January 9, 2007

The 'Cliff' of Nationalization

See this stock chart? This is what happens when a tyrant decides to nationalize a company. It loses value...rapidly.

According to Publius Pundit, Venezuelan dictator Hugo Chavez decided yesterday to take control of CANTV, a telecom company. The receipts of its stock, which are listed on the New York Stock Exchange, immediately cratered before trading was halted. CANTV is Venezuela's largest publicly-traded company and the country's only firm that's traded on the NYSE. Well, probably not any more. Read more here.

VNT-stock-chart.gif

Posted at Andrew Roth at 8:29 AM | TrackBack

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Listed below are links to weblogs that reference The 'Cliff' of Nationalization:

» Fire the CEO from Three Sources
For a stock chart like this, I'd say the CEO ought to get the chop: Andrew Roth at Club for Growth offers this chart on CANTV, a Venezuelan telecom firm that Presidente Chavez decided to nationalize yesterday. It was traded... [Read More]

Tracked on January 9, 2007 12:20 PM

» Still More About Venezuela’s Budding Dictator from Blue Crab Boulevard
The Washington Post has an article about (T)Hugo Chavez's announcement that he would be nationalizing telecommunications and electricity in Venezuela. There is even more to it than the AP reported yesterday. Chavez has also purged loyalis... [Read More]

Tracked on January 9, 2007 9:37 PM