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The Hugo Chavez ‘Socialist Revolution’ Nets Goldman Sachs et al. About 15% a Year
Posted By admin On February 1, 2013 @ 5:33 am In Money Watch | Comments Disabled
Feb 1, 2013
Same as it ever was:
Via: Bloomberg :
Since taking office in 1999, Hugo Chavez has spread his socialist revolution in Venezuela by seizing more than 1,000 companies. For bondholders that stuck by him, he’s also delivered returns that are double the emerging- market average.
The 681 percent advance, equal to 14.7 percent annually, has enriched investors from OppenheimerFunds Inc. to Goldman Sachs Asset Management LP that counted on Chavez’s willingness to siphon the country’s oil wealth to pay its creditors in the face of start-stop growth and falling reserves. While his policies drove away enough investors to keep Venezuela’s borrowing costs over 12 percent on average during his tenure, or 4 percentage points higher than those of developing nations, he’s never missed a bond payment.
“This is a really great high-income and high-total-return investment for your portfolio,” said Sara Zervos, an emerging- market debt manager at New York-based OppenheimerFunds, which oversees $176 billion in assets and has invested in Venezuelan notes for more than a decade. “Chavez hasn’t done a lot of good for his country, but he has the objective to service the bonds. Our interests are aligned.”
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URLs in this post:
 cryptogon.com: http://www.cryptogon.com/?p=33494
 Wall Street and the Bolshevik Revolution: The Remarkable True Story of the American Capitalists Who Financed the Russian Communists by Anthony C. Sutton: http://www.amazon.com/exec/obidos/ASIN/190557035X/ref=nosim/cryptogoncom-20
 Bloomberg: http://www.bloomberg.com/news/2013-01-30/chavez-s-681-bond-returns-buoy-goldman-andes-credit-correct-.html
 Hugo Chavez orders military to shoot at US aircraft: http://www.prisonplanet.com/hugo-chavez-orders-military-to-shoot-at-us-aircraft.html
 Hugo Chavez is Dead! Alex Jones Reports: http://www.prisonplanet.com/hugo-chavez-is-dead-alex-jones-reports.html
 Hugo Chávez wins referendum over extension of presidency: http://www.prisonplanet.com/hugo-chavez-wins-referendum-over-extension-of-presidency.html
 Russia to build nuclear reactor for Hugo Chavez: http://www.prisonplanet.com/russia-to-build-nuclear-reactor-for-hugo-chavez.html
 Hugo Chávez says Obama is ‘a clown and an embarrassment’: http://www.prisonplanet.com/hugo-chavez-says-obama-is-a-clown-and-an-embarrassment.html
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