Claimed - The battle over US claims in Cuba

[Mika]

Claimed

When Castro took power, Americans fled Cuba
and left a lot of property behind. Now the claims
on these contested holdings—land, buildings, cars
and more—are exciting speculators and could stand
in the way of reconciliation.

{snip}

Back in April, at the Nasdaq marketplace in Times Square, a few hundred interested parties gathered for a daylong conference. It was labeled the “Cuba Opportunity Summit: High-Velocity Growth.” Wharton faculty organized the event. CNBC financial reporter Michelle Caruso-Cabrera hosted it. The scent of predatory capitalism wafted through the air.

There were cruise-line executives eager to anchor in Havana Harbor. Pharma folks thirsty to hire Cuban scientists at fractions of the salaries of American lab workers. Hoteliers, telecoms guys, retail bankers, and agriculture experts. A handful of international lawyers to grease the wheels. A sprinkling of Cuban diplomats in the back of the room, taking notes.

The spectacle of American companies scrambling to storm Cuba’s shores would have seemed far-fetched—even laughable—just a few months prior. But a startling December 2014 announcement from President Obama set the greed machine whirring. Obama’s intent was clear: We will seek some sort of détente with Cuba. We will move to normalize. And down the line, maybe sooner than later, there will be commerce.

Thomas Herzfeld was among the panelists at the Cuba Opportunity Summit. Back in 1970, 25 years old and not long out of the military, Herzfeld had been the youngest managing partner at a New York Stock Exchange firm. He got an ulcer, so he moved to Miami to relax. Surrounded down there by Cuban exiles, managing their money, he began to develop an understanding of the opaque Cuban economy. He eventually formed the Herzfeld Caribbean Basin Fund, which is listed on Nasdaq (ticker symbol: CUBA). Under American law, he wasn’t allowed to invest directly in Cuban entities, but he found ways to stick his nose into nearby operations that offered exposure to the island.

Entire Slate article --> here.

[Judi Lynn]

1. Lotsa US American bidness peeps poised to descend upon Cuba at the drop of a hat.

Hope the leaders are all squared away, and not corruptible. They've known for years what US intentions are.

Another form of war.

Simply moving to a different format.

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