03/22/2009 05:12 am ET Updated May 25, 2011

Stanford, Geithner: Who Did More For Market Confidence?

Perversely, alleged conman R. Allen Stanford did more in the past 10 days to boost confidence and stability in the banking system than U.S. Treasury Secretary Timothy Geithner.

On Tuesday Stanford became a one-man reason for people to buy certificates of deposit only from banks insured by the Federal Deposit Insurance Corp. Stanford, a Texan operating from the tropical island paradise of Antigua, was sued by the Securities and Exchange Commission for making up stories and statistics to sell $8 billion of what the commission said were "self-styled" CDs that fraudulently promised higher returns than "true certificates of deposit offered by traditional banks."

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