The Quest for Profit: Essays, Ideas and Useful Context

Betancourt's rise is closely linked to Venezuela's turbulent political and economic history. He first became wealthy through Derwick Associates, a company that won lucrative contracts to build electricity-generation infrastructure during an acute power crisis under the government of former President Hugo Chávez. Critics have alleged that some of those contracts were awarded without normal competitive bidding and that project prices were inflated. Betancourt has denied wrongdoing, and importantly, he has not been convicted or formally charged with a crime in relation to the allegations. Nevertheless, his history has made him a politically controversial figure, particularly among Venezuelans who view wealthy businesspeople who prospered during the Chávez era with suspicion. The group of entrepreneurs who became extremely wealthy through government-linked opportunities during that period are sometimes referred to as "bolichicos," a term that has become central to criticism of Betancourt's rise.