Google

Saturday, December 05, 2009

Bank on WSJ...

To promote its editorial viewpoints, even while writing news.


There is a piece on Hugo Chavez's government takving over banks in Venezuela...The headline reads "Chávez Seizes Three More Banks, Stoking Fears" and the first paragraph reads "Venezuela's government took over three more banks Friday, adding to a growing list of smaller banks in the oil-rich country that have been seized by the government this week on charges that its owners illegally used deposits for their own enrichment.The growing scandal has unnerved depositors about which banks are safe, posing a threat to the broader banking system. It has also become a potential political liability for President Hugo Chávez, because the owners of the seized banks were seen as close to top officials..."
The point to be noted is the use of the phrase "Chavez Seizes..." implying that Chavez personally took over the banks...
On the same first page there is another piece headlined "Regulators Pull Plug on Bank" which reads "Federal regulators on Friday seized AmTrust Bank, a battered Cleveland thrift kept alive this year after local politicians pleaded with the government for a second chance.AmTrust is the fourth-largest U.S. bank or savings institution to fail so far this year. A total of 130 lenders have collapsed in 2009, the highest number of failures since 1992 as regulators intensified their push to rid the industry of weak institutions."

130 banks taken over by the U.S. government is not bad, but the Venezuelan government taking over far fewer number of banks stokes fears...


No comments: