“La sabiduría de la vida consiste en la eliminación de lo no esencial. En reducir los problemas de la filosofía a unos pocos solamente: el goce del hogar, de la vida, de la naturaleza, de la cultura”.
Lin Yutang
Cervantes
Hoy es el día más hermoso de nuestra vida, querido Sancho; los obstáculos más grandes, nuestras propias indecisiones; nuestro enemigo más fuerte, el miedo al poderoso y a nosotros mismos; la cosa más fácil, equivocarnos; la más destructiva, la mentira y el egoísmo; la peor derrota, el desaliento; los defectos más peligrosos, la soberbia y el rencor; las sensaciones más gratas, la buena conciencia, el esfuerzo para ser mejores sin ser perfectos, y sobretodo, la disposición para hacer el bien y combatir la injusticia dondequiera que esté.
MIGUEL DE CERVANTES Don Quijote de la Mancha.
La Colmena no se hace responsable ni se solidariza con las opiniones o conceptos emitidos por los autores de los artículos.
29 de mayo de 2017
Goldman Vilified by Venezuelan Opposition Over Alleged Bond Deal
by
Ben Bartenstein
Bank bought $2.8 billion of state oil company’s debt, WSJ says
Lawmaker: Deal is to ‘detriment of Venezuela and its people’
Goldman Sachs Group Inc.
was denounced by the head of Venezuela’s legislature over a report that
the bank bought $2.8 billion of bonds from that country, potentially
helping President Nicolas Maduro’s administration amid accusations of human-rights violations.
The
investment bank’s asset management arm paid about $865 million, or 31
cents on the dollar, for bonds issued in 2014 by state oil company
Petroleos de Venezuela, the Wall Street Journal reported Sunday, citing
five unidentified people familiar with last week’s transaction. A
Goldman Sachs spokesman declined to comment. Spokesmen for the central
bank, which had held the notes, didn’t respond to messages.
Julio Borges
Photographer: Wil Riera/Bloomberg
“It
is apparent Goldman Sachs decided to make a quick buck off the
suffering of the Venezuelan people,” Julio Borges, the opposition
lawmaker who heads the National Assembly, wrote in a letter to Goldman
Chief Executive Officer Lloyd Blankfein and seen by Bloomberg. Congress
will investigate the deal, he said. “I also intend to recommend to any
future democratic government of Venezuela not to recognize or pay on
these bonds.”
Venezuela’s opposition has been urging Wall Street banks not
to throw a financial lifeline to Maduro, who’s faced almost two months
of public protests while cutting imports of food and medicine to
conserve cash and continue bond payments. The nation’s dollar shortage,
exacerbated by a collapse in oil prices, has left investors trying to
gauge the likelihood that the government can keep servicing its debt.
Last month, lawmakers reached out to big Wall Street
firms including Goldman Sachs, asking them not to help the country
monetize its $7.7 billion in gold reserves. In an editorial
on Friday, Harvard University economist Ricardo Hausmann -- a former
planning minister in Venezuela and long-time critic of the current
government -- called on JPMorgan Chase & Co. to remove Venezuela
from its bond indexes so investors tracking the gauges aren’t compelled
to buy those notes.
In his letter, Borges said Goldman Sachs’s deal violates the
bank’s own code of conduct and its statement on human rights. A copy of
that statement on the firm’s website said its respect for human rights
is “fundamental to and informs our business,” and that the firm places a
“high priority” on identifying potential issues when deciding whether
to do business with a client.
Goldman didn’t negotiate the bond
purchase with Venezuela’s government, the Journal said, citing three of
the people. The asset management division instead bought the debt
through an unnamed broker, the newspaper said.
Still, Borges said, the transaction helps Maduro. It’s “a
financial lifeline to his authoritarian regime that is systematically
violating the human rights of Venezuelans,” the lawmaker wrote in his
letter to Blankfein. The “irregular nature” and “absurd financial terms
involved” are “to the detriment of Venezuela and its people,” Borges
said.
Fintech Advisory Inc., a New York-based investment fund,
previously agreed to buy $1.3 billion of PDVSA bonds in a repo
transaction providing at least $300 million of cash, Reuters reported in
early April.
Goldman Sachs was the seventh-largest holder of
PDVSA bonds as of March 31, according to data compiled by Bloomberg.
Venezuela’s international reserves rebounded from near the lowest since
2002 last week, gaining more than $700 million to $10.86 billion as of
May 25.