From Javier’s blog I learn that
while authorities where happily opening an office of Banco Industrial
de Venezuela in Cuba, the US Federal Reserve was forcing the bank
to sign an agreement that will obligate the bank to essentially impose
the type of controls, compliance and credit risk analysis as required
by the FDIC laws. Banco Industrial de Venezuela is the Government’s largest bank which has been capitalized
twice during the Chavez administration to stop it form going under.
Maybe they should place it under co-management!
The Devil's Excrement
Observations focused on the problems of an underdeveloped country, Venezuela, with some serendipity about the world (orchids, techs, science, investments, politics) at large. A famous Venezuelan, Juan Pablo Perez Alfonzo, referred to oil as the devil's excrement. For countries, easy wealth appears indeed to be the sure path to failure. Venezuela might be a clear example of that.
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