Venezuelan Government Continues Restructure of Banking Sector

[IndianaGreen]

Venezuelan Government Continues Restructure of Banking Sector

Published on December 18th 2009, by James Suggett - Venezuelanalysis.com

Mérida, December 18th 2009 (Venezuelanalysis.com) – The Venezuelan government announced on Wednesday that it will take control of a private insurance company that had contracted with the government to serve public sector employees. The move came amidst a month-old state intervention into the private banking and finance sector to combat fraud. Also, the National Assembly passed a banking law reform to increase depositor insurance and tighten banking regulations.

After determining that the insurance company Seguros La Previsora was two months behind on its payments for contracts with public institutions, the state decided to take over the administration of the company, President Hugo Chavez announced from Copenhagen, Denmark, where he is currently participating in the United Nations climate change conference.

Over the past month, the government opened national investigations of eight private banks, one state-owned bank (Banfoandes), and several stock brokerage firms for alleged fraud. Two of the banks were liquidated, two were rehabilitated and incorporated into Banfoandes, and four were fused into a new, state-owned bank called Banco Bicentenario. Several investigations are still pending.

National authorities have arrested ten bankers and issued arrest warrants for dozens of others in the crack down on fraud, including, most recently, the head of the national securities commission. They have also seized dozens of small companies, tens of thousands of hectares of land, and other such assets owned by the bankers who are under investigation, four of whom are suspected to have fled the country to avoid going to trial.

http://www.venezuelanalysis.com/news/5015

[ChangoLoa]

1. venezuelanalysis

typical idolatry spin... normal when you see Chavez's face on their frontpage.

They want to call "restructure" years of negligence about public money being stolen, monopolies' creation with the state's deposits, resulting in the loss of more public funds when the system broke.

This time, they are way more chavista than the Venezuelan chavistas, who are asking, insisting for better explanations than precisely this one.

[Peace Patriot]

2. You really have a fetish about seeing "Chavez's face on their frontpage."

You've mentioned this before, and, instead of providing analysis of the actually very informative content of www.venezuelanalysis.com, you use this fetish against Chavez's face as an argument that venezuelanalysis' viewpoint, facts and opinions should be discounted.

I suggest that readers take a look at venezuelanalysis' frontpage. Yes, Chavez's face is in their logo--but way off to the side, small and not highlighted. The most prominent face is that of Simon Bolivar (revolutionary war hero), in the center and quite noticeable. And there is another face off to the left whom I don't recognize (could be Che Guevara). Then, down the side of the page there is a book cover (promoting sale of the book) with Chavez in the book cover photo, off to the side, turned toward and waving at a huge crowd in the distance. Down the center of the page there are about ten main (current) articles. Only one of them has a photo--a tiny photo of Chavez speaking in Copenhagen.

If there were a web site in Venezuela devoted to the United States--www.USanalysis.com--wouldn't it likely have Barack Obama in a photo logo montage, and a photo or two of Obama on the page?

This is a strange objection of yours to venezuelanalysis. Venezuelanalysis makes no apologies for its generally pro-Bolivarian Revolution point of view. They are outfront about it. And they provide an extremely important service to language-impaired North Americans, by covering so many Venezuelan political/economic topics, in such great detail and often with excellent analysis, in an English-language format. It is an invaluable resource as alternative information to our highly propagandistic, pro-war, pro-global corporate predator 'news' monopolies.

How about providing some citations, so we can see what your sources are for...

"They want to call restructure' years of negligence about public money being stolen, monopolies' creation with the state's deposits, resulting in the loss of more public funds when the system broke."

And please tell us approximately how many "Venezuelan chavistas" are "are asking, insisting for better explanations than precisely this one," and maybe provide some links and names?

(And please exclude any "Venezuelan chavistas" known to be on the USAID payroll, or who are living in Miami. Sorry for the snark but I don't trust what you're saying. Your posts are so relentlessly anti-Chavez as to make me want to run to venezuelanalysis, or InkaKola News, or Z-net, or Common Dreams, or Pastors for Peace, or NarcoNews, or BoRev.net, for an anti-dote. You see my problem--and that of other US citizens who seek the truth about situations, with our corpo-fascist press dragging us into wars and bankruptcy with non-stop lies and "spin." When someone comes on with a very similar corpo-fascist viewpoint, on a subject such as Chavez, we are naturally very skeptical. So, please, do some of my "homework" for me, and be so good as to disclose any USAID, CIA, Miami mafia or other tainted connections of these "Venezuelan Chavistas" you are referring to, if any such connections exist, and if you know of them. It would help me to evaluate their criticism.)

[Braulio]

3. Venezuela analysis is a government owned propaganda organ

Plus everybody knows a lot of what has been going on is massive corruption carried out by Chavistas called "boligarchs", who are now living it up and driving hummers all over Caracas.