Argentina: Menem and Cavallo Sentenced to Jail for Embezzlement...Again

[Judi Lynn]

Argentina: Menem and Cavallo Sentenced to Jail for Embezzlement...Again
Published 27 March 2019

In December 1991, Menem authorized the sale of a property for US$30 million, when its real value was estimated to "at least," US$132 million.


An Argentine Federal Criminal Court sentenced former President Carlos Menem and his Minister of Economy Domingo Cavallo to jail for embezzlement on the count of irregularities in the sale of state-owned property in Buenos Aires, back in the 1990s.

According to the ruling, Menem is the "responsible author for the crime," and Cavallo a "participant of the embezzlement." The former president (1989 - 1999), and current Senator received a conviction of three years and nine months, while his Minister of Economy (1991- 1996) got three years and six months. As well as getting barred for life from holding public office.

The case involves the sale of a public plot of land named “La Rural” (The Rural), located in Palermo, a Buenos Aires neighborhood. Back in December 1991, the government authorized the Argentine Rural Society (SRA) to purchase it for US$30 million, when, according to the Supreme Court experts, its real value at that time was estimated to "at least," US$ 132 million. Meaning that the Argentine state suffered a loss of almost US$100 million.

The new sentence is for effective compliance, but will not be put into effect until the ruling is finalized in the superior instance of the Federal Chamber of Criminal Cassation, as Menem enjoys immunity as a senator. If this happens before the expiration of Menem’s parliamentary mandate, an impeachment will be requested to the Upper Chamber of Argentina's Congress.

More:
https://www.telesurenglish.net/news/Argentina-Menem-and-Cavallo-Sentenced-to-Jail-for-Embezzlement...Again-20190327-0027.html

[sandensea]

1. It was a ripoff even Trump would be impressed with

And sure enough, his pal Macri just did something similar: the auction, in November, of the Federal Shooting Range grounds for $150 million.

That sounds like a lot; but it's 40 acres in the upscale Núñez ward, where empty/demolition-ready lots seldom sell for less than $200 a square foot ($300/ ft² is about average).

The sale price in Macri's auction amounted to $85 a square foot. That translates to a transactional loss for the state of at least $200 million.

Thanks for finding this, Judi.

'La Rural' expo grounds - named for its owners, the Argentine Rural Society (SRA).

The country's leading ranchers' association, the SRA are also among the top backers of conservative policies in general - particularly tax policy.

Menem's 1991 sweetheart deal for the 30-acre 'La Rural' lot was part of his effort to win them over - and it more or less worked.

In 2015 the SRA "did quite a lot" to get Macri elected, according to former head Hugo Biolcatti.

"But Macri shouldn't think he has our support in the bag this time," he recently warned, "because we've got more than enough reason to be disappointed."

[Judi Lynn]

2. Wow. "All sales are final..." So there is no one who can reverse the damage he did to the country

by creating a huge profit for his hoped for supporters.

Slimy, horrible person.

I was curious about the photo: Was the land used for a bull fighting areana? I see cattle, and men on horses, and I'm hoping it's not for bullfights. That would be an even more unforgivable element of this transaction.

Macri's been dirty so long, hasn't he? He can never, never repay the debt he owes the citizens, it's overwhelming.

Thank you for this shocking treachery news. He and his friends must have been so proud of themselves.

[sandensea]

3. Indeed. As far as economics Macri's worse than Menem, and almost as bad as the dictatorship was.

It'll take 3 or 4 years of expansionist policies similar to Néstor Kirchner's in '03 to recover the economy - with the IMF (and some business rags, I'm sure) hissing and spitting all the way. Qué será, será.

As to the La Rural fairgrounds, you'll be happy to know they've always been just that: fairgrounds.

The stands you see around the showground were designed by Italian Architect Salvatore Mirate, and inaugurated in 1910. Many of its more ornate exterior elements, sadly, were removed in the 1930s as a cost-saving measure.

La Rural has historically been used for livestock and farm equipment exhibitions. But a modern convention center (visible on the left of photo), opened in 1999, makes up most of their revenues these days.

The U.S. Embassy, coincidentally, is just behind this convention center.

A number of politically significant events have taken place at La Rural over the years as well.

Perhaps the most memorable is the August 13, 1988, visit by President Raúl Alfonsín - who faced not only the massive debt crisis inherited from the dictatorship (along with an economic collapse and 400% inflation); but also a recalcitrant agricultural sector, which resented paying any taxes at all.

Here's Alfonsín at the time. The thunderous booing and insults obliged Alfonsín to dispense with his prepared remarks, and instead he said this:

“You wouldn't be able to protest like this during a dictatorhip. Yet some behaviors are not consistent with democracy, because it is a fascist attitude not to listen to the speaker.

I don't believe an agricultural producer would behave this way. Those behaving this way are the same ones who remained silent whenever dictators came to speak.

They are also the same ones who were wrong, and applauded those who destroyed Argentine agriculture - they are not the agricultural producers.

If anyone has an interest in taking political advantage of this Rural Exhibition, they are mistaken.”

[Judi Lynn]

4. First time to have heard Raul Alfonsin's voice. Was happy to hear such clear diction.

What a disaster he inherited, and he still took responsibility, a very courageous person.

It was good to see what the fairgrounds look like at ground level. It's really pleasant, far nicer looking that they usually are. Very cool.

It was nice to hear the moment when the supporters' applause overwhelmed and surpassed the uproar of the supporters of the dictatorship. It looked as if there were too many, at first, but once the sane ones started responding it was easy to see there was a far greater non-fascist population, after all. Thank goodness.

Thanks for the great information!