Special report: Pension scandal shakes up Venezuelan oil giant

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http://www.reuters.com/article/2011/08/17/us-venezuela-pdvsa-idUSTRE77G2D220110817

(Reuters) - Venezuela received an enviable honor last month: OPEC said it is sitting on the biggest reserves of crude oil in the world -- even more than Saudi Arabia.

But the Venezuelan oil industry is also sitting atop a well of trouble.

The South American nation has struggled to take advantage of its bonanza of expanding reserves. And a scandal over embezzled pension funds at state oil company PDVSA has renewed concerns about corruption and mismanagement.

Retired workers from the oil behemoth have taken to the streets in protest. Their beef: nearly half a billion dollars of pension fund money was lost after it was invested in what turned out to be a Madoff-style Ponzi scheme run by a U.S. financial advisor who was closely linked to President Hugo Chavez's government.

[fascisthunter]

1. not good

[kenfrequed]

2. Uhm

A US financial advisor closely linked to the Chavez government?

How the hell close could the advisor be and who is responsible?

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3. i thought that was odd. he lives in conneticut -- dual citizenship. nt

[kenfrequed]

4. I doubt this is something Chavez knew about

This guy is probably more some Wallstreet jackal. Of course some interests will try to paint this as a crime by Chavez.