What's he building in there- Chavez's slush fund

[St Disibod]

Some debate on the man already on this thread.

The Financial Times is reporting that Chavez is putting away a $20 billion fund for his own discretionary use. It is entirely up to him whether he spends it at home or abroad, and what he spends it on.

This is dozens of times larger than Bush's discretionary spending purse, and Bush's had Congressional oversight.

The fund, called Fonten, is managed by Banco del Tesoro, a state-owned bank created last year and run by Rodolfo Marco Torres, an army officer who participated in Mr Chavez's 1992 military coup attempt.

What will this money be used for, and do people think the practice is justified?

[West Cork and proud]

At least he is telling people about setting up special fund accounts.

In this littel country we only find out 20 years later at some tribunal or other and then its too late to do anything about it.

[meriwether]

At least he is telling people about setting up special fund accounts.

In this littel country we only find out 20 years later at some tribunal or other and then its too late to do anything about it.

Ah Jesus.
We're comparing 30 grand to 20 billion. But the 20bn is better, because we know about it.

[Gladstone]

Some debate on the man already on this thread.

The Financial Times is reporting that Chavez is putting away a $20 billion fund for his own discretionary use. It is entirely up to him whether he spends it at home or abroad, and what he spends it on.

This is dozens of times larger than Bush's discretionary spending purse, and Bush's had Congressional oversight.

The fund, called Fonten, is managed by Banco del Tesoro, a state-owned bank created last year and run by Rodolfo Marco Torres, an army officer who participated in Mr Chavez's 1992 military coup attempt.

What will this money be used for, and do people think the practice is justified?

Is this money coming from tax revenue? and is it for his PERSONAL use, or for govt use?

[zoinks]

even if it is for goverment use, how can one man be allowd to say what it is to be spent on, and is it transparent afterwards? bet its on arms for the invasion of US

[Gladstone]

even if it is for goverment use, how can one man be allowd to say what it is to be spent on, and is it transparent afterwards? bet its on arms for the invasion of US

One man...like Brian Cowen?
The Dail just rubber stamps it whats the diffrence?

Was this not apprived by the parliament over there?

[coconut]

bet its on arms for the invasion of US

How... em..... tragic... yes....

[St Disibod]

Is this money coming from tax revenue? and is it for his PERSONAL use, or for govt use?

It's being skimmed off oil sales.

It's for him and him alone to decide its use it would seem. Whereas I would question the desirability of his means and ends, I don't believe the man is going to spend it pimping his ride in all fairness. I imagine he will spend it to further his own policies, at home and abroad. There is outright denial about this- but I suspect the recent left wing successes in Latin America were lubricated by Venezuelan oil.

But it does set a precedent whereby future leaders could spend it on themselves- planes, state property, pensions for senior public servants; $20 billion goes a long way. Even if people agree with this man's politics, it is surely reckless policy at any count.

The Dail just rubber stamps it whats the diffrence?

The Dáil can veto, and has done so in the past. That is the difference.

[Gladstone]

That Oil is nationalised, so whats the problem?

[SPN]

even if it is for goverment use, how can one man be allowd to say what it is to be spent on, and is it transparent afterwards? bet its on arms for the invasion of US

One man...like Brian Cowen?
The Dail just rubber stamps it whats the diffrence?

Was this not apprived by the parliament over there?

Brian Cowen just rubber stamps what the Secretary General puts in front of him.


Meanwhile, in the US, there are claims that the Department of Defence has "lost" over $1.3 Trillion.