March 3, 2007

The Bono del Sur Scam: Idiot-Proof Version

Quico says:
We've been hearing a lot about this "Bono del Sur" thing. Confused? Here's how it works:

Basically, the Bono del Sur is a massive give away, a great big piñata. Is it any wonder there was a mad rush to buy them up? That people demanded nine times as many bonds as were on offer?

Just like beef - and for the same reasons - these Windfall Vouchers ended up having to be rationed. Now, ask yourself this: what kind of investor was well positioned to snap them up? Boligarchs with close ties to the ruling clique? Or those on record as dissidents?