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The correct thing to do, in relation to billions of dollars reportedly schemed by a number of companies contracted to solve the power crisis in Venezuela, is to allow them to have their say. As such, I sent a few communications yesterday to IMPSA, an Argentine conglomerate whose activities have been singled out by Venezuelan experts as exhibit A of enormous overbilling in the execution of public infrastructure works. Case in point Tocoma, fourth dam in a series in the lower Caroní river, being built by a consortium (Odebrecht, Impregilo & Vinccler​) and in which IMPSA was the chosen contractor to build and install 10 Kaplan turbines.

derwick-associates by dm_5228661b7e55f

UPDATE, September 9, 2013, 2:10 EDT: Dailymotion has removed the video above, after receiving a copyright infringement notice, presumably sent by agents / lawyers acting on behalf of Derwick Associates.

Derwick Associates, the energy company involved in a mega corruption scandal, overcharged the Venezuelan State as much as $2.933 billion according to estimates from energy expert Jose Aguilar. In an interview with INFODIO, Aguilar argued that Derwick Associates is the "tip of the iceberg" in a considerably larger swindle that could have cost Venezuela in excess of $23 billion. Aguilar named names of international corporations taking part in the scheme: Argentina's IMPSA, Spain's IBERDROLA and Duro Felguera, France's Alstom, China's CMEC and Sinohydro, Germany's Ferroostaal, Thailand's TSK, as well as American Waller Marine.

Leopoldo J. Martinez is a Washington D.C.-based Venezuelan tax expert and lawyer, closely aligned with the opposition movement to the late Hugo Chavez. Martinez is meant to be Washington's representative of MUD -umbrella group of parties and politicians- led by Henrique Capriles. His Twitter and Facebook account reveal where he stands politically. There's even photos of him sitting proudly next to Capriles.

Forget about Tiny Rowland and his African adventures as imperialist entrepreneur and dealmaker. The unacceptable face of capitalism has morphed into its XXI century iteration: bankers. This meme of bankers as the world’s worst has been appropriated and “occupied” by the Left. And the argument has been set up as one between “capitalism” and the power of the state. It may seem odd for someone like me to bash capitalism and entrepreneurship, but seeing what some “capitalist” bankers and banks are doing these days, I can't help but empathise with the "progressive" trend to paint bankers as the parasites on the world’s productive class.

Now that I have had time to go over the lawsuit filed by Otto Reich against Derwick Associates' "ChavezKids" (aka Bolichicos),  the first thing that caught my eye was to learn about a chap called Eduardo Travieso,  formerly with JP Morgan. I have evidence that Mr Travieso had more than just a professional relationship with Derwick Associates' executives.

Setty is reporting over in Twitter that Otto Reich, former U.S. Secretary of State for Latin America and Ambassador to Venezuela, is suing Derwick Associates for racketeering in the US. The targets are the unlikely trio of Alejandro Betancourt Lopez and Pedro Trebbau, the two principals behind Derwick Associates that are so familiar to visitors of this blog. The third person is Francisco D’Agostino, who is the son-in-law of Boligarch megabanker Victor Vargas from Maracaibo.