Possibly, if these events hadn’t all been concurrent, I mightn’t have noticed either tale, or the events it encompassed.
But they did all unfold at the same time. And they struck me quite forcibly.
One struck me in particular, for reasons I suspect will be obvious. So I’ll just mention that one at the outset, to get things started.
In October 2022, a batch of Venezuelan bonds bought by Goldman Saches back in May 2017 reached their final maturity date. The bonds were against the Venezuelan state-owned oil and gas company, Petroleos de Venezuela, S.A. (PDVSA). They were nominally worth $2.8 billion when purchased for some $865 million in 2017. Many business and political commentators thought it was a bad buy at the time: a use of investors’ money that was neither sound from a business standpoint nor impressive from a moral one. Continue reading “Nevada, Utah, and Venezuela: A tale of two oil and gas policy moves”