Tag: nationalization

As I write this article, I am not sure what day the Civil War began or what day it ended. The facts that I do know about the Civil War are not worth repeating here, as that story already occupies plenty of space in American text. My muse, instead, is about the particular vestige of slavery that the Civil War bequeathed to us on Dec. 6, 1865, that now forms the basis of our struggle to end mass incarceration and prison slavery in 2017.

Banco de Venezuela is one of the most important banks in Venezuela, with a 12 percent share of the market in loans and obtained profits of US$170 million in the first half of 2008, a 29 percent increase on 2007, when its profits had already increased by 20 percent. It has 285 offices and 3 million customers. Banco de Venezuela was nationalized in 1994 after a massive banking crisis which bankrupted 60 percent of the banking sector, only to be privatized in 1996 and bought by the Spanish multinational banking group Grupo Santander for only US$300 million. In only nine months Grupo Santander recovered its original investment.