Missing the Point of Fonden
Long time readers know I have a special fascination with Fonden – the Chávez-created National Development Fund – and, as a corollary, with the Venezuelan press’s utter failure...
Tag: Fonden
#DondeEstánLosReales
An expanded version of that Reuters story just came out in Spanish, with extra juicy detail. Here’s a fun one: La fábrica de fertilizantes en Puerto Nutrias, un...
Into Fonden's Heart of Darkness
Rushing in where angels fear to tread, Reuters today publishes an in-depth special report on Fonden, the off-budget, off-the-record, off-its-rocker spending fund at the heart of the chavista...
Fonden's Accounting is all Greek to Me
Maybe it’s only because I’m a Fonden fanatic, but I really think Francisco Rodríguez’s new research note (link now corrected) for Bank of America/Merrill Lynch should shoot to the top of...
Why Fonden accounting is never going to add up...
Deep in his comment section, the Satanic Bowel Movement turns up the smoking gun in the case for thinking Fonden’s books will never ever make sense to an...
Where does Fonden money go?
So now that we have those Fonden disclosure documents, it’s time to jump into the minutiae. Of course, we only have detailed 5-year disclosures for $40 billion out...
Fonden isn't just "Big", it's this big.
Perhaps the most important aspect of The Fonden Papers doesn’t have to do with the $29 billion tabulation screw-up. Indeed, innocent explanations might account for that. Perhaps the...
How exactly do you misplace $29,342,391,393.66?
This isn’t a massive, government-shaking scandal. But it should be. That’s right, it’s the full, scanned version of the Fonden report we promised you two weeks ago: the...
9,621,334,845.49 vs. 314
Nine billion Six-hundred and twenty-one million Three hundred and thirty four thousand Eight-hundred and forty five dollars and forty-nine cents. That, according to new revelations from Mérida National...
So, how did we get screwed this Semana Santa?
Ah, the holiday-smoke-screened Fuck-You Decree: it’s almost as much a Venezuelan Easter Tradition as enormous traffic jams and Bipolar Pisillo. This year, Chávez stuck to the classics. Nothing fancy,...
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