Caracas Gringo

'When the tree falls, the monkeys scatter'

Dead Man Walking: Ricardo Fernandez Barrueco

with 9 comments

Ricardo Fernandez Barrueco was telling financial reporters only a couple of months ago that he had “over $1 billion in cash on hand” to acquire banks, insurance companies and other financial entities.

But today his life probably isn’t worth two “lochas.”

The government’s intervention of Fernandez Barrueco’s banks – Banpro, Bolivar, Confederado and Canarias – leaves him dangling alone at the end of a brittle branch over a bottomless pit. His usefulness as a front-man (“testaferro”) for certain gangsters at very senior levels within the regime of President Hugo Chavez is at an end.

Worse yet for his longevity, Fernandez Barrueco is a “person of interest” in at least six official and independent investigations currently under way in Venezuela, the U.S., Panama and other countries in the region.

Fernandez Barrueco has become radioactive as a result of all the attention he attracted with his increasingly thuggish business methods, which include reportedly commissioning at least three abductions in Venezuela and Panama, and a contract murder in Panama.

He is toxic waste to some former associates – like Public Works and Housing Minister Diosdado Cabello and Adan Chavez, the president’s older brother – who no doubt would like to see him disposed of quickly before others are contaminated.

Locking Fernandez Barrueco in a Disip dungeon, as the regime did with Eligio Cedeno, doesn’t appear to be an option for the regime’s top gangsters.

The Danilo Anderson option would appear to be more attractive to certain Bolivarian gangsters who probably want absolute guarantees that Fernandez Barrueco will never talk to, say, the US Justice Department.

It’s a safe bet that Fernandez Barrueco is not in Venezuela right now. His business operations are headquartered in Panama, and he also has companies in Ecuador and Brazil. But Noticias24 reports that Fernandez Barrueco has been detained at Disip headquarters, where Eligio Cedeno has been jailed for almost three years. Reportedly Fernandez Barrueco went there voluntarily, though it’s not clear why Disip has any jurisdiction over a banking matter, and no arrest warrants have been issued to justify his detention.

The Economy and Finance Ministry resolutions announcing the intervention of the banks include specific allegations of irregularities and illegal activities that appear to expose Fernandez Barrueco to criminal charges, if the regime makes a political decision to prosecute him.

But it’s likely there will be huge pressures within the regime to restructure the intervened banks, erase all digital and paper evidence of wrongdoing, and bury any serious investigations of corruption and criminal enterprises including, possibly, the laundering of FARC drug money.

The intervention of Fernandez Barrueco’s banks was announced by Economy and Finance Minister Ali Rodriguez Araque. Caracas Gringo asked one of the country’s premier bankers who Ali Rodriguez could be allied with in this apparent “pleito entre bandidos,” and the immediate response was: “…with the Devil.”

Rodriguez Araque (a former Marxist guerrilla in the 1960s) has very old links with the Cuban regime, particularly the DGI. For decades, Rodriguez Araque has been one of Fidel Castro’s top henchmen in Venezuela (Jose Vicente Rangel aka Grima Wormtongue is another longtime top Castro henchman in Venezuela, going back to the early 1960s.) Just this week, Rodriguez Araque said at a Socialist event that that the Bolivarian revolution “needs Cuba.”

President Chavez has said several times this year that the national banking system will be restructured to conform to the new socialist model he is forcing down the throats of the Venezuelan people. This implies a much larger state presence in banking, and a much smaller private banking sector.

A good place to start this process is by taking control of the pro-regime banks which are undeniably bankrupt, like Fernandez Barrueco’s banks.

The government ordered an “open intervention,” which means the four banks continue to operate “normally.” But the truth is that the four banks are insolvent. They have been looted completely.

The government is putting cash into the banks to keep them “solvent,” but anyone with money deposited at any of the four intervened banks would be wise to withdraw all of it immediately.

The intervention also provides effective political and legal cover for the systematic erasure of all digital and paper evidence of who looted the four banks.

Fernandez Barrueco’s name heads the list, but he was only a “testaferro” for other senior figures in the Bolivarian regime, including the First Family.

Caracas Gringo suspects that the intervention of the four banks could be a political damage control and cleanup operation in which Fernandez Barrueco and perhaps others are expendable. The Chavez regime has always eaten its own.

Our suspicions increase on reports that Rodriguez Araque also may order the intervention of Banco Real and Central Banco Universal (Pedro Torres Ciliberto), BNV Banco Universal (Julio Herrera Velutini), and Banorte and Banco Federal (Jose Zambrano). Adan Chavez reportedly has connections with Banorte.

Fernandez Barrueco for years has been an associate of Cabello and Adan Chavez. Torres Ciliberto is a “testaferro” and longtime business associate of Grima Wormtongue, Ana Avalos de Rangel and their son, JVR Jr. Torres Ciliberto also is associated with Arne Chacon, brother of Cabello’s longtime sidekick, Science and Technology Minister Jesse Chacon.

The Bolibourgeois bankers and the senior regime thugs they front for have become immensely wealthy since 2002. The banks they own generated huge profits playing with public deposits, government debt and the “permuta” market. All of the Bolibourgeois banks, which include a lot of “old” (pre-Chavez) names in banking, also have laundered money.

But the banks are hollow shells. Without the regime’s continued support, the banks are essentially insolvent. What better way to create the new socialist banking model, and forever erase all evidence of corruption and illicit enrichment by senior regime figures than to intervene and restructure the Bolibourgeois banks on the indisputable basis of their insolvency?

But some very important loose ends remain, like Fernandez Barrueco.

Written by Caracas Gringo

20/11/2009 at 15:57

Posted in Uncategorized

9 Responses

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  1. And he got his throat slit, finally. What a pitty right?

    Like

    CuervoBlanco

    20/11/2009 at 17:18

  2. El que se acerca mucho al sol se quema

    Like

    luigimenx

    20/11/2009 at 17:34

  3. Barrueco previously worked at Banesco right???

    Like

    Alejandro

    20/11/2009 at 17:34

  4. Now watch a new player on the scene: Francisco Javier Gonzalez Alvarez. Just bought the Curazao refinery through his front company Arevenca. Claims to own 4 refineries and 25 tankers, but owned none of the above before Curazao’s. I think he’s ficha de Ramirez, reputedly they were neighbors …

    Like

    Knight

    20/11/2009 at 23:25

  5. Pobre Barrueco. Le espera el mismo destino de Danilo. Lástima que el mandril no haga lo mismo con su hermano Adán, con su sobrino (el malandro de los tatuajes de la Mara Salvatrucha), con Diosdado Cabello, con Nicolás Maduro y toda esa basura que lo rodea. Según Madame Roland, revolucionaria francesa, la revolución, como el dios griego Cronos, también llamado Saturno, devora a sus propios hijos. Pues bien, si ese es el caso entonces Muy Buen apetito, Revolución! Come mucho y come bastante para que engordes y te pongas buena!

    Like

    Cittadino Americano

    21/11/2009 at 00:10

  6. I’m (Sadly, and belive me, not because I want to) very close to much of the S***T you analyze here.. I am always impressed on how accurate you (and your sources) are.. But you can be sure your are not covering even 50% of all the story (however, I think it’s enough!, it’s more grotesque than you could ever imagine.. But i’m sure you do ;) ).. It’s always nice to see someone who dare to speak the truth!!.. What a breath of fresh air! Como siempre digo, Americano tenías que ser! (don’t like to call AMERICANS “gringos” ;) ).. God Bless You!.

    Like

    Love MIAMI

    23/11/2009 at 17:11

  7. .. La pregunta de las mil lochas.. Lo tendrán en la misma celda que Arraiz??? Ouuch!. (chiste cruel!).

    Like

    Love MIAMI

    23/11/2009 at 17:12

  8. I think you´re short. Things are much more grotesque than they appear. It´s disgusting.
    An example that I´ve seen with my very own eyes, is how some contractor took lots of Euros in cash, that I intermediate, and walk the way to Min Educacion Isturiz, and placed it in his desk. Also lots of hundred thousands in wire transfers to Isturiz´s testaferros.
    THE ICEBERG IS STILL UNDER WATER

    Like

    Reina Pepeada

    01/12/2009 at 15:17

  9. El punto principal del asunto, el cual no debemos olvidar, es la aquisición de bancos con fondos cuyo origen se desconoce… Pero ese no es el caso de Julio Herrera Velutini, ya que él si que sabe de donde está sacando el dinero para comprar el BNC. De la autocartera que tiene en Helm Bank de Venezuela, con compañías fantasmas. A ese hay que meterle mas que una lupa un microscopio!!!!

    Like

    Alberto K

    02/12/2009 at 18:33


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