Archive for October 18th, 2005

Refco and the Venezuelan Financial System

October 18, 2005

Will the Refco downfall have a strong impact in Venezuela’s financial system?

Rumors say it will be bigger than anyone thinks! Refco would leverage
Venezuelan Government bonds as if they were Treasuries to local banks
and brokers. Moreover, Refco was quite “creative” in selling products
locally to banks and brokers.

Stay tuned… you heard it here first, even if Descifrado has suggested a link here, here, here or here.


Things that make you go hmmm

October 18, 2005

NGO says Venezuela occupies
position #130 out of 159 countries in terms of corruption ranked from
least to worst. Venezuela was above only two Latin American countries.

Tyromaniac reports that “Lost: Everybody Hates Hugo” is the top video download at Apple’s iTunes store. And there is no iTunes store in Venezuela! Another triumph for Apple and Steve Jobs!

-The Prosecutor indicted a
former Vice-Minister of Finance for the “missing” US$ 1.5 billion from
the Macroeconomic Stabilization Fund. Curiously they did not indict his
boss who took the blame for it at the time. Of course, he is the
current Minister of Finance! It helps to be in high places sometimes.