Prat-Gay fired as Argentine Finance Minister after one year

[tenorly]

2. Well put. Macri isn't rearranging deck chairs as much as he's circling his wagons.

The Caputos have been close personal friends of the Macris since the dictatorship, when both families benefited from choice construction contracts and insider info ahead of the 1981 mega-devaluation. Both families have godfathered a number of each others' children (which makes you very close indeed if you're Italian).

Fast-forwarding to 2016, some of Luis Caputo's greatest hits since Macri took office include arranging the dollar futures heist a year ago that cost the Central Bank $4 billion when Macri devalued the peso by 40% in a day. This pushed the economy into its current recession but made the well-connected (including the Caputos) an instant profit of 20% or more.

Try asking your stockbroker for that!

More recently, the Caputos cost the Social Security Fund around $40 million on November 11 by massively diluting stock in their industrial firm Mirgor. Obtaining regulatory approval for this move was a cinch given that the CNV (Argentina's SEC) responds to the Secretary of Finance.

And - you guessed it - that would be Luis Caputo.