Exxon freezes 13 billion of Venezuela's assets. So Chavez cuts off oil to America. Isn't that sound business?

Chavez already paid Exxon the value Exxon had in its books for its properties in Venezuela (he didnt just nationalize the oil companies, he paid them billions when he did it)

Now Exxon is saying its properties were worth much more than that, doesnt that meant that Exxon actaully owes Venezuela tons of back taxes??

Exxon had a contract with the country and took a huge risk in investing there. Chavez knew exactly what he was doing. He waited until Exxon and the other oil companies were finished their major exploration, drilling, and construction projects and then determined the deal was "robbing" the people of Venezuela. Exxon should be paid for its investment and lost income. If a court determines they should get X amount of dollars for Chavez breaking that agreement, then they deserve X amount of dollars, not what Chavez thinks his victim should receive. Good for Exxon!

The only travesty here is that the thousands of smaller investors and individuals who Chavez has screwed do not have the lawyers to fight Chavez's theft.

Yeah, you made a nice argument for Chavez. It's just too bad the facts get in the way.

Hugo Chavez is the democratically elected leader of Venezuela, and he is the person to decide how the oil is to be dealt with.

Not Exxon.

Frankly, Exxon has far too much power for a mere "business" anyway. Why on Earth would they think they should be able to determine a foreign country's oil policy?

It's none of their damn business if Venezuela decides to nationalize their own damn oil.

However, I would bet a million bucks that the bigwigs at Exxon had a stroke apiece when THAT news was announced!

Hugo Chavez knew that Exxon as a Corporation enjoying huge profits from their enterprises, on the backs of the American people, is tied to the Bush Administration with its oil interests amid the leadership, almost every one of them profiting from the price of our gas. Since Chavez resents Bush and everything he represents and he knew that the Bush Administration had to approve the freezing of funds, he punished Exxon in the way that he did.

We live in a Corporate-run world. Huge Corporations have their eyes on the money and with nationalized oil, they were losing the profits from Venezuela. I am not a big fan of Nationalized Oil Interests, but it is not too far away from what we have now. Venezuela, as a nation, has a right to handle their interests in any way they please. If they object to Chavez' handling of it, it is their job to straighten out their country. Venezuela's money is Venezuela's money and Exxon had no right to do as they did.

I am absolutely against Big Government and view government regulations and control as a last resort. When an industry or individual corporations become more powerful than the world's only superpower, something has to be done. The entire system has gone awry. The problem is, our government IS the corporate elite. The policy makers ARE the profit takers, who in turn pay the truth makers. And the wheel goes 'round.

Chavez is an ally of We The People, our government is our enemy. They don't even bother to hide it anymore. At this point chemo won't even begin to touch the 'cancer' (Fascist Corporate Corruption). Any ideas?

A contract was signed by Exxon and the Venezuelan government. In steps the newest Castro wannabe, and he breaks the contract. Under international law, Exxon would win in court. If you study the history of Latin America, you will see that all those countries go from one far left government to one far right government and back again, since 1810. Although I don't like big corporations, they can take their grievances to court and the U.S. government has no power to do anything about it. Chavez , obviously, has no clue what democracy is all about. The Venezuela people would be better off without him and his like.

we could desire to consistently have had a pair of Marine sharp shooters on the United countries assembly in manhattan in September 2007 whilst Chavez and Iranian President Ahmadinejed got here to the U.S. and extra them the two out.we would have saved hundreds of lives by ability of doing this justice for the international.

I haven't done business with them since they reported those insane profits Paid the last Ceo 4 billion in his retirement package and had the highest gas prices in America. They have gotten 6 dollars from me in 3 almost years. as for Venezuela they Should Freeze the funds . The technology Chavez stole is worth at least that. Anyway I believe we should Annex Venezuela Jail Chavez and TAKE the oil.

I agree.

If the oil companies were raping my country without the benefit of lube (which they are)...and I had the power to stop it I would.

If then someone froze my accounts I would cut off their oil..freeze any accounts of theirs I could, throw out all people from that country and block them from entering my country.

To those saying stolen from exxon, etc> Please explain to me 1) why it is ok for us govt to do same exact thing via eminent domain? 2) Why this is not fair as Exxon steal from everyone?

To hell with Exxon and Chavez.