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Tuesday, May 30, 2017

Venezuelan Opposition Criticizes Goldman Sachs' $2.8B Bond Buy

My other blog is often about child-rape! This story is not so far removed from child-rape. It's about a predator financial institution taking flagrant and disgusting advantage of a country in trouble. It's remarkably like England's Pakistani men grooming, raping and sexually trafficking young British girls for their own pleasure. It happened thousands of times in many cities in England with many of the victims being orphans or runaways - children who were most vulnerable.

Venezuela is most vulnerable right now with its economy nose-diving and its hapless leader unable to do anything about it. So for a few pennies on the dollar he sells Venezuela's future to a leering, drooling monster only too happy to contribute to the complete collapse of an entire country for its own lust for money.

President Maduro needs money to pay for the army and police that he needs to control the population that is getting hungrier and more impatient by the day. It is a desperate country and Goldman Sachs has taken full advantage of that desperation. 

By Andrew V. Pestano

Julio Borges (top, 2nd L), president of Venezuela's National Assembly, has condemned Goldman Sachs' purchase of $2.8 billion in bonds from the state-run Petróleos de Venezuela, S.A., or PDVSA, oil company for a discounted $865 million. Photo courtesy of National Assembly

UPI -- Members of the Venezuelan opposition have criticized Goldman Sachs' discounted purchase for $2.8 billion of government petroleum bonds.

Venezuela's opposition-controlled National Assembly on Tuesday is debating Goldman Sachs' purchase of $2.8 billion of the bonds at a 69 percent discount. The unicameral legislature plans to issue a resolution condemning the sale.

The Wall Street Journal first reported Goldman Sachs' purchase from the Central Bank on Venezuela on Sunday. The company paid 31 cents on the dollar for bonds issued by Venezuelan state-run Petróleos de Venezuela, S.A., or PDVSA, oil company, the outlet reported.

Goldman Sachs paid $865 million to purchase $2.8 billion in bonds that mature in 2022. Some Venezuelan opposition politicians have accused Goldman Sachs of supporting Venezuelan President Nicolas Maduro's regime.

Angel Alvarado, a Venezuelan lawmaker representing the Miranda state, said Goldman Sachs is "supporting dictatorship and repression."

Venezuelan opposition politician Jose Guerra said Maduro's "government has made a predatory business for the country: gave $2.8 billion in bonds for just $865 million in cash."

Goldman Sachs confirmed the purchase on Tuesday.

"We are invested in PDVSA bonds because, like many in the asset management industry, we believe the situation in the country must improve over time," Goldman Sachs said in a statement.

National Assembly President Julio Borges said he was "outraged" by the U.S. company's purchase.

"It is apparent Goldman Sachs decided to make a quick buck off the suffering of the Venezuelan people," Borges wrote the company in a letter.