Friday, September 2

Chavez Seeking Control of Private Banks in Venezuela

I guess Chavez must have been in a cave the last 20 years, and missed the memo about communism being a complete failure! He is not only a left-wing leader, he is a communist. Why won't the media call him by what he is? What is this intense urge to paint things prettier than they are? Does anyone wonder why Chavez is such great friends with Castro?

Here is an excerpt from the BBC.
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.