The four banks that the government took over 10 days ago - Canarias, Confederado, Bolivar and ProVivienda (BanPro) - were closed this morning after authorities determined that the institutions present a compromised financial situation, said Finance Minister Ali Rodriguez Araque. The minister said that in the case of Banco Canarias and BanPro a "liquidation'' will proceed, and that the government will try to reinstate Confederado and Banco Bolivar because the" damage (is) relatively minor.'' Rodriguez told Venezolana de Television (VTV) that after the assessments the authorities made, it was determined that "the damage has been so great that it has severely compromised the solvency of these institutions'' resulting in the decision to take over the four banks "behind closed doors". Rodriguez explained that the state deposit and bank protection guarantee fund (Fogade) will be in charge of making for the liquidation of BanPro and Canarias as well as protection for workers and depositors.
The placement of bonds and structured notes was the starting point of an investigation that led to the discovery of a government business network involving four economic groups. On 23 October 2009, Podemos representative Ismael Garcia asked the Attorney General to inquire into property damage from operations authorised by former Finance Minister Rafael Isea (now governor of Aragua state) and executed by Maurice Beracha. "The property damage is oceanic; it is estimated that between 2004 and thus far in 2009, have placed more than $10 billion of Argentine bonds and structured notes, without knowing the financial terms of these placements; the placement resulted in a gain of more than $1.5 billion, which was the most profitable business in Venezuela, but also the most formidable smuggling that has taken place in the country, leaving ample room for corruption to continue," according to the report from the Public Ministry.
Colombian guerrillas from the FARC and the ELN are siding with projects in Colombia as part of the "political war", according to a report published yesterday in the Bogotá daily El Tiempo. The newspaper bases its statement on reports provided to the Colombian authorities by an unidentified "former commander" of the ELN. The former guerrilla command "was in charge of political work on Colombian matters with the Venezuelan states of Táchira and Zulia," the newspaper reported in a lengthy report on the alleged infiltration of Chavismo. According to the former rebel, "with the chance of taking power by military means completely lost, the plan of the FARC and ELN (who are unifying forces at the border) is the political war." It is a confrontation "leveraged by the Chavista project," continues El Tiempo, to show that "their way would be primary contact from the Francisco Miranda Front, a movement that channels Chavista social work in Venezuela."
According to edition 344 of the programme Alo Presidente, which took place in the El Maizal commune in Lara state, the government is investing a large amount of economic resources in insurance that could be invested in the public health system. "I want to ask some members, delegates of the PSUV and lawyers to join the committee, study the laws and present alternatives," the president said. He reiterated the need to investigate whether there are public officials who are benefiting from the procurement of such services that promote private medical insurance with public resources that should be spent to help the Venezuelan people. The president added that he this situation should be discussed with the public institution workers and trade union representation to find solutions.
Hidrocapital, the aqueduct operator of the capital district and states of Vargas and Miranda suspended drinking water availability for 48 hours in the municipalities of Sucre, Chacao, El Hatillo and Baruta and in the northern part of Libertador, according to ABN. Alejandro Hitcher, the company's president, said the suspension of services will take place due to a malfunction affecting three sections of the pipeline alignment that forms the Tuy II System, which has a capacity of 7,200 liters of water per second. He said the work being done in the township of El Encantado, located in La Guairita, modified - by moving land - the drainage pattern, resulting in the obstruction of a channel and the collapse of piping. "Repairs are very complex, so we asked the residents of the affected municipalities to save water and we believe that suspension of service will be for at least 48 hours", he said.
Do you know that Maurice Beracha is the chairman of a company related to Telefonica España?
In that company there are some other well known partners of Beracha: Luis Otero, Caprile....
Go and visit www.celistics.com
He claims all the money he has made comes out of that business. That he never made any money out of the dealings between himself and Isea or any other indecent business or trade.
Also, he made several trades with FONDEN via Lehman Brothers NY. In one of the trades (spring 07) the comission he charged was so large (USD 150MM) that the trade was reported to the SEC. Months latter, the Lehman´s banker involved in the trade was fired.
He also claims to be the chairman of a fund (FRACTAL). The only institutional investor ever to buy that fund was....PDVSA! Mr.Montes, in charge of investing pdvsa´s pension fund made that bright decision after Beracha offered him an ownership interest in the fund.
More to come
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