Venezuela Nationalizes Banco Santander

See Geithner? This is how it’s done.

You don’t coddle them, or try to keep pumping them up with liquidity, consigning them to zombie status for years to come. When a bank needs to be nationalized, you just do it. That’s what Hugo Chavez has done with the Venezuelan arm of Spain’s Banco Santander. Chavez says he wants to use the banks resources to channel more lending to small farmers and other small industries.

Oh wait, do you think this was just a political stunt rather than a legitimate pre-privatization?

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