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Rafael Ramirez, former president of PDVSA, under investigation for corruption

Wednesday, May 31, 2017

Goldman under fire for buying Venezuela "hunger bonds"


Venezuela opposition leaders are decrying Inc.'s purchase of bonds from the socialist government of President Nicolas Maduro, who has been targeted by almost two months of protests. The Wall Street Journal reported Sunday that the bank has bought $2.8 billion in bonds from the state-run oil company PDVSA at a steeply discounted price. Opposition leaders accused the bank of getting in bed with a deeply unpopular administration. Julio Borges, president of the opposition-led Congress, said Goldman Sachs is propping up a dictatorship and argued that the bond purchase violated the bank's own code of conduct. In a statement, Goldman Sachs acknowledged it purchased the bonds, but said they were bought in the secondary market and not directly from the Venezuelan government More…

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