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NINETY EIGHT REGENCY

Chavez announces takeover of auto parts company

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Chavez announces takeover of auto parts company

Associated Press

Caracas, Venezuela -- Venezuelan President Hugo Chavez says his government will expropriate a small auto parts company and turn over its management to workers.

Chavez said Tuesday night that AutoSeat de Venezuela, which has been closed since last year, will be expropriated.

The auto assembly industry in Venezuela has been troubled in recent years due to labor conflicts and delays in government approval for dollars to pay for imported parts.

The company closed the two plants it had in the town of Guacara and Los Guayos last year. There was no immediate reaction from the company's owners.

The socialist president has in the past three years nationalized companies in industries from telecommunications to cement.

From The Detroit News: http://www.detnews.com/article/20100616/AUTO01/6160382/1148/Chavez-announces-takeover-of-auto-parts-company#ixzz0r1PdqXVV

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lol. Atlas Shrugged in real life. Of course, this is the predictable path of any socialist worker's paradise.

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Chavez is a menace.

+1

but his policies will be his downfall, no cia (or other) action will be warranted.

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Priceless! He finds ways to show how incompetent he is without trying too hard.

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Ok, so unemployed workers will get a mothballed factory... and how exactly does that help their situation?

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Priceless! He finds ways to show how incompetent he is without trying too hard.

Pretty much....

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