Pedro Tinoco was Venezuela

Venezuela

Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...

's Minister of Finance from 1969 to 1972, under President Rafael Caldera

Rafael Caldera

Rafael Antonio Caldera Rodríguez was president of Venezuela from 1969 to 1974 and again from 1994 to 1999.Caldera taught sociology and law at various universities before entering politics. He was a founding member of COPEI, Venezuela's Christian Democratic party...

. He was then Chairman of the Board of Banco Latino

Banco Latino

Banco Latino was a Venezuelan bank based in Caracas, and at the time of its 1994 failure was the country's second largest. It had a good relationship with the government, such that ministries moved their accounts to the bank, and the army and the state-owned oil company PDVSA entrusted their...

 from 1975, and one of Carlos Andrés Pérez

Carlos Andrés Pérez

Carlos Andrés Pérez Rodríguez , also known as CAP and often referred to as El Gocho , was a Venezuelan politician, President of Venezuela from 1974 to 1979 and again from 1989 to 1993. His first presidency was known as the Saudi Venezuela due to its economic and social prosperity thanks to...

's "Twelve Apostles

Twelve Apostles (Venezuela)

The "Twelve Apostles" were a group of Venezuelan businessmen close to President Carlos Andrés Pérez. The term was coined by Duno and became part of the Venezuelan political language. The group included Diego Arria and Pedro Tinoco and Carmelo Lauria...

".

He resigned in 1989 to take on the presidency of the Central Bank of Venezuela

Central Bank of Venezuela

The Central Bank of Venezuela is the central bank of Venezuela. It maintains a fixed exchange rate for the Venezuelan bolívar.-External links:*...

. Under Tinoco's chairmanship of the central bank, interest rates were liberalised with little effective banking supervision, and Banco Latino, which in 1988 was the central bank's largest debtor, went from the country's fifth-largest to second-largest bank. Banco Latino was the first bank to fail in the Venezuelan banking crisis of 1994

Venezuelan banking crisis of 1994

The 1994 banking crisis occurred in Venezuela when a number of the banks of Venezuela had to be taken over by the government. The first to fail, in January 1994, was Banco Latino, the country's second-largest bank. Later, two banks accounting for 18% of total deposits also failed...

.

He was a candidate in the Venezuelan presidential election, 1973

Venezuelan presidential election, 1973

General elections were held in Venezuela on 9 December 1973. The presidential elections were won by Carlos Andrés Pérez of Democratic Action, who received 48.7% of the vote, whilst his party won a majority of seats in the Chamber of Deputies and Senate. Voter turnout was 96.5%.-President:-Congress:...

, in which he was one of four candidates claiming the backing of Marcos Pérez Jiménez

Marcos Pérez Jiménez

Marcos Evangelista Pérez Jiménez was a soldier and Presidents of Venezuela from 1952 to 1958.-Career:Marcos Evangelista Pérez Jiménez was born in Michelena, Táchira State. His father, Juan Pérez Bustamante, was a farmer; his mother, Adela Jiménez, a schoolteacher...

; he won less than 1% of the vote.

Tinoco was the son of the Pedro Tinoco Smith who was Minister of Interior (1931-5) in the government of Juan Vicente Gómez

Juan Vicente Gómez

Juan Vicente Gómez Chacón was a military general and de facto ruler of Venezuela from 1908 until his death in 1935. He was president on three occasions during this time, and ruled as an unelected military strongman for the rest of the era.-Early years:Gómez was a barely literate cattle herder and...

. Tinoco Sr created the law firm Escritorio Tinoco in 1914; Tinoco Jr would later take over the firm and along with his partners make it "a powerful player in the Venezuelan legal market".