Goldman Sachs underwrites Venezuelan tyranny

A key Venezuelan opposition leader is accusing Wall Street investment bank Goldman Sachs of “aiding and abetting the country’s dictatorial regime” by purchasing its government-issued bonds. The allegation, of course, is completely accurate and comes after two months of bloody unrest caused by the failing socialist economy presided over by President Nicolas Maduro. The amoral agenda-setting elitists of Goldman Sachs reportedly purchased $2.8 billion in Venezuelan debt. That apparently includes an $865 million transaction involving debt from state-run oil company PDVSA, which owns gasoline provider Citgo. Goldman reportedly shelled out 31 cents on the dollar for PDVSA bonds scheduled to mature in 2022.

“Goldman Sachs’ financial lifeline to the regime will serve to strengthen the brutal repression unleashed against the hundreds of thousands of Venezuelans peacefully protesting for political change in the country,” Julio Borges, president of Venezuela’s National Assembly, wrote in a letter to Goldman Sachs president Lloyd Blankfein. “Given the unconstitutional nature of Nicolas Maduro’s administration, its unwillingness to hold democratic elections and its systematic violation of human rights, I am dismayed that Goldman Sachs decided to enter this transaction.” Borges said the National Assembly will open an investigation into the matter and he will recommend “to any future democratic government of Venezuela not to recognize or pay these bonds.” Good move. Screw ’em.