In a a dramatic move 15 federal agents entered the lobby of Allen Stanford's office in Houston on Tuesday and charged Texan billionaire and three of his companies with "massive ongoing fraud".
Stanford became an international figure in the cricket world following his private Twenty20 competition in the Caribbean. The US Securities and Exchange commission accuse him of fraudulently selling eight billion dollars in high yield certificates of deposit - an accusation Stanford denies. Peter Marshall reports
Tycoon Stanford charged with fraud
To discuss the financial and sporting implications of the charges against Mr Stanford, Kirsty spoke to Simon Hughes a former cricket player and now cricket commentator and Jacob Frenkel, a former SEC enforcement lawyer.
According to the SEC Allen Stanford's investment companies were exposed to losses from the alleged Ponzi scheme run by Bernard Madoff.
Many Stanford investors will now be looking at the fate of Madoff's clients - many of them his friends and neighbours in Palm Beach. While Madoff is under house arrest in Manhattan, they are counting their losses. Michelle Fleury reports from Palm beach on the Bernard Madoff investigation.
Chancellor Alistair Darling has called a vastly reduced bonus plan for Royal Bank of Scotland employees "a culture change". Instead of bonuses in the billions of pounds, there will be awards of £350m in total - £165m to front line staff and £170m to investment bankers. Shadow Business Secretary Kenneth Clarke said bankers should not have been rewarded - no matter what their contracts. Kirsty asked the Chancellor why the curbs on bonuses could not have been announced when the bailout took place in October.
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