Deconstructing Giusti

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Do not miss Setty’s epic post on Luis Giusti and the brewing scandal at Colombian private oil company Alange Energy.

It’s compelling and – despite Setty’s best efforts – incendiary. An absolute must read.

As I wrote on Setty’s comment section, I can’t for the life of me understand why the Venezuelan government isn’t running with this. I mean, this kind of thing happens once in a blue moon: this is a proper scandal, not some trumped up BS, that neatly makes a long-cherished chavista ideological point…and they won’t swing?! What’s up with that?!

Maybe, as Setty surmises, it’s because to really get the story they’d have to, y’know, flip through back issues of El Nacional, and realizing she’s on the same side as Miguel Henrique Otero would cause Evita Golinger’s head to split in two.

1 COMMENT

  1. Great article, thanks for posting it!

    It seems more and more that many socially “untouchables” are showing their true colors; a few years ago many people who were thought to be honest, hard working businessmen have proven that greed and corruption are everywhere, no last name can be a refuge from the truth anymore.

  2. Here is what were wrote on the subject base on setty’s post:

    Last week we wrote Misleading Giusti ? but it seems we were right. It looks that Luis Giusti emblematic oil expert fame is not longer valid, his lies about oil production in Alange energy ( I don’t buy misstatements nor the folks who lost money on his comments), an oil producing company in Colombia has put a big red light on his face and now people are wondering about his past PDVSA’s past CEO experience. One wonders, is Chavez correct naming Giusti a bandit ?

    Misleading Giusti ?

    Our friend sapitosetty has a story on Luis Giusti’s Alange Energy comments on oil output in Colombia and the botton line is that I do not buy it.

    It does not surprise my at all, there is not mistake, it looks like a misleading statement, Giusti is know as a walking encyclopedia, he can quote any figure you ask him on production in the world.

    He has some explaning to do !

    • The risk of lying was extremely high (as we can see now) and the rewards were not that important, perhaps a few cents on the stock price (unless there were some huge performance bonuses depending on production for him and everybody else involved in running the company that I do not know of).

      I am not defending anybody involved in running Alange, Giusti and co must go ASAP, but I do not believe they lied on purpose. Alange is a publicly traded company and an average audit would uncover the true numbers sooner or later, so I think that this was a very stupid and costly mistake.

      The ‘other’ mistake is that people believed that Giusti was a true oil man, a field guy, a guy that would go into the Colombian jungle to find oil and run his company properly, when in reality he is a golden tonged salesman who happens to know about oil and not much about running a company.

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