Russ Dallen Explained

Russ Dallen
Birth Name:Russell Morris Dallen Jr.
Birth Date:January 20, 1963
Occupation:economist, journalist, editor, publisher, attorney
Employer:Oppenheimer & Co
Latin American Herald Tribune

Russell Morris Dallen Jr. or Russ Dallen (January 20, 1963 – September 17, 2021) was an American economist, financial advisor, international lawyer, publisher, and journalist.[1] From 2000 to 2007, he was head of the Latin American office of investment bank Oppenheimer & Co. in Caracas, Venezuela.[2] [3]

He was also president and editor–in–chief of the Venezuela Daily Journal and editor–in–chief of the Latin American Herald Tribune.[4] [5]

Early life

Dallen was as a paperboy for The Times-Picayune of New Orleans as a teenager.[6] In high school, he was the editor of a weekly eight-page section of the Sun Herald.[7] In 1981 when he was a senior in high school, Dallen was named an Outstanding Future Leaders at the National Century III Leaders Conference, a scholarship program sponsored by the National Association of Secondary School Principals.[8]

Dallen attended the University of Mississippi where he received a B.A. in economics and political science in 1985. While there, he was a member of St. Anthony Hall and worked for the local paper The Oxford Eagle. In 1983, he was awarded the $40,000 Harry S. Truman Scholarship, making Dallen the first Truman Scholar from the University of Mississippi.

Dallen was named a Foreign and Commonwealth Office Scholar to the University of Oxford where he received a M.A. in law. His master's thesis at Oxford, "An Overview of European Community Protection of Human Rights, with some Special References to the U.K.", was named Article of the Year by the Common Market Law Review and published in book and journal form by them in 1990.[9] He also received a diploma in international law from Nottingham University.

He was a Fellow at Columbia University. senior fellow at the United Nations Association, an American Fellow in the European Community Visitors Program, and the Harold W. Rosenthal Fellow for the United States Senate Committee on Foreign Relations[10]

Career

Writer and journalist

While at the Columbia University, Dallen wrote for The Daily Telegraph of London and became an editor of the Journal of International Affairs. He also interned at Newsweek, going on to work as a foreign correspondent for Newsweek in London.

Dallen is the author or contributing author of several scholarly works, including four books, and numerous newspaper and magazine articles including The Christian Science Monitor.[11] [12] He assisted Louis Henkin with the Restatement (Third) of the Foreign Relations Law of the United States and Henkin, Hans Smit, and Oscar Schachter with International Law.[13] [14]

Dallen served on the editorial board of the Southern literary magazine Oxford American and The Hemispheric Review.

In 2003 he bought the English-language Venezuela newspaper The Daily Journal, becoming its president and editor–in–chief from 2003 to 2006. He then became its President Emeritus. When The Daily Journal ceased publication in 2008, its successor was the online newspaper, the Latin American Herald Tribune. Dallen was editor–in–chief of the Latin American Herald Tribune.

Commentator

Dallen was a frequent commentator in print, and on radio and television about South American affairs.[15] [16] [17] He testified before the United States Senate and the Human Rights Commission of the United States House of Representatives.[18] [19] He also addressed the State Department, the National Intelligence Council, the United States Southern Command, and United States Committee on Foreign Relations.[20] [21] [22] [23] [24] He also spoke to the and Council on Foreign Relations and lectured at universities.[25] [26] [27] [28]

Finance

Dallen was head of the investment bank Caracas Capital Markets, managing partner at family office Ophiuchus Capital Management, strategic advisor to the exchange-traded Venezuela Opportunity Fund. From 2000 to 2007, he was head of the Latin American office of investment bank Oppenheimer & Co. in Caracas, Venezuela. He then oversaw capital market activities for BBO, a Venezuelan investment bank.

Dallen's investing was chronicled by the Financial Times in a 2014 article, saying, "…The basket of defaulted Argentina bonds, bought by Dallen for clients last year when they were trading for 30 something cents on the dollar, rose through the mid 1980s to reach a bid price of 90 cents on the dollar." He sold them at 150, quintupling his clients' and firm's investments.[29] [30] [31] [32] [33]

In Venezuela, Dallen began pointing out shortages, including being the first to point out most famously the toilet paper shortage[34] [35] [36] —in January 2013 when oil was above $100 a barrel and warning of the economic collapse that would come.[37] [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] At the same time, Dallen was able to double investments of his firm and clients in Harvest Natural Resources (NYSE: HNR) in one month before taking profits[48] [49] [50] [51] [52] and earn a 60% return in 6 months in Venezuelan Koch brothers entity Fertinitro.[53] [54]

In early 2016, Dallen began warning that Venezuela would default on its billions in foreign debt, telling Reuters that "It is a question of when, not if," and noting that "The only thing that could change that is a sharp recovery in oil prices, and/or a bailout from Venezuela's friends in China, Russia or Iran."[55]

Keying on cashflows from China and Russia, Dallen would help discover and publicize that Venezuela's state-owned oil company PDVSA was so short of cash that they had mortgaged 49.9% of their U.S. oil refinery Citgo to Russia's state-owned oil company Rosneft[56] [57] [58] [59] and he would later be called upon to testify about Russia's actions before Congress.[60] [61] [62]

The Financial Times in an article titled "Venezuela stopped bond payments in September" credited Dallen with the discovery and proof.[63]

Bloomberg noted that Dallen and his investors were able to profit from his default prediction—for a 300% return when Venezuela and PDVSA were declared in default in November by the International Swaps and Derivatives Association (ISDA).[64] [65]

Publications

Professional affiliations

Dallen was a member of the International Law section of the New York State Bar Association.[66] [67] He served on the board of the Truman Scholars Association and the Rosenthal Fellowship Advisory Board[68] He was a speaker at the Annual Meeting of the American Society of International Law in 2019.[69]

He was a presidential fellows mentor at the Center for the Study of the Presidency and Congress.

He was a member of the support committee of Conciencia Activa Venezuela, the media committee of the Venezuelan American Chamber of Commerce, and the board of the Venezuelan American Friendship Association.

Awards and honors

Personal life

Dallen married Jeanette Garavito, a Venezuelan lawyer. He had a son, Russell M. Dallen III, and two daughters, Allegra Julia Faye Dallen and Arabella Sarah Emma Dallen.

He died on 17 September 2021, at the age of 58.[74]

Notes and References

  1. Web site: Tribute Archive Obituary - Visitation & Funeral Information. www.tributearchive.com. 14 July 2023.
  2. News: Romero . Simon . 9 November 2009 . As others fled Venezuela, Stanford International saw a golden opportunity - The New York Times . . 14 February 2017.
  3. Web site: US State Department & NIC - Venezuela's Economic Options and Political Outlook . scribd.com . 14 February 2017.
  4. Web site: Abadie . Elaine . Summer 2011 . National Scholars: Where Are They Now." View From Ventress. . 14 February 2017 . issue.com . University of Mississippi.
  5. Web site: Latin American Herald Tribune - Russ Dallen: 60 years of Venezuelan history . laht.com . 14 February 2017.
  6. Web site: 2007-09-27 . The Daily Journal - Russell M. Dallen Jr. . 2022-05-28 . https://web.archive.org/web/20070927105217/http://www.dj.com.ve/article.asp?ArticleId=192540&CategoryId=13282 . 27 September 2007 . dead.
  7. Web site: Latin American Herald Tribune - Russell M. Dallen Jr. . laht.com . 14 February 2017.
  8. Web site: A senior at Marian High School in Birmingham, Mich.,... - UPI Archives . 14 February 2017 . upi.com.
  9. Common Market Law Review - Kluwer Law Online . @Viewbag.citationjournaltitle . kluwerlawonline.com . @ViewBag.citationvolume . @ViewBag.citationissue . 14 February 2017.
  10. Web site: Harold W. Rosenthal Fellowship in International Relations . 2022-05-28 . Go Government . en-US.
  11. Web site: Russell M Dallen Jr - Google Scholar Citations . 14 February 2017.
  12. 8 July 1992 . A First Step Toward an International Criminal Court - CSMonitor.com . Christian Science Monitor . csmonitor.com . 14 February 2017.
  13. Book: Henkin, L. . International law: cases and materials . 1987 . West Pub. Co. . 9780314304056 . 14 February 2017.
  14. Web site: Restatement of the Law (3d) of Foreign ... - Legal Solutions . legalsolutions.thomsonreuters.com . 14 February 2017.
  15. News: As Others Fled Venezuela, Stanford Saw a Chance - The New York Times. The New York Times. 19 February 2009. 14 February 2017. Romero. Simon.
  16. Web site: Latin American Herald Tribune - Dallen: Argentina's First Default. laht.com. 14 February 2017.
  17. Web site: Seven charts showing why Venezuela's economy is a basket case - Telegraph. telegraph.co.uk. February 3, 2015 . 14 February 2017.
  18. Web site: 30 November 2015 . Venezuelan Elections at a Time of Human Rights Concerns - Tom Lantos Human Rights Commission . humanrightscommission.house.gov . 14 February 2017.
  19. Web site: TESTIMONY -- Russ Dallen - US Senate Committee on Foreign Relations -- Political and Economic Crisis in Venezuela - 17 March 2015 - Venezuela . scribd.com . 14 February 2017.
  20. Web site: The End of the Beginning of Chavismo in Venezuela - Cato @ Liberty . 14 February 2017 . cato.org.
  21. Web site: US escalates push for change in Venezuela - Miami Herald . miamiherald.com . 14 February 2017.
  22. Web site: EEUU busca una nueva estrategia sobre Venezuela - El Nuevo Herald . elnuevoherald.com . 14 February 2017.
  23. Web site: Temen colapso y caos en Venezuela - El Nuevo País y Zeta . enpaiszeta.com . 14 February 2017.
  24. Web site: Agenda - Analytic Exchange on Western Hemisphere Regional Trends -16 Sept 2016 - United States Department Of State - International Relations . scribd.com . 14 February 2017.
  25. Web site: Council on Foreign Relations Notice of Venezuela Speech by Russ Dallen . scribd.com . 14 February 2017.
  26. Web site: Venezuela - Progress or Stalemate? - Venezuela. scribd.com. 14 February 2017.
  27. Web site: Venezuela Coming Apart. scribd.com. 14 February 2017.
  28. Web site: Venezuela: Petro-State in Crisis . scribd.com . 14 February 2017.
  29. Web site: Argentina's holdout saga: pacta sunt servanda - beyondbrics. blogs.ft.com. 14 February 2017.
  30. Web site: Latin American Herald Tribune - Argentina's Defaulted Bonds Soar as Elliott Bemoans 'Radio Silence'. laht.com. 14 February 2017.
  31. Web site: Bonos en default marcan récord tras el fallo que amplió el reclamo holdout - El Cronista. Cronista.com. cronista.com. 15 June 2015 . 14 February 2017.
  32. News: Argentina's New Bonds Gain in Early Trading Amid Jumbo Sale - Bloomberg. bloomberg.com. Bloomberg . 19 April 2016 . 14 February 2017.
  33. Web site: iProfesional Móvil. m.iprofesional.com. 14 February 2017.
  34. Web site: FutureChallenges - Still on the Brink: Seven Things We Know About Venezuela. futurechallenges.org. 14 February 2017.
  35. Web site: Video: Venezuela's Uncertain Future - AS/COA. as-coa.org. 14 January 2013 . 14 February 2017.
  36. Web site: After Hugo Chávez, the death of 'Chavismo'. macleans.ca. 14 February 2017.
  37. Web site: Summary: Venezuela's Uncertain Future - AS/COA . 14 January 2013 . as-coa.org . 14 February 2017.
  38. Web site: Russell Dallen - C-SPAN.org. c-span.org. 14 February 2017.
  39. Web site: Guest post: Venezuelans wake up to economic realities - beyondbrics. blogs.ft.com. 14 February 2017.
  40. Web site: Maligned dollar flourishes in Venezuela - The Washington Post. washingtonpost.com. 14 February 2017.
  41. Web site: Venezuela lacks a lot more than McDonald's French fries - Jan. 16, 2015. money.cnn.com. 16 January 2015. 14 February 2017.
  42. Web site: How Bad Are Things In Venezuela? It's Rationing Food – And Importing Oil - WLRN. wlrn.org. 23 October 2014. 14 February 2017.
  43. Web site: Venezuela's cash could run out 'within a year' - Aug. 3, 2016. money.cnn.com. 3 August 2016. 14 February 2017.
  44. Web site: Venezuela podría quedarse sin dinero 'en menos de un año' - CNNEspañol.com. cnnespanol.cnn.com. 4 August 2016. 14 February 2017.
  45. Web site: 委内瑞拉的钱一年内就会用光-国际新闻-中金网. news.cngold.com.cn. 14 February 2017.
  46. Web site: venezuela-co-the-sap-het-sach-tien-20160804165239194. soha.vn. 4 August 2016 . 14 February 2017.
  47. Web site: Simpanan Tunai Venezuela Diperkirakan Habis Setahun Lagi - Tribunnews.com. tribunnews.com. 14 February 2017.
  48. News: Harvest Shares Soar on Venezuela Oil Sale to Indonesia . bloomberg.com. 22 June 2012. 14 February 2017.
  49. Web site: Latin American Herald Tribune - ANALYSIS: Are There Signs of Life in Venezuela's Stock Market?. laht.com. 14 February 2017.
  50. Web site: Oil and Gas Discussion BB - HNR says Venezuelan Sale likely to go through in comments after the close today. - Oil and Gas Discussion BB - InvestorVillage. investorvillage.com. 14 February 2017.
  51. Web site: Análisis Reuters: ¿Hay señales de vida en la bolsa de Venezuela?. economia.noticias24.com. 14 February 2017.
  52. Web site: Page does not exist . giornalettismo.com. 14 February 2017.
  53. News: www.bloomberg.com/news/articles/2011-12-06/chavez-windfall-for-bondholders-means-60-fertinitro-return-2. bloomberg.com. 6 December 2011. 14 February 2017.
  54. News: When Chávez Seizes, Bondholders Profit - Bloomberg. bloomberg.com. 15 December 2011. 14 February 2017.
  55. News: Oil rout raises fears of Venezuela debt default. Paul. Kilby. 20 January 2016. reuters.com. 5 August 2018.
  56. Web site: Latin American Herald Tribune - Venezuela Admits Mortgaging Citgo in the USA to Russia, Goes on Attack. laht.com. 5 August 2018.
  57. Web site: Latin American Herald Tribune - Venezuela's PDVSA Mortgages US Refinery Citgo to Russia's Rosneft. www.laht.com. 5 August 2018.
  58. Web site: Citgo podría pasar a manos de petrolera rusa tras desesperado acuerdo de Maduro. elnuevoherald.com. 5 August 2018.
  59. Web site: Latin American Herald Tribune - Owed $1.4 Billion by Venezuela, Crystallex Sues Russia's Rosneft & PDVSA Bondholders for CITGO. www.laht.com. 5 August 2018.
  60. Web site: Dallen - Testimony - Venezuela's Tragic Meltdown - Barrel (Unit) - Rosneft . Scribd . 5 August 2018.
  61. Web site: Subcommittee Hearing: Venezuela's Tragic Meltdown - Committee on Foreign Affairs . house.gov . 5 August 2018.
  62. https://www.gpo.gov/fdsys/pkg/CHRG-115hhrg24831/pdf/CHRG-115hhrg24831.pdf Venezuela's tragic meltdown
  63. Web site: Venezuela: The EMD play that's not for the faint hearted. citywire.co.uk. 5 August 2018.
  64. News: These Venezuela-Dedicated Hedge Funds Lost Faith in Their Bond Bets. 17 November 2017. bloomberg.com. 5 August 2018.
  65. https://www.investors.com/wp-content/uploads/2017/11/IBD110717INTEREST.pdf Gung-Ho On Venezuela?
  66. Web site: International - Directory of Members . old.nysba.org . 14 February 2017.
  67. Web site: Committee Roster . nysba.org . 14 February 2017.
  68. Web site: 2012-2013 Board of Directors - Truman Scholars Association . 14 February 2017 . trumanscholars.org.
  69. Web site: March 2019 . 113th ASIL Annual Meeting . May 28, 2022 . American Society of International Law.
  70. Web site: Notable Alumni: Scholars. olemissalumni.com. 14 February 2017.
  71. Web site: Search Our Scholars - The Harry S. Truman Scholarship Foundation. truman.gov. 14 February 2017.
  72. Web site: About. ophiuchuscapital.com. 14 February 2017.
  73. Book: Tartt, D. . The Secret History . 2011 . Knopf Doubleday Publishing Group . 9780307765697 . 14 February 2017.
  74. Web site: Russ Dallen, Venezuela Bond Expert and Commentator, Dies at 58. Bloomberg News. 18 September 2021. 18 September 2021.

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