The Devil's Excrement

A few days ago I wrote about the strange
case of the structured notes which remarkably has received little attention
from the local press, but today Tal Cual Editor Teodoro Petkoff tells the same
story I did, which I will not repeat. He estimates the profit in the “transaction” at
only some US$ 120 million. It is worth translating the last part of this
article with his conclusion about this strange transaction, which to me simply proves
the depth of corruption, putrefaction and dishonesty at the highest levels of this
“revolutionary” Government and at the highest levels in this country’s history.

What is the excuse this time? That Chavez does not know
about it? If he did, he should be impeached for corruption, if he didn’t, he is
too incompetent to be President. But we know that! Here are Petkoff’s conclusions :

Thus,
without an auction, without the needed advertising, in
a fingercratic transaction, the Minister of Finance, The National
Treasury (the
Head of which, coincidentally is the wife of the Minister of Defense)
and the
Director of Public Credit held the sale of bonds for US$662 million,
leaving in
the air a number of questions about which neither Clodosbaldo (the
Comptroller)
nor Isaias (the Prosecutor General so keen on political cases involving
his enemies) have done anything about it: How were the buyers selected?
Who were
they? Why some and not others? What was the method used to establish
the price?
Who pocketed the difference?

In any case, within the regime of Exchange controls, some
financial institutions received securities for US$ 662 million, that happily
left the country singing along, for them, there was no prohibition to leave the
country.

This entry was posted on November 9, 2005 at 7:44 pm and is filed under Venezuela.