Many of the legislators do have longstanding interests in the region and have reimbursed him.

One of Stanford’s main beneficiaries, Charles Rangel of New York, recently wrote legislation favorable to Stanford’s tax interests. Says another New York Democrat, Gregory Meeks, “I have no idea what the investigation is about, but if I was asked about Allen Stanford I would say that he was a guy who was wealthy but he was also helping people.”

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Antigua residents at the headquarters of the Bank of Antigua, owned by Texas financier R. Allen Stanford, are seen in St. John's, Antigua, Tuesday, Feb. 17. 2009. (AP Photo/Johnny Jno-Baptiste)

Rep. Charles Rangel, D-N.Y., leaves a House Democratic Caucus on Capitol Hill in Washington, Thursday, Nov. 20, 2008. Rangel was one of Stanford's main Washington beneficiaries. (AP Photo/Gerald Herbert)

In this Wednesday, June 11, 2008 file photo, Sir R. Allen Stanford waves at Lords Cricket Ground in London. Federal regulators on Tuesday, Feb. 17, 2009 charged Stanford and three of his companies with... (AP Photo/Lefteris Pitarakis, File)

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I met Stanford a couple of times. He has never discussed any legislative issue with me nor has anyone to my knowledge representing him ever discussed any legislation. - Rep. Charlie Rangel

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Stanford Spent Millions to Lobby Congress