Receiver orders bulk of troubled investment firm’s workers terminated without severance

HOUSTON – About 1,000 people working around the nation for the troubled Stanford Financial Group founded by Texas billionaire R. Allen Stanford were laid off Friday by order of the court-appointed receiver in the investment firm’s case. "After a review of the circumstances, the receiver concluded that continuing employment for these employees is not in the interest of conserving and preserving the value of the estate because there are insufficient resources to continue to compensate all present employees," the receivership said in a statement. The order affects about 85 percent of Stanford’s U.S. workers, although the receivership said most of Stanford’s business and operations…

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