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][2] From 2000 to 2007, he was head of the Latin American office of investment bank
Oppenheimer & Co. in
Caracas, Venezuela.[3][4]
Dallen was as a paperboy for The Times-Picayune of
New Orleans as a teenager.[7] In high school, he was the editor of a weekly eight-page section of the Sun Herald.[8] 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.[9]
Dallen was named a
Foreign and Commonwealth Office Scholar to the University of Oxford where he received a M.A. in law.[2][7][4] 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.[12][7] He also received a diploma in international law from
Nottingham University.[2][7][4]
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[2][13][7]
In 2003 he bought the English-language Venezuela newspaper The Daily Journal, becoming its president and editor–in–chief from 2003 to 2006.[7] He then became its President Emeritus.[7] When The Daily Journal ceased publication in 2008, its successor was the online newspaper, the Latin American Herald Tribune.[6] Dallen was editor–in–chief of the Latin American Herald Tribune.[5]
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.[3] He then oversaw capital market activities for BBO, a Venezuelan investment bank.[3]
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.[32][33][34][35][36]
In Venezuela, Dallen began pointing out shortages, including being the first to point out most famously the toilet paper shortage[37][38][39]—in January 2013 when oil was above $100 a barrel and warning of the economic collapse that would come.[40][41][42][43][44][45][46][47][48][49][50] 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[51][52][53][54][55] and earn a 60% return in 6 months in Venezuelan
Koch brothers entity
Fertinitro.[56][57]
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."[58]
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[59][60][61][62] and he would later be called upon to testify about Russia's actions before Congress.[63][64][65]
The Financial Times in an article titled "Venezuela stopped bond payments in September" credited Dallen with the discovery and proof.[66]
A U.N. Revitalized: A Compilation of UNA-USA Recommendations on Strengthening the Role of the United Nations in Peacemaking, Peacekeeping, and Conflict Prevention, 1992[14]
Article of the Year, Common Market Law Review for "An Overview of European Community Protection of Human Rights, with some Special References to the U.K".[12][7]
Dallen married Jeanette Garavito, a Venezuelan lawyer.[2] He had a son, Russell M. Dallen III, and two daughters, Allegra Julia Faye Dallen and Arabella Sarah Emma Dallen.[2][7]
He died on 17 September 2021, at the age of 58.[74]