Chavez sacks half of PDVSA board following a 500 million USD fraud

Friday, May 27th 2011 - 08:58 UTC

Full article 5 comments

Venezuela’s government giant oil corporation sacked half its board of directors Thursday after PDVSA ’s pension fund lost about 500 million US dollars in a Ponzi scheme linked to a Connecticut-based investor. Read full article

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GeoffWard
'PDVSA profit and production have been declining as the company increases investment in government social programs . . .'

Seems a bit counter-productive, diverting the state oil company's money away from oil and oil development and into state 'social programmes'.

Amongst this morasse of inadequacy and corruption is a need to keep winning oil. Taking away the funds to do this is blind stupidity.

Is this Chavez the man, and is Venezuela the nation, to be a force for development of the countries of South America?

Indesputably, nothing would be more harmful for the nations of South America.
May 27th, 2011 - 08:11 pm - Link - Report abuse 0
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ElaineB
I agree, CFK should stop having cosy chats with this man.
May 27th, 2011 - 09:34 pm - Link - Report abuse 0
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Fido Dido
“Venezuela’s government giant oil corporation sacked half its board of directors Thursday after PDVSA ’s pension fund lost about 500 million US dollars in a Ponzi scheme linked to a Connecticut-based investor.”

The whole system is rigged, the United States is a ponzi scheme.
Bernie Madoff words, not mine. Doesn't suprise how crooks lost money by crooks in Connecticut, the base of ponzis (include hedge funds)

“Is this Chavez the man, and is Venezuela the nation, to be a force for development of the countries of South America?”

What force? what are you talking about? As usual, nothing. There are leaders in South America who don't care about chavez, but still talk with him. Your acting again as if Venezuela can/will bring down whole South America.

CFK should stop having cosy chats with this man.

CFK has the right with who she wants to do business. If she's following his footsteps in Argentina, the Argentines should take her out if they disagree with her. I totally disagree with both, but CFK is stuck to Chavez. Why? He's the largest bond holder of high risky Argentine bonds. A bond holder can change anytime the rules of the game.
May 28th, 2011 - 01:46 am - Link - Report abuse 0
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Redhoyt
Chavez not get his cut?
May 28th, 2011 - 03:23 am - Link - Report abuse 0
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GeoffWard
“but CFK is stuck to Chavez.
Why?
He's the largest bond holder of high risky Argentine bonds.
A bond holder can change anytime the rules of the game.”
Fido #3

So, there we have it . . . Chavez holds CFK's balls in his hands.
May 28th, 2011 - 10:26 am - Link - Report abuse 0
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