Archive for April 15th, 2011

Inadequate Management Everywhere Under Chavismo

April 15, 2011

Imagine you owned a bank or were a shareholder of it or had deposits in it and the Federal Reserve Bank said of your bank:

“Your Bank and its Agencies have to cease and desist from its unsafe and unsound banking practices in the United States, including, among other practices, operating for an extended period with negative or insufficient capital, failing to have adequate management at the Agencies, failing to exercise adequate risk management at the Agencies, and failing to adequately oversee the Agencies”

Doesn’t that sound like the bank from Hell?

On top of that, the Federal Reserve gieve,s you a fine of US$ 1.8 million dollars as established by law and further orders that Your Bank not accept any deposits or give out any loans until you fix all of the above.

Moreover, the Federal Reserve gives Your Bank 180 day to provide audited financial statements by a reputable international firm.

What would you think? How would you feel?

Well, this is exactly what happened today to the US branch of Banco Industrial de Venezuela, the Government-owned and run bank that has gone bankrupt twice during the Chavez administration and was intervened by its owner, the Government, in 2008.

Funny, those that did this, friends of the robolution, are not in jail.

Chavista management at its best?

Nice, no?