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Another officer, Folco Falchi, the bank's coordinator for international investments, was reportedly seen loading suitcases stuffed with dollars into his corporate jet on the
Caribbean island of Curacao. After the authorities padlocked Banco Latino on Jan. 14, bank officers, operating from offshore refuges, entered the bank's computer electronically with a modem and erased and altered thousands of records.
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But failed ventures in real estate and stock market investment saw Tinoco desperate to raise funds from depositors, and in 1993 it paid 105% interest on one-year certificates of deposit, more than double
Venezuela's 1993 inflation rate of 46%. Between October 1993 and January 1994 it experienced a
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With Pedro Tinoco managing the Bank began to be politicized, despite strong opposition from the managers like D'Ambrosio (related to the original French and
Italian banks that founded the bank in the fifties), who were 'technical' experts in banking issues. In that period, the Franco-Italian Bank
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Late last fall, when Banco Latino officials began to realize that their house of cards was collapsing, they started transferring hundreds of million of dollars overseas. In the final frenetic days, one bank director foresaw judicial orders on freezing assets and sold his million-dollar mansion,
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However, after almost ten years of international litigation, all plaintiffs and directors of Banco Latino were declared innocent of criminal charges, and all suits brought against them were dismissed without prejudice. All rulings are firm and final, in all jurisdictions. It was proven through
148:, the Banco Latino became known as the bank of the "12 apostles". Indeed were called as "apostles" a group of businessmen who were very close to the government. Their fortunes were related to public works contracts, trade, industry, banking and media.
168:. Within weeks of the government takeover, arrest warrants had been issued for 82 of its directors and managers. Four months later, only 6 had been apprehended, with the rest believed to have escaped abroad. These included Bank Conglomerates,
90:, and at the time of its 1994 failure was the country's second largest. It had a good relationship with the government, such that ministries moved their accounts to the bank, and the army and the state-owned oil company
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Its first Board was chaired by Dr. Rafael Pizani. (1950-1952), followed, Nicholas
Dominici (1952-1955), Elbano Adriani (provisional 1955-1956), Luis Geronimo Pietri (1956-1965) and Enrique Benedetti (1966-1974).
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After leading the bank for over 15 years and expand it to all economic sectors, in
February 1989, at the beginning of the second government of Carlos Andrés Pérez, Pedro Tinoco was appointed chairman of the
110:. Since 1967 adopted the name Banco Latinoamericano de Venezuela and finally was named BANCO LATINO on February 7, 1975. It was closed in 1994 after falling into a huge crisis and liquidated in mid-2000.
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Gómez López
Gustavo. CINCO NORMAS Y UNA REGLA DE ORO para manejar una crisis financiera. BIBLIOGRAPHY OF DOCUMENTS IN THE CENTER FOR THE STUDY OF CENTRAL BANKS COLLECTION. Caracas, Venezuela: Spring, 1995
156:. During the almost four years that Tinoco led the Central bank, Banco Latino rose from fifth to second place among commercial banks in Venezuela and to the top in Venezuelan and savings deposits.
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Velásquez Ramón. J., Silva Carlos Rafael. EL EJECUTIVO NACIONAL Y LA INTERVENCIÓN DEL BANCO LATINO. Talleres Gráficos de Joaquín Ibarra/ Impresores. Caracas, abril de 1994.
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137:, was named president of the Bank. Under his tenure the name was changed to the institution, first to "Banco Latinoamericano de Venezuela" and then to "Banco Latino".
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entrusted their pension funds to Latino trust managers. Latino built a new high-rise headquarters, and expanded aggressively, both within
Venezuela and overseas.
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García
Mendoza, Oscar. CRÓNICA INVOLUNTARIA DE UNA CRISIS INCONCLUSA. Compilación de artículos y conferencias. Voces del Presidente. Editorial Planeta
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verifiable court documents that the
Venezuelan government never had a case against Banco Latino or its directors and managers to begin with.
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141:"Sudameris", still maintained a 20% stake, which it sold in 1990 (when started to appear clearly a terrible crisis for the bank).
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Rafael
Quintero Moreno, Jorge Rosell Senhenn y otros. LOS DELITOS ECONOMICOS. Editorial Vadell Hermanos. Caracas. Vaenezuela.
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Rafael Del Naranco. EL MONO DE LA BARAJA y THE CARD JOCKER Editorial de Investigaciones Periodísticas EDINPE. Miami, FL, USA.
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Faraco Francisco & Suprani Romani. M. LA CRISIS BANCARIA VENEZOLANA. Editorial Panapo C.A. Caracas, Venezuela.
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Escalante, Ricardo. DE LA CAÍDA DE PÉREZ A LA CAÍDA DEL LATINO. Editorial Vadell Hermanos Caracas, Venezuela.
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Zapata, Juan Carlos. DR. TINOCO. VIDA Y MUERTE DEL PODER EN VENEZUELA. Colección Claroscuro. Caracas 2006
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Banco Latino was a Venezuelan bank founded as "BANCO FRANCES E ITALIANO PARA LA AMERICA DEL SUR" (
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Gustavo García. LECCIONES DE LA CRISIS BANCARIA DE VENEZUELA EDICIONES IESA. Caracas, Venezuela.
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Rodriguez Valdez, Angel. LATINO PECADO CAPITAL. Editorial Pomaire. Caracas, Venezuela.PDF
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BCV 60 años – TESTIMONIOS. Ediciones Banco Central de Venezuela. Caracas. Venezuela.
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129:) who did executive functions of "technical" financial management. Since 1974,
172:, Edwin Acosta-Rubio and Gustavo Gomez Lopez who were the bank top executives.
125:, with a CEO (the most famous was the French Jahn) and his vice presidents (as
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Méndez Cuevas, Olindo. LA ACTIVIDAD BANCARIA EN VENEZUELA. Caracas. Venezuela.
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However in the late '70s, during the first administration of former President
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Ordóñez, Rosana. LA CASA DEL ODIO. Editorial Planeta. Caracas, Venezuela.
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Pantin, Guillermo. LATINOMAFIA. Editorial Pomaire. Caracas, Venezuela.
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The Bank was controlled initially by a pool of French banks and the
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Jesús Ramón Quintero. LOS JUECES SUSPECTUS. Caracas. Venezuela
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The Card Joker: Or the Story of a Bank Management Style
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Failure of High-Flying Banks Shakes Venezuelan Economy
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289:BANKING: WE'RE ALL GOING TO PAY
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176:reported in 1994 that
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29:Finance and Insurance
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267:The New York Times
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333:Categories
242:References
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166:Interbank
86:based in
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162:bank run
65:Products
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108:Caracas
98:History
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43:Defunct
35:Founded
79:was a
123:Milan
92:PDVSA
284:TIME
84:bank
46:1994
38:1950
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