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Goldman Under Fire for Buying Venezuela ‘Hunger Bonds’

Activists protest against Goldman Sach's purchase of $2.8 billion worth of Venezuela bonds outside Goldman Sachs' New York headquarters on Tuesday. PHOTO: Bryan R. Smith/Getty Images

30 May 2017

ABC NEWS (AP) — Venezuela opposition leaders are decrying Goldman Sachs Group Inc.’s purchase of bonds from the socialist government of President Nicolas Maduro, who has been targeted by almost two months of protests.

The Wall Street Journal reported Sunday that the bank has bought $2.8 billion in bonds from the state-run oil company PDVSA at a steeply discounted price.

Opposition leaders accused the bank of getting in bed with a deeply unpopular administration. Julio Borges, president of the opposition-led Congress, said Goldman Sachs is propping up a dictatorship and argued that the bond purchase violated the bank’s own code of conduct.

Venezuela’s opposition-controlled legislature voted later in the day to ask the U.S. Congress to investigate the sale. […]

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