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...took advantage of the shift was Pedro Tinoco, president of Banco Latino and an old friend of Perez's. The President made the extraordinary move of naming him head of the central bank, even as Tinoco remained Banco Latino's largest shareholder. Soon millions of dollars in government funds were deposited in Banco Latino, which used them to help launch a major expansion. By 1993, the year in which Tinoco died of cancer, Banco Latino had blossomed from the country's eighth largest bank into its second largest...

Author: /time Magazine | Title: BANKING: WE'RE ALL GOING TO PAY | 2/20/1995 | See Source »

While the bankers played, government oversight was, to put it mildly, minimal. Wearing his central-banker hat, Tinoco ensured that new regulations governing the industry did not take effect and that oversight remained inadequate. According to later investigations, regulatory officials were paid to look the other way or lacked the authority or manpower to intervene...

Author: /time Magazine | Title: BANKING: WE'RE ALL GOING TO PAY | 2/20/1995 | See Source »

...denies him a fair hearing. He claims to be the victim of a vendetta by Investment Minister Carlos Bernardez, an old political enemy with whom he vied for control of Banco de Venezuela, one of the country's oldest banks, which is now in government hands. -Gustavo Gomez Lopez, Tinoco's successor as president of Banco Latino. He insists he is innocent and claims he is being targeted by Caldera, who, he says, is determined to punish the friends of his old foe Perez. Gomez Lopez says most of Banco Latino's losses can be attributed to the deteriorating economy...

Author: /time Magazine | Title: BANKING: WE'RE ALL GOING TO PAY | 2/20/1995 | See Source »

...Tinoco, on the other hand, blamed the contras for the breakdown in the negotiations...

Author: NO WRITER ATTRIBUTED | Title: Nicaraugan Negotiations Called Off | 2/20/1988 | See Source »

...Tinoco said the government's formal response accepted the cardinal's five-point proposal in principle, but said it was "indispensable to arrive at a definition and agreement" on his cease-fire plan...

Author: NO WRITER ATTRIBUTED | Title: Nicaraugan Negotiations Called Off | 2/20/1988 | See Source »

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