Skooter reporting 05/03/12
You must be wondering what happens when greed meets stupidity in the stock market. For a weighty example, take a look at the recent free fall in Argentina’s largest oil and gas company, YPF (NYSE: YPF).
Argentine’s President Cristina Kirchner lately took a dividing line in expanding the state’s grip on the economy, stating she will send a bill to Congress to nationalize the firm.
Predictably, shares of YPF – and other Argentine stocks – broke down on the news.
Kirchner announced that this historic move must be made because the petroleum industry is of “national public interest.” Of course, what industry isn’t? From Banking down to Telecommunications? Manufacturing? Agriculture? These industries involved national public interest, right?
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