Oddball stories from 2010
In a bizarre — yet seemingly typical move — Venezuelan president Hugo Chavez this summer seized control of 43 brokerages in a bid to regulate the foreign currency market. Chavez accused the companies of setting artificial exchange rates, laundering money, fueling capital flight and subverting his goal of creating a socialist nation.
It's not looking like many brokerages will survive the witch hunt. The country's securities regulator has audited more than half of the 110 B-Ds that operated in Venezuela and expects less than 20 to remain in business by year-end. “I can tell you now that all of the firms that were taken over will be closed,” he said.