CBS News: Chavez orders expropriation (nationalization) of American company Owens-Illinois. (H/T ECM)
Venezuelan President Hugo Chavez on Monday ordered the expropriation of U.S.-based glass maker Owens-Illinois Inc.’s unit in the South American country.
Chavez announced plans to expropriate the company in a televised speech, saying it operates in western Trujillo state.
The leftist leader criticized the company’s practices in the country, saying it had been “taking away the money of Venezuelans” and exploiting local people. Chavez did not detail his complaints about the company.
There was no immediate reaction from the company, based in Perrysburg, Ohio.
Owens-Illinois also has operations throughout Latin America in Colombia, Brazil, Peru, Ecuador and the Caribbean, focusing on the manufacture of glass containers.
It was unclear how the government would handle compensation for the company’s assets in Venezuela.
Chavez has nationalized or expropriated a wide range of companies, including cement makers, retail stores and steel mills, while seeking to lead Venezuela toward a socialist system.
He said in his speech that more expropriations are planned.
“There’s another list around here,” Chavez said, but added that he would save additional announcements for later.
Republican U.S. Rep. Connie Mack targeted Venezuelan leader Hugo Chavez on Tuesday — and ripped into the Obama administration for not standing up to him.
Mack, the ranking Republican on the House Subcommittee on the Western Hemisphere, noted that Chavez was continuing a world tour to push his country’s oil exportation.
[…]“While Chavez reaches out to nations across the world to explore and refine Venezuelan oil, what is the Obama administration doing?” demanded Mack, who is rumored to be running for the U.S. Senate in 2012. “The administration is failing to protect U.S. national security interests by ignoring the fact that we currently rely upon Venezuela for approximately 10 percent of U.S. oil imports. Instead of strengthening oil reserves or working with important U.S. allies such as Canada – which is well-poised to increase the flow of crude oil to our refineries – the Obama administration has not made it a priority.
“What’s more, as the administration sits idly by, Chavez continues his quest to nationalize key private-sector industries,” continued Mack. “During his trip to Belarus, Chavez announced the nationalization of two gold mines in Venezuela, and just yesterday Chavez announced the expropriation of the local affiliate of U.S.-based glassmaker Owens Illinois. Chavez acknowledged that his government has “a list with more names” of companies in Venezuela that will be expropriated.
“The Obama administration must get serious about dealing with the inherent threat that Chavez poses to our nation and the region,” concluded Mack. “We must take a hard look at our current energy portfolio and invest in energy projects with countries that respect international legal standards. And finally, for the security of our economy and the free market, Congress must support the pending free-trade agreements by passing them without delay.”
Where is Obama? Shouldn’t he be saying something about this?
Oh. I guess they are having some sort of communist competition or something. Maybe trying to see whose country can hit 20% unemployment first?
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