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10/20/2017 1:01:18 AM
9/22/2017 12:11:25 AM
Posted: 9/7/2005 11:11:29 AM EDT
Now all banks must have two state agents appointed to their boards.

Venezuela 'targets private banks'
President Chavez has called for 'Socialism of the 21st Century'



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.

Among them are Spanish institutions Banco Santander and BBVA.

Both own Venezuelan banks - Banco de Venezuela and Banco Provincial respectively.


The government has a revolutionary project and by necessity that has to go through controlling the flow of credit
Venezuelan bank analyst Francisco Faraco

Other large banks in the country that are likely to be hit include Banco Mercantil and Banesco.

'Political determinations'

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.

Venezuela is the world's fifth largest oil exporter, and a key ally of Fidel Castro's Cuba.

Last month US Defence Secretary Donald Rumsfeld accused both Venezuela and Cuba of fomenting unrest in Bolivia.

news.bbc.co.uk/2/hi/business/4207770.stm
Link Posted: 9/7/2005 11:16:09 AM EDT
Why cant people learn? Communism has never worked in the past and it will never work in the future.
Link Posted: 9/7/2005 11:16:52 AM EDT
[Last Edit: 9/7/2005 11:17:51 AM EDT by mr_wilson]
While I realize the US has it in for Chavez, with a gallon of unleaded going for $0.17/gallon down there, the poor folks in the country love his ass.

I'm fond of him too, face it......, anyone with wevos to hog-tie oil companies into that kind of gas pricing; we could use that guy up here.....

Maybe we could trade 'em Bush and Cheney both.

Mike
Link Posted: 9/7/2005 11:41:25 AM EDT
[Last Edit: 9/7/2005 11:43:45 AM EDT by MonkeyGrip]

Why cant people learn? Communism has never worked in the past and it will never work in the future.


Because lazy stupid people breed like cockroaches and scum like Chavez or Democrats (liberals) will always try to buy their vote with your money. The only challenge for people like Chavez and Democrats (liberals) is finding new sources of money as they "use up" the old sources (read bankrupt people, companies etc.) What's his name on the 700 Club was dead-on. We may have to pay a lot more dearly someday for not taking his comment seriously.
Link Posted: 9/7/2005 11:48:08 AM EDT

Originally Posted By p331083:
Why cant people learn? Communism has never worked in the past and it will never work in the future.



But it doesn't have to work in Venezuela!

They are getting funded by oil, so they have plenty of money to burn. They don't have to have a productive country. It's kind of like a trust-fund kid. They don't ever have to become responsible, productive people to have money. So, why bother?

Link Posted: 9/7/2005 12:30:41 PM EDT
Expect it to get worse. By the end Venezuela will be in absolute Stalin-istic tyrany.

I found out a few weeks ago that the Church of Jesus Christ of Latter-Day Saints ("Mormons") have pulled out all their North American missionaries. That's usually a very, very bad sign.
Link Posted: 9/7/2005 12:33:06 PM EDT
Venezuela as the 51st state? Who's with me...hell, if we are going to be blamed with going to war for oil, we might as well do it.

Gas back to $0.75 a gallon, WooHoo!
Link Posted: 9/7/2005 12:35:49 PM EDT
Id it still not legal to raise a private army and take over a country for their oil?
Link Posted: 9/7/2005 12:40:54 PM EDT

Originally Posted By tfod:
Id it still not legal to raise a private army and take over a country for their oil?


Didnt Executive Outcomes teach you anything?
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