What happens when you run out of other people's money? If you're facing federal fraud charges, you have to resort to a public defender.
That's the case for Texas financier R. Allen Stanford, who's charged with bilking investors out of $7 billion. In addition, the IRS says Standford owes $226 million in taxes.
Unfortunately for Stanford's former clients and Uncle Sam, Stanford apparently doesn't even have enough money to pay his defense attorney.
So that lawyer, Dick DeGuerin, has told the court he wants to withdraw.
Stanford's second choice for legal representation, Robert Luskin, a Washington lawyer and former counsel to White House political adviser Karl Rove, also has indicated he doesn't want the apparently pro bono job.
Given those circumstances, the judge hearing the matter today appointed the federal public defender’s office in Houston to represent Stanford.
Welcome to how the other half lives, Mr. Stanford.