While I don’t particularly like Isamel Garcia of Podemos, he simply stuck his guns with Chavez for too long, you have to give him his due for doing what others are afraid of. In a little noted act last Friday, Garcia went to the Prosecutors Office with the leader of his party Podemos in the National Assembly to denounce (There is a more detailed article in Saturday’s El Nacional on page A-2, by subscription) a billion dollar corruption scheme by former Minister of Finance Rafael Isea.
You have read about this before in my blog, but as far as I can remember this is the first time a formal accusation is made. Essentially, Isea purchased “structured notes” of foreign bonds abroad and then sold them to local brokers (One of which was his main adviser and is part of the accusation, he was adviser and recipient at the same time)
According to the accusation, Isea spent between US$ 7 and 10 billion in purchasing these notes with dollars at Bs. 2.15 per $ which were then sold to local brokers at a higher price, but below the swap market price. These notes were used to lower the swap rate during the first semester of 2008, but it ended up being a waste of time, as the rate rose sharply again later. But the intermediaries made a lot of money and it is rumored that Isea made so much money that he purchased a number of radio stations that allowed him to become Governor of Aragua State in the Fall of 2008.
I wonder what the Comptroller Russian the Ruffian will say now, he always says that there are no “formal” accusations of corruption.
I wonder if a 10 billion dollar accusation will wake him up from his stupor.
Kudos to Garcia, he still has to work harder for me to like him…
The Devil's Excrement 
July 30, 2013 at 9:20 am
Does your site have a contact page? I’m having a tough time locating it but, I’d like
to shoot you an e-mail. I’ve got some recommendations for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it develop over time.
October 27, 2009 at 10:10 am
NicaCat56, the answer is because no crime has been committed in the US.
October 26, 2009 at 9:42 pm
My question is this: (deliberately in caps): WHY HASN’T ANYONE/EVERYONE OUTED THESE PEOPLE TO THE US/CIA/FBI????????
Humbly,
NicaCat56
October 26, 2009 at 4:07 pm
Did you read the last article that appeared in The Guardian about Venezuela? The ambassador of Venezuela in the UK answered to Rory’s previous article and said several chavistas are now on trial, which is absolutely rubbish as everything is pro forma or just for appearance as Barreto’s and Bernal’s plundering were too evident.
Nothing about Arne and Diosdado, about the president’s clan or about this man.
October 26, 2009 at 3:57 pm
Russian will say that this is all innuendo, and will remind us that he will vigorously pursue corruption when he sees it.
Then he’ll cut off the press conference to go to his eye doctor, Dr. Magoo.
October 26, 2009 at 3:31 pm
This is just one of many that are “empatucados”
October 26, 2009 at 3:08 pm
This will go nowhere
October 26, 2009 at 2:02 pm
Bringing charges forward now may not be counter productive as a future investigation will run into double-jeopardy statutes? (I am assuming that the accusations will be found without merit by a Court)