Two days after US Special Forces plucked him from his palace, deposed Venezuelan President Nicolás Maduro and his wife Cilia Flores pleaded not guilty to drug trafficking and weapons charges in a federal courtroom in Manhattan yesterday.
During the arraignment, Maduro asserted that he’s still Venezuela’s president and called himself “kidnapped” and a prisoner of war—countering prosecutors’ claim that he remained in power illegitimately after losing the 2024 election. Maduro faces life in prison if he is convicted following a jury trial and what is likely to be a legal battle over whether his arrest was lawful. He’s retained a legal team t…
Two days after US Special Forces plucked him from his palace, deposed Venezuelan President Nicolás Maduro and his wife Cilia Flores pleaded not guilty to drug trafficking and weapons charges in a federal courtroom in Manhattan yesterday.
During the arraignment, Maduro asserted that he’s still Venezuela’s president and called himself “kidnapped” and a prisoner of war—countering prosecutors’ claim that he remained in power illegitimately after losing the 2024 election. Maduro faces life in prison if he is convicted following a jury trial and what is likely to be a legal battle over whether his arrest was lawful. He’s retained a legal team that includes DC attorney Barry Pollack, who previously represented Julian Assange.
Moneymaking moment?
Down the street from the courthouse where Maduro was arraigned, Wall Street appeared to brush off concerns about geopolitical instability arising from the forced ouster of a world leader:
- US oil stocks like ExxonMobil and Chevron rallied, reflecting optimism as President Trump promised that US oil companies will regain access to Venezuela’s petro riches, although experts note that revitalizing Venezuela’s dilapidated drilling infrastructure would take years and require enormous investments.
- US and European defense stocks also soared yesterday, with analysts predicting Uncle Sam’s surprise military intervention will spur countries to boost military spending.
Meanwhile, some swashbuckling merchants are already typing “Caracas” into Google Flights. Charles Myers, who chairs the consulting firm Signum Global Advisors, told Business Insider he plans to travel to Venezuela’s capital along with 20 US investors. Myers said that aside from oil and gas, he also sees “massive opportunities in construction, in tourism” with up to $750 billion in foreign investment potential over the next five years.
**Looking ahead…**Venezuela’s business climate will depend on the stability of its recently decapitated government, now headed by Maduro ally Delcy Rodríguez, who was sworn in as interim president yesterday. Trump told reporters that Secretary of State Marco Rubio has been talking with Rodríguez and that she’s willing to do “whatever the US asks.”—SK