Chavez Urged to Compensate U.S. Corporations - Yeah, that's gonna happen

[Bubbalicious]

Chavez Urged by U.S. to Compensate American Companies (Update2)

(I guess there was an update 1 at some point. I know nothing, but I think it's hilarious that Chevron and Verizon are trying to get money out of this guy. Given his track record I bet he's all, "Oh, sure! Do I make the check out to 'blow me' or 'go fuck yourself?'")

By Brendan Murray

Jan. 9 (Bloomberg) -- The Bush administration urged Venezuela to compensate U.S. companies that would be affected by President Hugo Chavez's plan to transfer the country's utilities to state ownership, a White House spokesman said.

Chavez said yesterday he plans to nationalize the country's largest phone company and utilities, gain greater control over the oil industry and seek authority to make laws by executive order. His comments sent Venezuelan stocks and bonds tumbling.

The U.S. has "seen the results of nationalization in other places, and in general these types of actions do not produce economic benefits as expected,'' White House spokesman Gordon Johndroe said. "If any U.S. companies are affected, we expect them to be promptly and fairly compensated.''

Exxon Mobil Corp., ConocoPhillips, Chevron Corp. and Total SA may lose their shares in the four heavy oil ventures if Chavez's plan is approved by Venezuela's congress. New York- based Verizon Communications Inc. has a stake in the country's telephone network.

Senator Joseph Biden of Delaware, a Democrat who chairs the Foreign Relations Committee, suggested that the expansion of government economic control would end up undermining Chavez. "The prospect is that Chavez will continue to escalate his new socialist revolution to the point he loses support,'' Biden said.

The U.S. is seeking details on how Venezuela plans to carry out the nationalization, according to Eric Watnik, a spokesman for the State Department's Bureau of Western Hemisphere affairs. He expressed U.S. concern over Chavez's pledge to strip the central bank of its autonomy.

"Independent central banks have a global track record in achieving low inflation and economic stability,'' Watnik said. "Separation of powers, and checks and balances, are fundamental to democracy.''

To contact the reporter on this story: Brendan Murray in Washington at brmurray@bloomberg.net

[Mr. P]

Chavez Urged by U.S. to Compensate American Companies (Update2)

(I guess there was an update 1 at some point. I know nothing, but I think it's hilarious that Chevron and Verizon are trying to get money out of this guy. Given his track record I bet he's all, "Oh, sure! Do I make the check out to 'blow me' or 'go fuck yourself?'")

By Brendan Murray

Jan. 9 (Bloomberg) -- The Bush administration urged Venezuela to compensate U.S. companies that would be affected by President Hugo Chavez's plan to transfer the country's utilities to state ownership, a White House spokesman said.

Chavez said yesterday he plans to nationalize the country's largest phone company and utilities, gain greater control over the oil industry and seek authority to make laws by executive order. His comments sent Venezuelan stocks and bonds tumbling.

The U.S. has "seen the results of nationalization in other places, and in general these types of actions do not produce economic benefits as expected,'' White House spokesman Gordon Johndroe said. "If any U.S. companies are affected, we expect them to be promptly and fairly compensated.''

Exxon Mobil Corp., ConocoPhillips, Chevron Corp. and Total SA may lose their shares in the four heavy oil ventures if Chavez's plan is approved by Venezuela's congress. New York- based Verizon Communications Inc. has a stake in the country's telephone network.

Senator Joseph Biden of Delaware, a Democrat who chairs the Foreign Relations Committee, suggested that the expansion of government economic control would end up undermining Chavez. "The prospect is that Chavez will continue to escalate his new socialist revolution to the point he loses support,'' Biden said.

The U.S. is seeking details on how Venezuela plans to carry out the nationalization, according to Eric Watnik, a spokesman for the State Department's Bureau of Western Hemisphere affairs. He expressed U.S. concern over Chavez's pledge to strip the central bank of its autonomy.

"Independent central banks have a global track record in achieving low inflation and economic stability,'' Watnik said. "Separation of powers, and checks and balances, are fundamental to democracy.''

To contact the reporter on this story: Brendan Murray in Washington at brmurray@bloomberg.net

Biden may be correct. The question is whos support is he speaking of?

[Bubbalicious]

I'd assumed he meant Venezuelans' support, but if Chavez is trying to set up a dictatorship I guess that doesn't make much sense.

[dirt mcgirt]

I'd assumed he meant Venezuelans' support, but if Chavez is trying to set up a dictatorship I guess that doesn't make much sense.

He's definitely trying to set up a dictatorship. You don't go through all that trouble putting a Socialist government in place and then have it pissed away with something as trivial as elections or the will of the people. Either he's going to suspend the constitutional term limits or he'll implement a rotating puppet dictatorship where he's pulling the strings. It'd sure be nice if we could implement an alternative fuel based energy policy or become self sufficient so we don't have to put up with his bullshit.

[Dilloduck]

He's definitely trying to set up a dictatorship. You don't go through all that trouble putting a Socialist government in place and then have it pissed away with something as trivial as elections or the will of the people. Either he's going to suspend the constitutional term limits or he'll implement a rotating puppet dictatorship where he's pulling the strings. It'd sure be nice if we could implement an alternative fuel based energy policy or become self sufficient so we don't have to put up with his bullshit.

Help me out here----isn't the only thing preventing us from being self sufficient by using alternative fuels the fact there isn't one that real people can afford?

[dirt mcgirt]

Help me out here----isn't the only thing preventing us from being self sufficient by using alternative fuels the fact there isn't one that real people can afford?

As of present moment, yes. But we can take more aggressive steps towards the research and development of alternative fuels. That is unless you don't have a problem with giving money to OPEC and their terrorist affiliates.

Becoming self sufficient includes oil drilling at home. I supported opening up ANWAR and I support drilling in the Gulf. Whatever it takes to stop funding radicals like Chavez, I'm all for it.

[Bubbalicious]

I think biodiesel's pretty accessible. Way I understand it, you get a diesel vehicle, buy and install a converter kit that costs about $2,000, then you buy used grease from fast food restaurants for less than the cost of gas and dump it straight into your tank.

[5stringJeff]

If I were a company involved, I'd start dismantling every bit of infrastructure I could carry away before the "nationalization" became official.

[Bubbalicious]

If I were a company involved, I'd start dismantling every bit of infrastructure I could carry away before the "nationalization" became official.

Yeah, I'd cut my losses. No way they're getting any money out of Chavez.

[Mr. P]

Venezuela, the 21st century Cuba.

[dirt mcgirt]

Venezuela, the 21st century Cuba.

Yeah, except this time they've got crude oil as an export instead of sugar and cigars. One can buy a lot more Migs and AK's with petro dollars.

[Dilloduck]

I think biodiesel's pretty accessible. Way I understand it, you get a diesel vehicle, buy and install a converter kit that costs about $2,000, then you buy used grease from fast food restaurants for less than the cost of gas and dump it straight into your tank.

* dashes out to buy stock in grease *

[Gaffer]

chevez is also cuddling up to iran, who is already setting up muslim compounds and training camps in his country. He is also looking at getting medium range missiles from iran with the potential of having nukes. He's another castro that is going to be much harder to isloate.

[dirt mcgirt]

setting up muslim compounds and training camps in his country.

I'm aware of the F-16 secrets and the close relationship he has with Ahmadinejad. But I haven't heard of the muslim compunds and training camps. Got a link to a credible source?

[Gaffer]

I'm aware of the F-16 secrets and the close relationship he has with Ahmadinejad. But I haven't heard of the muslim compunds and training camps. Got a link to a credible source?

Not at this time. I read it weeks ago and don't remember the sites now. But will pass on anything else I find.

Not only is he taking power as a dictator but he's appointing himself high priest of the epscopalian church there as well. God status is not far away.