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Venezuelan Banking Scandal

This article updates on going developments with a scandal in four banks of Venezuela that control around 8% of the nations currency.  President Hugo Chavez announced today that one of his top governmental allies would be resigning because of the scandal.  Jesse Chacon is the Science and Technology Minister that is stepping down.  His resignation isn’t because of said involvement in the scandal but because his brother has been arrested for involvement in the banking scandal.  His brother was the president of one of the banks.  The main charge facing the criminals is the misuse of depositor funds.

While this scandal has been said to not be related to a nationwide banking scandal it still raises issues about the ethical viability of banks in Venezuela.  I think these types of banking problems are happening across the globe and they just haven’t been caught yet.  Many of these systems are built by chains of people appointing each other based on past relationships and these people aren’t trained to be in such powers of authority.  There needs to be more research and regulation into these banking systems worldwide to ensure they are legitimate organizations.

The Article can be found here.

Categories: Uncategorized
  1. srbrown2010
    December 7, 2009 at 12:23 am

    This is an ethical issue because their could have been an conflict of interest because the President’s brother was in charge of the banks. I agree that there needs to be more research and regulation into these banking systems.

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