Critics Accuse Goldman Sachs Of Helping A Dictatorship

Venezuelan National Assembly Rips Goldman Sachs for Putting Profits ahead of Principles

"Goldman Sachs' purchase of these bonds gives fuel to Maduro's dictatorship", Sebastian Coloma, an organizer with SOS Venezuela, the group behind the protests in NY, told Fox News.

Many economists say the only way to improve the country's situation is to scrap price and currency control systems that have hobbled the private sector.

Severe shortages of food and medicine along with hyperinflation have Venezuelans yearning for what they once had, and what most other Latin American nations take for granted.

Venezuelan opposition politician Jose Guerra said Maduro's "government has made a predatory business for the country: gave $2.8 billion in bonds for just $865 million in cash".

"It is apparent Goldman Sachs decided to make a quick buck off the suffering of the Venezuelan people", Julio Borges, the opposition lawmaker who heads the National Assembly, wrote in a letter to Goldman Chief Executive Officer Lloyd Blankfein and seen by Bloomberg.

Goldman has defended the deal, saying that many other investors, including mutual funds and exchange-traded funds.

The letter stated that Borges was dismayed by the decision of Goldman Sachs to purchase the bonds given the nature of the Maduro administration, an unwillingness to carry out democratic elections and systematically violating human rights. "We agree that life there has to get better, and we made the investment in part because we believe it will", the Wall Street bank affirmed. The Venezuelan central bank in April also struck a deal with Fintech Advisory Inc.

Goldman Sachs did not say in its statement how much it paid for the bonds. Accordingly, opposition leaders have labeled government debt "hunger bonds" and penned letters to global bank heads indicating that should they buy the bonds they ought to expect, well, more angry letters.

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Goldman's purchase of Venezuelan bonds is a problem both optically and ethically, a former managing director at the financial firm told CNBC on Tuesday.

The investment bank is accused of propping up Nicolas Maduro through its alleged purchase of government bonds.

"We believe there is an worldwide role in the rebuilding of trust among the main political actors in Venezuela as well as the reduction of tensions", Shannon said.

While some member countries of the Organization of American States met on Wednesday to discuss the crisis in Venezuela in Washington, authorities in Caracas continued using tear gas canisters and water cannons to disrupt a massive protest against President Nicolas Maduro. The U.S. bank hadn't negotiated the bond purchase directly with the Venezuelan government, rather, it acquired the debt via an unnamed broker, according to three of the sources.

About 30 protesters gathered Tuesday in front of the company's NY headquarters on West Street in lower Manhattan chanting “No more hunger bonds, Goldman Sachs” and “Goldman Sachs, shame on you.”.

Julio Borges, leader of the opposition-heavy National Assembly, did not accept this explanation.

Beke's mother, who died from cancer previous year, could not get the chemo therapy treatments she needed to fight her illness because of the severe medical shortages in Venezuela.

Venezuela has been rocked over the last two months by widespread protests against Maduro's government that have left at least 60 people dead.

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