September 3, 2005

INTERVENE NOW OR WE'LL HAVE TO PICK UP THE PIECES LATER:

Venezuela 'targets private banks' (BBC, 9/03/05)

The Venezuelan government is reported to be planning to insist that all private banks appoint two state representatives to their board.

Such a move is likely to be part of the country's forthcoming new banking law, according to the UK's Financial Times.

A continuation of left-wing President Hugo Chavez's aim to create "socialism of the 21st Century", a number of foreign banks would be affected. [...]

The reported move to put government representatives on the boards of private banks comes as businesses across Venezuela are being asked to ensure 20% worker representation in their board rooms.

Analysts say that the government's chosen bank appointees would be there to ensure loans and other money flows are more determined by left-leaning political considerations rather than pure financial gain factors.

"The government has a revolutionary project and by necessity that has to go through controlling the flow of credit," Venezuelan banking expert Francisco Faraco told the FT.


It's disgraceful for us to stand by and let him ruin what was already a pretty rotten country.

Posted by Orrin Judd at September 3, 2005 12:00 AM
Comments

Disgraceful or not, we have a pretty full plate right now.

Posted by: erp [TypeKey Profile Page] at September 3, 2005 8:55 AM

What Pat Robertson said.

Posted by: oj at September 3, 2005 9:03 AM

What Cheney said to Leahy - big time.

Posted by: obc at September 3, 2005 2:44 PM
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