Progressive Argentinian President Seizes Control of Petroleum Company

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Argentina's President Cristina Fernandez, Modeling Eva Peron

‘I am a head of state and not a hoodlum,’ said Fernandez, who has also renationalized the country’s Aerolineas Argentinas airline and nationalized the Anses state private pension funds.

When you have Progressives in charge of the government, what you get is the seizure of private companies with little or no warning. It is theft, similar to the theft of taxpayer dollars that we are seeing in our country today.

Argentina’s Progressive President, Cristina Fernandez, sent a bill to Parliament Monday which would put 51% of YPF in state hands. YPF  (Yacimientos Petrolíferos Fiscales –“Fiscal Petroleum Fields”) is a subsidiary of Spanish oil giant Repsol.

Repsol, Spain’s largest oil producer, would lose 51% of its 57.4% controlling stake in YPF, which is valued at $10.6 billion.

Market shares have slumped to a three-year low on the news and Spain’s EU allies are railing against Argentina’s betrayal of a major investor. For Spain’s part, they plan to sue to block the takeover or recoup the value of the company.

Argentinians are celebrating throughout the country, but they will be celebrating without much of the world community. I don’t think they care. Greed trumps morals with Progressive ideology.

YPF recently discovered tens of billions worth of oil and gas reserves. That could be at risk or it could be one of the reasons for the grand larceny by President Fernandez.

Cristina Fernandez wants complete government control of all natural resources and blames foreign investment for oil shortages and high petrol prices. I hope she doesn’t give President Obama any ideas though we won’t know until after the election when he has “more flexibility.”

What will she seize next? I hear Jon Corzine is interested in investing in Argentina.

Read more: Proactive Investors

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