The Bolibourgeois in Action by Teodoro Petkoff

August 18, 2009

(Este post en español aquí)

In the world of banking and insurance, there have been  tectonic movements that are transforming the profile of the financial sector. The actors are some of the most notorious boliburgueses.

Pedro Torres Ciliberto is one of the names that sounds the most in these negotiations, along with Ricardo Fernandez Barrueco. Torres Ciliberto, “Perucho” to his friends, including his very intimate buddy Jose Vicente Rangel, bought Baninvest  ten years ago, a small investment bank based in San Cristobal. He then appointed to the executive presidency of this bank, Arne Chacon, a retired lieutenant, the brother of Jesse Chacón.

Now, Perucho Torres  acquired Banco Real, and appointed as executive chairman Arne Chacon, who was replaced by Carlos Santaella at Bankinvest. This bank will be devoted to microfinance, which was in fact praised for Chacumbele in one of its TV programs, but never informed us of where the money comes from for these costly transactions that do not stop there. Soon after Banco Real took the reigns of Helm Bank.

Torres Ciiberto then bought the old insurance company “La Previsora” and appointed Ramon Eduardo Tello as chairman of the company. Then he put his hands on insurance company “Los Andes”, perhaps opening the way for the merger of the two insurers. He did not stop there, as Perucho Torres recently bought the majority shareholders in Central Banco Universal, Lara’s flagship financial institution, and also recently acquired Mi Banco, with which Perucho manages  1.6% of  the total deposits in the financial sector.

On the other hand, the insurance companies managed by Perucho Torres today handle about 12% of all insurance policies, including those of several state enterprises and institutions of the central government as well as regional ones.

Ricardo Fernandez Barrueco, one of the most powerful boliburgueses also invades the banking system. He purchased Confederado, Banpro and Bolívar Banco and recently bougth Banco Canarias.

With this, the so-called Tsar or King of Mercal, owns 5.1% of the banking system, which is no small thing when one considers that the country’s largest bank, Banesco, controls 15%. Although you can not add apples and oranges, between Fernández and Torres Ciliberto they now own about 10% of the banking system.

Ricardo Fernández, very young, by the way, began to grow and diversify himself in the wake of the oil strike, when he placed his huge network of trucks, one of the largest in South America, serving the government to distribute food.

He owns two industrial groups Proarepa and Pronutrico, large producers of corn flour and providers of Mercal. He acquired 40% of Monaca, one of the one hundred largest companies in Venezuela, which mills wheat. Fernandez Barrueco has also internationalized himself and now owns a tuna processing plant in Ecuador and eight tuna ships with foreign flags.

The tuna business is not new. In Sucre State he has a number of companies that freeze tuna.

While these things happen, in what Marx called the “structure” of society, a mother giving birth asks Chavez to help her get a place to give birth. Twenty-first century socialism advances at the beat of the drums and at a victorious pace.

5 Responses to “The Bolibourgeois in Action by Teodoro Petkoff”

  1. Eric Says:

    I understand that this is just the first in a series of pieces Teodoro’s going to do on the new hyper-moneyed class here in Venezuela. So I hope he doesn’t just concentrate on the tips of the iceberg, like these guys, but goes to the heart of the matter by doing an exposé on Diosdado Cabello who, as caracasgringo has so well pointed out, is the éminence grise behind not only these up-out-of-nowhere “bankers”, but a whole caste of senior military and intelligence officials who are up their eyeballs in the drugs trade in Venezuela. In a country which, at this stage, is little more than an organized crime syndicate disguised as government, there’s never ropom for more than one capo — the capo di tutti capi. The fattest scum always rises to the top of the pot. And that’s Cabello. Let’s see if Teodoro has the balls to take him on.

  2. Floyd Looney Says:

    Taking legitimate business and giving them to friends of the rulers and support by the state. Isn’t the word fo that facism?

  3. Deanna Says:

    Miguel, what happened? Did you get confused with your sites? I see both Spanish and English in this post.

  4. geha714 Says:

    Meet the new boss, same as the old boss!


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