CONFISCATIONS/ Who is who?
RAFAEL CORREA DELGADO

President Rafael Correa has used politics and the case of the Isaias brothers systematically in his favor, blaming them for causing the banking crisis, stigmatizing them publicly and denigrating their honor and reputation.


In 2007 Correa asked the economist Eduardo Valencia, then president of the Board of the CFN, to prepare a report on the banking crisis of the late 90’s; said report backfired on him because it ultimately ended up implicating his cousin Pedro Delgado as the facilitator of credit to bankrupt bankers and the responsible party for a national loss of 1,178 billion US dollars.


Valencia resigned and Correa till this day keeps absolute silence regarding that report.  However, despite having knowledge on the identity of the true culprits behind the banking crisis he ordered the confiscation of the assets, businesses and media outlets pertaining to the Isaias, on July 8, 2008. Correa assured the country that in six months he would sell all that was confiscated and the depositors would be paid. Neither was ever done.


What Correa sought was to build a state propaganda mechanism to ensure the promotion of his revolutionary model that would control public opinion, sell the official truth, and set indefinite term limits. To accomplish this, the television channels of the Isaias brothers TC Television. Gamavision and CN3 which amounted to almost 45% of the national media coverage would prove to be key assets.


Correa said the Isaias brothers owed the state about $460 million dollars. According to official figures, they seized $768 million USD in assets, businesses and media outlets that were ultimately squandered, depreciated, and bankrupted. The country has never been given any kind of accountability for the confiscated assets at any time.


Correa urged for judicial reform through the referendum of May 7, 2011. Prior to this, in a public speech he warned the nation that he would put his hands on the courts. The new Court, patently correista, is perhaps the most questionable of all courts in the history of the Republic of Ecuador due to its repeated and not at all surprising judgments in favor of Correa, his revolutionary government and against all opposition, including journalists and all those that dare oppose his political agenda.

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