F1 » Kate Walker: The broke funding the broke…


In her latest exclusive column for Crash.net, Kate Walker looks at the financial situation in Venezuela and why PDVSA's involvement in F1 could be a saving grace...

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Taz

February 12, 2014 12:09 PM
Last Edited 162 days ago

Is this a press release for PDVSA?

Corruption in PDVSA is endemic, it's a well known fact in the oil industry. if PDVSA in it's current state is the answer to the Venezuela economy then they are stuffed.

RBS used to sponsor an F1 team, that did the UK economy a power of good....oh hang on.

Seriously, you need to research the subject matter a little further.

sprulz

February 12, 2014 1:35 PM
Last Edited 161 days ago

Seriously though, I think we are all very pissed about Maldo's money getting him that seat. However, PDVSA is in fact an OIL COMPANY. Kate Walker should really have paid attention to those two words. Just because the company is going to rough times right now, doesn't mean that they're broke. They sell a product that practically runs the world. Did she really think that a company that sells a product as valuable as oil would be affected by a little stagnation? They'll still have hundreds of billions in USD in the bank. "Broke"? I doubt it. As for this "stagnation". How long do you think it'll be before they find another reserve? If I ran a company that was responsible for 96% of Venezuela's foreign earnings, I'd work my a** off to keep it that way, before Venezuela finds it's economy in shambles.
I dislike Maldonado as much as the next guy, but let's admit it... PDVSA will fund him throughout his career, in F1 or not.

yowza

February 12, 2014 3:43 PM

I was under the impression that this is a motorsport site rather than a political soapbox to pursue various agendas. Kate Walker really seems to have it in for Venezuela.............................

GenoUSA

February 12, 2014 4:46 PM
Last Edited 162 days ago

The bus driver in charge of that country (and his predecessor) have run it into the ground with their ridiculous economic policies. Inflation there is like nothing seen in 30 years.

Venezuela was very rich with petro dollars and has managed to squander almost all of it in pursuit of state power and communist ideology.

The stores are out of toilet paper, yet they are paying for Maldonado to run in Formula 1.

Amerifast

February 12, 2014 8:48 PM

Poor twisting of a situation...

Raise your hand (then slap yourself with it) if you think there is a single company large enough to invest in Venezuelan Oil Infrastructure that will decide to do it because they saw an Advert.

This is a Playboy rolling round the world entertaining Fat Pol's while their people starve.

ProfessorX

February 13, 2014 7:46 AM

there are people starving in the US, in the UK and in Europe, don't think Venezuela has sole title on that one. Pastor isn't the only one in pro racing with big oil behind him, hope he takes a page from kimi's play book and run's ice cold this season, cause your pretty much gonna have to drive like a playstation to get the most out of your car.

Balacancer22

February 14, 2014 8:39 AM

This article has more to do with FDI in venenzuela, rather than concentrating on the Formula1 side.
Kate walker who earns my respect for some good articles, lost some of his reputation by writing a silly article.

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