Nicolas Maduro has arrested some CITGO employees. The charges look like the administration is attempting to stem the tide of corporate disaffection. He has announced that these arrests will stop corruption at the state oil company which counts CITGO as one of its divisions. Well, now, isn't that interesting. The American subsidiary will soon be taken over by international creditors who hold Venezuelan government bonds(worthless). CITGO assets are the few abroad that can be seized by these creditors as they exist outside the grasp of Maduro. Mr. Maduro recently appointed a relative of former dictator Chavez, Hugo to manage CITGO. This does not bode well for the oil industry of Venezuela. Soon, not much will be left in Venezuela except Cuban intelligence agents, people too sick to escape, and a disillusioned military.
Welcome to Latin America.
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