Anybody still think Chavez isn't an out-and-out communist?

Venezuelan President Hugo Chavez is set to tighten his government's grip on the economy by taking over his first bank, the local unit of Spain's Banco Santander SA. Plans to nationalize the country's third-largest bank, announced yesterday, will give the state access to Banco de Venezuela SA Grupo Universal's 285 offices and $9.46 billion in deposits. It follows nationalizations in the oil, steel, cement, electricity and telecommunications industries. Chavez said he will pay "fair compensation" and said he has been in touch with the bank's local president, and that he is interested in seeking a "friendly agreement.''