Macri: The 11 Of December There Will Be One Dollar

[Gringoboy]

What do you think of this portrait of Macri on Fortune?

Clearly he's an INDEC employee.

 

[AmigoArtistico]

Vanoli is already gone. Count on it. Also numerous Kicillof-aligned members of the board.

There's been an awful lot about this in the newspapers, including the fact that Vanoli has committed at least one major crime in selling dollar futures at a discount (the law requires that if you do this, you must do it at the highest market price, and he was selling them at $10.60 while he could have been selling them for $14 in NY -- he's also being investigated for how the futures sales process worked, and whether or not anyone benefited illegally -- yeah, like that could happen in Argentina), and that the board has allowed him to do it, which makes them also culpable (at a minimum, not meeting their responsibilities as public employees).

Macri can get rid of him by decree, although he needs the approval of a bipartisan committee, of which he can already count on a majority. He can follow the exact same blueprint that Cristina laid out when she ousted Martin Redrado. The courts ended up saying that she needed the approval of the committee, but being Cristina, she didn't even wait for that. If Vanoli keeps selling dollar futures (which he can't even back up with real dollars if he loses his futures "bet"), I'm sure that Macri will be extremely aggressive about getting rid of him at the first possible moment.

All this dollar futures selling may also delay -- by up to a few months -- the conversion to a single value of the dollar, since the government will be on the hook for a HUGE amount of money if it has to pay off on all those futures contracts that Vanoli has been selling; some have estimated that the cost could run as high as US$25,000 million. That's about US$24,000 million more than the government currently has available, according to some private estimates. That estimated cost is also almost 4 times what the country owes to ALL the holdouts (including the me-too's). Let that one sink in for a few minutes.

And he wants to keep his job until 2019. Let's hope he's in a cell long before then.

 

[r2d2]

I think it is pretty simple. One dollar means everybody can buy dollars at actual market value. No more artificially overvalued peso to dollar exchange with 35% tax (that was needed because the peso was so overvalued). No more filling out forms on the AFIP website to buy dollars. You will be able to use your debit card outside the country.

The consequences will be that the exchange rate will be determined by the market. So neither Marci nor anybody else knows today what the exchange rate will be. Some think it will start somewhere around 15:1. We will see soon what the real exchange rate will be...

Arbolitos and cuevas: They have existed before the cepo and will most likely continue to exist (though maybe not that many). There are still lots of people with undeclared income in Argentina that have needs for dollars. Also I remember they used to have better exchange rates than the official exchange places before the cepo.

 

[EJLarson]

What do you think of this portrait of Macri on Fortune?

This is the same guy that Bajo quoted in the Banco thread. As noted, he's a chavista supporter and apparently never has a good word for anyone to the right of the hermanos Castro.

 

[ben]

I'm sorry, but this is a disgusting line of thinking.

If Vanoli is guilty of any crimes he should be prosecuted to the fullest extent of the law. If he is not guilty of any crimes, he should not be blackmailed with his job.

I kind of thought the idea was to turn over a new leaf in Argentina and ditch the party-based favouritism and enforce the rule of law. Your post is the exact opposite.

Ed, I have great respect for your opinions, but you are way off base here IMHO.

1) There is definitely a big zone of actions which it is difficult to fire for, much less prosecute, but which warrant asking for resignation. In most countries in the West, people get the hint to resign fairly quickly. Certainly so when you've done something in obviously bad faith such as selling futures under current circumstances.

2) If you find this line of thought disgusting, you should not be in any legislature, ever. Every legislative compromise, by definition, involves someone voting to implement ideas he/she considers bad, or agreeing not to vote for ideas he/she considers good. Why, then, do you vote for them? Because priorities.

There is a big difference conceptually between doing favors for one's own friends, and coming to terms with an opponent who has the ability to paralyze you - and all your plans for improving things - for the greater good. If Macri turns around, and arrests CFK - even if with cause - you can well imagine how badly the country will be paralyzed. She may well make it to prison, meanwhile Macri will be booted out of office, and for good reason.

'Change' has many definitions, and punitive justice is only one of them. As much as I may want La Jefa and her goons to rot in prison if they did half of what I imagine they did, the country moving forward is more important. Macri won by the slimmest of margins - it's rather doubtful that his mandate is primarily to prosecute, and if he starts, the defendants will be back in office in short order. Prosecuting him, by the way, with or without cause.

It's the difference between a bribe and a shakedown. The amount of options available matters. It's easy to express disgust with realpolitik, but once you have responsibilities, to wash your hands of 'disgusting' deals is to shirk those responsibilities.

 

[AmigoArtistico]

What do you think of this portrait of Macri on Fortune?

After reading this article, I had to post a comment on Fortune.

Simply incredible.

 

[Girino]

After reading this article, I had to post a comment on Fortune.

Simply incredible.

I had to check the URL twice because I though it was satire.

 

[Bajo_cero2]

Vanoli is already gone. Count on it. Also numerous Kicillof-aligned members of the board.

There's been an awful lot about this in the newspapers, including the fact that Vanoli has committed at least one major crime in selling dollar futures at a discount (the law requires that if you do this, you must do it at the highest market price, and he was selling them at $10.60 while he could have been selling them for $14 in NY -- he's also being investigated for how the futures sales process worked, and whether or not anyone benefited illegally -- yeah, like that could happen in Argentina), and that the board has allowed him to do it, which makes them also culpable (at a minimum, not meeting their responsibilities as public employees).

Macri can get rid of him by decree, although he needs the approval of a bipartisan committee, of which he can already count on a majority. He can follow the exact same blueprint that Cristina laid out when she ousted Martin Redrado. The courts ended up saying that she needed the approval of the committee, but being Cristina, she didn't even wait for that. If Vanoli keeps selling dollar futures (which he can't even back up with real dollars if he loses his futures "bet"), I'm sure that Macri will be extremely aggressive about getting rid of him at the first possible moment.

All this dollar futures selling may also delay -- by up to a few months -- the conversion to a single value of the dollar, since the government will be on the hook for a HUGE amount of money if it has to pay off on all those futures contracts that Vanoli has been selling; some have estimated that the cost could run as high as US$25,000 million. That's about US$24,000 million more than the government currently has available, according to some private estimates. That estimated cost is also almost 4 times what the country owes to ALL the holdouts (including the me-too's). Let that one sink in for a few minutes.

And he wants to keep his job until 2019. Let's hope he's in a cell long before then.

Hellooooooo, Macri has the Presidency, the opposition the Congress.

So, Vanolli investigated? For what? For selling usd at official rate?
Jajajajajajajajaja

 

[ben]

Yes, precisely. For perpetuating a lie, precisely when the lie is going to blow up in someone else's face.

When you define the official rate, you have the responsibility to have your definitions touch base with reality, particularly when you are a lamer than lame duck and you know the dollars aren't there to back up your officialdom.

Just to be clear: Are you just arguing that he defines legal so nothing can be done to him about it, or are you arguing that Vanoli's actions are in some way right?

 

[EJLarson]

Hellooooooo, Macri has the Presidency, the opposition the Congress.
So, Vanolli investigated? For what? For selling usd at official rate?
Jajajajajajajajaja

And you are jajaja-ing why? Are you, as a lawyer, not aware that he was required, by law, to sell the futures at the highest return possible? (Which was, as I'm sure you're fully aware, at 14/dollar on the international market.) Do you actually practice law or just troll forums? But I'm glad you can still find humor in the criminal actions of others. Who knows, you may get a fee out of this.