Everything about Sebasti N Pi Era totally explained
Miguel Juan Sebastián Piñera Echenique (born
December 1 1949) is a
Chilean businessman and politician. He is member of the center-right
National Renewal (RN) party, a constituent of the
Alliance for Chile coalition, and a former
Senator of the Republic. He ran for
President of Chile in the
2005 election, losing to
Michelle Bachelet in the runoff election.
Life and career
Personal life
Piñera was born in
Santiago, Chile to Magdalena Echenique Rozas and José Piñera Carvallo, an engineer who worked for
CORFO and was Chile's ambassador to
Belgium and to the
United Nations. He is the third man of a family of four brothers and two sisters: Guadalupe,
José Piñera (a former Minister of Labour under
Augusto Pinochet), Pablo, Sebastián, Miguel (a Chilean singer) and Magdalena. He has an undergraduate degree in Economics from Chile's
Catholic University as well as a
Master's and
Ph.D. in this subject from
Harvard University. He is married to Cecilia Morel and has four children: Magdalena, Cecilia, Sebastián and Cristóbal.
Business life
Piñera owns 100% of Chilevision, a Chilean
terrestrial television channel; 27% of
Lan Airlines, 13% of
Colo-Colo, a soccer club; and has important participation in companies like Quiñenco, Enersis, Soquimich, etc. He is constantly buying and selling shares in the Chilean stock market.
According to
Forbes magazine, Piñera is a billionaire (his fortune is estimated at US$1.3 billion). His wealth is attributed in great part to his involvement in the introduction of
credit cards to Chile in the late
1970s and his subsequent investments mainly in stock of LAN, a former state owned company that he bought in 1994, together with the Cueto family, while he was a senator and member of the Senate Finance Committee.
On
July 2007 Piñera was fined approximately US$680,000 by Chile's securities regulator (SVS) for
insider trading of LAN Airlines stock in mid-2006. Piñera denied any wrongdoing, and argued that the whole process was part of a political attack to damage his image. Therefore, he didn't appeal arguing the court process could take years and interfere with his intention to run again for president in late 2009. Later that month he resigned from the boards of LAN and
Quintec.
Political life
Piñera supported the "No"
1988 plebiscite against
Augusto Pinochet. In
1989 he headed the presidential campaign of
Hernán Büchi, a former finance minister of the Pinochet government. During the same election process, Piñera was elected as senator (1990-1998) and soon after joined the center-right
National Renewal party.
On
May 14 2005 Piñera surprisingly announced his own candidacy for the
2005 presidential election. In the first round of the election, on
December 11, Piñera obtained 25.4% of the vote, which placed him in second place. Since no candidate achieved an
absolute majority, a
runoff election was held on
January 15 2006, between Piñera and
Michelle Bachelet of the governing coalition. Bachelet won the presidency with over 53% of the vote.
Further Information
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