News from the Crackdown on Usury in Venezuela

[Judi Lynn]

News from the Crackdown on Usury in Venezuela
By Arturo Rosales
Axis of Logic
Thursday, Nov 14, 2013

Caracas, November 14th – The Venezuelan National Assembly (AN) approved the granting of special legislative powers to President Maduro today by the constitutionally required 3/5 majority. The vote was 99 in favor, 60 against with 6 opposition abstentions.

In other news from the National Assembly it has been made public that AN Deputy from Carabobo state, Miguel Cocchiola, is the owner of the wood and hardware supplier IMECA that is present throughout Venezuela with 33 outlets.



Miguel Cocchiola

Cocchiola was always known as a businessman but has now been revealed as a speculator and usurer against the pockets of the people he is supposed to represent. His store, IMECA is retailing products at astronomical profit margins which are classified as usury under Venezuelan law.

Some examples of this business malpractice are - buying Venezuelan timber at Bs. 435 per cubic meter and then selling it on at a price of Bs. 10.500 per cubic meter. This represents a profit margin of +2314%. A paint roller purchased for Bs. 11 was on sale for Bs. 99 (+800%). A pair of pliers bought for Bs. 8 were on sale for Bs. 59 (638%).

More:
http://axisoflogic.com/artman/publish/Article_66165.shtml

[Socialistlemur]

1. I guess nobody should buy if the price isn't right

But with 50% inflation the buyer loses sense of what the price ought to be. And now the black market has jumped to 10 times the official rate, it was quoted yesterday at 63 bolivars per dollar, so it seems to me the government is fighting a losing battle. If the store prices don't go up then purchasers buy the item and resell it in Colombia. Given government policies at this time I bet there's a growing trade of goods flowing out of Venezuela - goods they imported with cheap dollars they really can't afford. Maduro is beyond crazy.