IBOV 174,489.61 ▼ 1.18% IPSA 10,879.65 ▼ 0.77% IPC MEX 67,304.62 ▲ 0.18% MERVAL 3,227,537 ▼ 0.89% COLCAP 2,304.56 ▲ 0.14% BVL PERÚ 57,237.60 — — USD/BRL5.12▼ 0.07% USD/MXN17.46▲ 0.16% USD/CLP933.70▲ 0.30% USD/COP3,187▼ 0.53% USD/PEN3.40▼ 0.11% USD/ARS1,495▼ 0.32% USD/UYU40.21▲ 1.46% USD/PYG5,987▲ 0.90% USD/BOB11.70▲ 5.59% USD/DOP57.90▼ 0.17% USD/CRC449.99▲ 1.61% USD/GTQ7.62▲ 2.26% USD/HNL26.76▲ 0.79% USD/NIO36.62▲ 0.31% USD/VES742.37▲ 0.07% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.29▲ 0.41% USD/TTD6.75▲ 1.28% EUR/BRL5.84▲ 0.34% BRENT 90.76 ▲ 7.93% WTI 84.85 ▲ 7.05% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.99% GOLD 4,130 ▲ 2.33% SILVER 58.54 ▲ 2.17% SOY 1,192 ▼ 1.69% CORN 471.00 ▲ 2.73% WHEAT 660.00 ▼ 0.38% COFFEE 326.60 ▼ 3.77% SUGAR 14.50 ▼ 0.34% ORANGE JUICE 137.95 ▲ 0.80% COTTON 79.38 ▲ 0.21% COCOA 5,169 ▼ 0.62% BEEF 224.13 ▼ 1.47% CATTLE 339.05 ▼ 1.17% LITHIUM 67.01 ▲ 0.07% PETR4 41.85 ▲ 1.55% VALE3 75.50 ▼ 0.25% ITUB4 42.02 ▼ 1.96% BBDC4 18.42 ▼ 1.86% ABEV3 16.02 ▼ 0.50% BBAS3 20.94 ▲ 0.53% B3SA3 15.55 ▼ 2.81% WEGE3 45.61 ▼ 2.33% PRIO3 58.46 ▲ 2.98% SUZB3 42.67 ▼ 1.00% RENT3 37.62 ▼ 1.95% AZZA3 16.29 ▼ 5.01% CSAN3 3.91 ▼ 2.25% RAIZ4 0.26 ▼ 3.70% PCAR3 2.80 ▲ 2.19% GMAT3 3.89 ▼ 0.77% PSSA3 53.56 ▼ 2.46% CVCB3 1.29 ▼ 2.27% POSI3 3.53 ▼ 1.94% SLCE3 13.10 ▼ 0.46% NATU3 8.36 ▲ 0.24% BRKM5 6.10 ▲ 2.35% RANI3 8.02 ▼ 1.35% CSNA3 5.23 ▼ 7.27% CMIN3 5.97 ▲ 0.17% USIM5 8.27 ▼ 4.83% GGBR4 24.93 ▼ 0.84% ENEV3 25.98 ▲ 0.50% CPFE3 45.30 ▼ 1.44% CMIG4 11.10 ▼ 0.80% EQTL3 38.10 ▼ 1.88% LREN3 13.45 ▼ 3.24% VIVT3 32.39 ▼ 4.26% RAIL3 13.99 ▼ 0.64% KLABIN 18.07 ▲ 0.17% RAIA DROGASIL 17.84 ▼ 1.98% RDOR3 33.99 ▼ 0.96% HAPV3 10.58 ▼ 0.19% FLRY3 16.83 ▼ 1.35% SMTO3 14.25 ▼ 0.35% UGPA3 32.08 ▼ 1.14% VBBR3 34.81 ▼ 0.91% BBSE3 41.19 ▼ 0.05% BPAC11 55.05 ▼ 1.41% CURY3 28.85 ▼ 4.15% AERI3 2.10 ▲ 0.48% VIVARA 22.41 ▼ 0.88% COMPASS 24.52 ▼ 2.78% VAMOS 3.29 ▼ 1.20% SANB11 25.80 ▼ 6.76% ASAI3 8.22 ▼ 0.24% SBSP3 27.28 ▼ 3.50% WALMEX 49.78 ▲ 2.07% GMEXICO 207.40 ▼ 1.20% FEMSA 214.54 ▼ 3.76% CEMEX 20.65 ▼ 1.43% GFNORTE 196.95 ▼ 1.34% BIMBO 59.84 ▼ 0.10% TELEVISA 9.72 ▼ 1.12% AMX 21.76 ▼ 3.29% GAP 383.87 ▲ 1.63% ASUR 275.76 ▲ 1.69% OMA 235.40 ▲ 0.19% KOF 187.77 ▼ 1.08% GRUMA 267.41 ▼ 0.20% KIMBER 40.79 ▲ 0.32% SQM-B 63,390 ▲ 1.42% COPEC 6,382 ▲ 1.30% BSANTANDER 80.48 ▲ 1.72% FALABELLA 6,112 ▲ 0.18% ENELAM 86.20 ▲ 0.47% CENCOSUD 1,925 ▲ 1.32% CMPC 1,064 ▲ 2.78% BANCO CHILE 191.46 ▲ 1.25% LATAM AIR 24.66 ▼ 1.36% YPF 79,100 ▼ 0.53% GGAL 7,765 ▼ 1.15% PAMPA 5,350 ▼ 1.83% TXAR 659.00 ▼ 1.49% ALUAR 977.50 ▼ 1.06% TGS 9,475 ▲ 0.11% CEPU 2,285 ▼ 2.14% MIRGOR 16,600 ▲ 0.45% COME 42.43 ▼ 0.21% LOMA NEGRA 3,618 ▼ 0.75% BYMA 297.25 ▼ 1.00% TELECOM ARG 4,330 ▼ 0.12% ECOPETROL 16.37 ▲ 3.41% BANCOLOMBIA 90.12 ▲ 1.18% GRUPO AVAL 4.96 ▲ 1.64% CREDICORP 386.34 ▼ 0.67% SOUTHERN COPPER 178.78 ▼ 0.10% BUENAVENTURA 30.68 ▲ 0.99% MERCADOLIBRE 1,880 ▲ 0.94% NUBANK 14.24 ▼ 3.03% XP 16.43 ▼ 2.20% PAGSEGURO 9.62 ▲ 0.10% STONE 10.96 ▼ 1.78% GLOBANT 38.37 ▲ 9.27% TECNOGLASS 44.70 ▼ 5.34% GAP AIRPORT 219.70 ▲ 1.01% ASUR 275.76 ▲ 1.69% OMA AIRPORT 107.73 ▼ 0.50% AMX ADR 24.88 ▼ 3.23% FEMSA ADR 122.99 ▼ 3.71% CEMEX ADR 11.78 ▼ 1.83% PETROBRAS ADR 18.50 ▲ 2.38% VALE ADR 14.72 ▲ 0.14% ITAU ADR 8.21 ▼ 1.26% SANTANDER BR 5.13 ▼ 6.48% AMBEV ADR 3.10 ▼ 1.12% CSN 1.05 ▼ 5.00% GERDAU 4.89 ▼ 1.19% LATAM ADR 52.93 ▼ 1.12% BTC 64,014 ▲ 0.22% ETH 1,906 ▼ 0.74% SOL 73.84 ▲ 0.19% XRP 1.08 ▲ 1.32% BNB 569.65 ▼ 0.15% ADA 0.17 ▲ 2.42% DOGE 0.07 ▼ 0.27% AVAX 6.43 ▼ 2.04% LINK 8.35 ▼ 0.91% DOT 0.77 ▲ 0.80% LTC 45.35 ▼ 1.70% BCH 210.64 ▼ 1.59% TRX 0.33 ▲ 0.33% XLM 0.17 ▼ 0.80% HBAR 0.07 ▼ 0.63% NEAR 1.61 ▼ 2.57% ATOM 1.29 ▼ 1.35% AAVE 99.26 ▼ 1.46% SELIC 14.25% EMBRAER 87.03 ▼ 2.06% EMBRAER ADR 68.11 ▼ 1.42% JBS 14.18 ▲ 1.79% JBS BDR 72.37 ▲ 2.55% MBRF3 16.54 ▲ 1.47% MBRFY 3.19 ▲ 1.27% INTER 5.47 ▼ 2.24% EGX 53,627 ▼ 0.19% USD/ZAR16.68▼ 0.08% USD/NGN1,363▼ 0.17% NIKKEI 61,434 ▼ 1.49% CSI300 4,600 ▲ 0.67% HSI 25,808 ▲ 1.96% NIFTY 24,250 ▲ 1.10% KOSPI 5,663 ▼ 5.98% JCI 6,091 ▼ 0.64% USD/JPY163.55▼ 0.18% USD/CNY6.75▼ 0.25% DAX 25,460 ▼ 0.01% CAC 8,408 ▼ 0.60% FTSE 10,908 ▲ 0.34% MIB 51,443 ▼ 0.49% IBEX 19,413 ▼ 1.59% STOXX 645.01 ▼ 0.29% EUR/USD1.14▲ 0.37% GBP/USD1.33▲ 0.34% SPX 7,397 ▼ 0.43% DJI 51,962 ▼ 1.49% NDX 27,639 ▼ 0.45% RUT 2,930 ▼ 0.79% TSX 35,516 ▼ 0.65% VIX 18.87 ▲ 3.62% USD/CAD1.41▼ 0.30% US10Y 4.6330 ▲ 0.63% IBOV 174,489.61 ▼ 1.18% IPSA 10,879.65 ▼ 0.77% IPC MEX 67,304.62 ▲ 0.18% MERVAL 3,227,537 ▼ 0.89% COLCAP 2,304.56 ▲ 0.14% BVL PERÚ 57,237.60 — — USD/BRL 5.12 ▼ 0.07% USD/MXN 17.46 ▲ 0.16% USD/CLP 933.70 ▲ 0.30% USD/COP 3,187 ▼ 0.53% USD/PEN 3.40 ▼ 0.11% USD/ARS 1,495 ▼ 0.32% USD/UYU 40.21 ▲ 1.46% USD/PYG 5,987 ▲ 0.90% USD/BOB 11.70 ▲ 5.59% USD/DOP 57.90 ▼ 0.17% USD/CRC 449.99 ▲ 1.61% USD/GTQ 7.62 ▲ 2.26% USD/HNL 26.76 ▲ 0.79% USD/NIO 36.62 ▲ 0.31% USD/VES 742.37 ▲ 0.07% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.29 ▲ 0.41% USD/TTD 6.75 ▲ 1.28% EUR/BRL 5.85 ▲ 0.40% BRENT 90.76 ▲ 7.93% WTI 84.85 ▲ 7.05% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.99% GOLD 4,130 ▲ 2.33% SILVER 58.54 ▲ 2.17% SOY 1,192 ▼ 1.69% CORN 471.00 ▲ 2.73% WHEAT 660.00 ▼ 0.38% COFFEE 326.60 ▼ 3.77% SUGAR 14.50 ▼ 0.34% ORANGE JUICE 137.95 ▲ 0.80% COTTON 79.38 ▲ 0.21% COCOA 5,169 ▼ 0.62% BEEF 224.13 ▼ 1.47% CATTLE 339.05 ▼ 1.17% LITHIUM 67.01 ▲ 0.07% PETR4 41.85 ▲ 1.55% VALE3 75.50 ▼ 0.25% ITUB4 42.02 ▼ 1.96% BBDC4 18.42 ▼ 1.86% ABEV3 16.02 ▼ 0.50% BBAS3 20.94 ▲ 0.53% B3SA3 15.55 ▼ 2.81% WEGE3 45.61 ▼ 2.33% PRIO3 58.46 ▲ 2.98% SUZB3 42.67 ▼ 1.00% RENT3 37.62 ▼ 1.95% AZZA3 16.29 ▼ 5.01% CSAN3 3.91 ▼ 2.25% RAIZ4 0.26 ▼ 3.70% PCAR3 2.80 ▲ 2.19% GMAT3 3.89 ▼ 0.77% PSSA3 53.56 ▼ 2.46% CVCB3 1.29 ▼ 2.27% POSI3 3.53 ▼ 1.94% SLCE3 13.10 ▼ 0.46% NATU3 8.36 ▲ 0.24% BRKM5 6.10 ▲ 2.35% RANI3 8.02 ▼ 1.35% CSNA3 5.23 ▼ 7.27% CMIN3 5.97 ▲ 0.17% USIM5 8.27 ▼ 4.83% GGBR4 24.93 ▼ 0.84% ENEV3 25.98 ▲ 0.50% CPFE3 45.30 ▼ 1.44% CMIG4 11.10 ▼ 0.80% EQTL3 38.10 ▼ 1.88% LREN3 13.45 ▼ 3.24% VIVT3 32.39 ▼ 4.26% RAIL3 13.99 ▼ 0.64% KLABIN 18.07 ▲ 0.17% RAIA DROGASIL 17.84 ▼ 1.98% RDOR3 33.99 ▼ 0.96% HAPV3 10.58 ▼ 0.19% FLRY3 16.83 ▼ 1.35% SMTO3 14.25 ▼ 0.35% UGPA3 32.08 ▼ 1.14% VBBR3 34.81 ▼ 0.91% BBSE3 41.19 ▼ 0.05% BPAC11 55.05 ▼ 1.41% CURY3 28.85 ▼ 4.15% AERI3 2.10 ▲ 0.48% VIVARA 22.41 ▼ 0.88% COMPASS 24.52 ▼ 2.78% VAMOS 3.29 ▼ 1.20% SANB11 25.80 ▼ 6.76% ASAI3 8.22 ▼ 0.24% SBSP3 27.28 ▼ 3.50% WALMEX 49.78 ▲ 2.07% GMEXICO 207.40 ▼ 1.20% FEMSA 214.54 ▼ 3.76% CEMEX 20.65 ▼ 1.43% GFNORTE 196.95 ▼ 1.34% BIMBO 59.84 ▼ 0.10% TELEVISA 9.72 ▼ 1.12% AMX 21.76 ▼ 3.29% GAP 383.87 ▲ 1.63% ASUR 275.76 ▲ 1.69% OMA 235.40 ▲ 0.19% KOF 187.77 ▼ 1.08% GRUMA 267.41 ▼ 0.20% KIMBER 40.79 ▲ 0.32% SQM-B 63,390 ▲ 1.42% COPEC 6,382 ▲ 1.30% BSANTANDER 80.48 ▲ 1.72% FALABELLA 6,112 ▲ 0.18% ENELAM 86.20 ▲ 0.47% CENCOSUD 1,925 ▲ 1.32% CMPC 1,064 ▲ 2.78% BANCO CHILE 191.46 ▲ 1.25% LATAM AIR 24.66 ▼ 1.36% YPF 79,100 ▼ 0.53% GGAL 7,765 ▼ 1.15% PAMPA 5,350 ▼ 1.83% TXAR 659.00 ▼ 1.49% ALUAR 977.50 ▼ 1.06% TGS 9,475 ▲ 0.11% CEPU 2,285 ▼ 2.14% MIRGOR 16,600 ▲ 0.45% COME 42.43 ▼ 0.21% LOMA NEGRA 3,618 ▼ 0.75% BYMA 297.25 ▼ 1.00% TELECOM ARG 4,330 ▼ 0.12% ECOPETROL 16.37 ▲ 3.41% BANCOLOMBIA 90.12 ▲ 1.18% GRUPO AVAL 4.96 ▲ 1.64% CREDICORP 386.34 ▼ 0.67% SOUTHERN COPPER 178.78 ▼ 0.10% BUENAVENTURA 30.68 ▲ 0.99% MERCADOLIBRE 1,880 ▲ 0.94% NUBANK 14.24 ▼ 3.03% XP 16.43 ▼ 2.20% PAGSEGURO 9.62 ▲ 0.10% STONE 10.96 ▼ 1.78% GLOBANT 38.37 ▲ 9.27% TECNOGLASS 44.70 ▼ 5.34% GAP AIRPORT 219.70 ▲ 1.01% ASUR 275.76 ▲ 1.69% OMA AIRPORT 107.73 ▼ 0.50% AMX ADR 24.88 ▼ 3.23% FEMSA ADR 122.99 ▼ 3.71% CEMEX ADR 11.78 ▼ 1.83% PETROBRAS ADR 18.50 ▲ 2.38% VALE ADR 14.72 ▲ 0.14% ITAU ADR 8.21 ▼ 1.26% SANTANDER BR 5.13 ▼ 6.48% AMBEV ADR 3.10 ▼ 1.12% CSN 1.05 ▼ 5.00% GERDAU 4.89 ▼ 1.19% LATAM ADR 52.93 ▼ 1.12% BTC 64,014 ▲ 0.22% ETH 1,906 ▼ 0.74% SOL 73.84 ▲ 0.19% XRP 1.08 ▲ 1.32% BNB 569.65 ▼ 0.15% ADA 0.17 ▲ 2.42% DOGE 0.07 ▼ 0.27% AVAX 6.43 ▼ 2.04% LINK 8.35 ▼ 0.91% DOT 0.77 ▲ 0.80% LTC 45.35 ▼ 1.70% BCH 210.64 ▼ 1.59% TRX 0.33 ▲ 0.33% XLM 0.17 ▼ 0.80% HBAR 0.07 ▼ 0.63% NEAR 1.61 ▼ 2.57% ATOM 1.29 ▼ 1.35% AAVE 99.26 ▼ 1.46% SELIC 14.25% EMBRAER 87.03 ▼ 2.06% EMBRAER ADR 68.11 ▼ 1.42% JBS 14.18 ▲ 1.79% JBS BDR 72.37 ▲ 2.55% MBRF3 16.54 ▲ 1.47% MBRFY 3.19 ▲ 1.27% INTER 5.47 ▼ 2.24% EGX 53,627 ▼ 0.19% USD/ZAR 16.68 ▲ 0.06% USD/NGN 1,363 ▲ 0.01% NIKKEI 61,434 ▼ 1.49% CSI300 4,600 ▲ 0.67% HSI 25,808 ▲ 1.96% NIFTY 24,250 ▲ 1.10% KOSPI 5,663 ▼ 5.98% JCI 6,091 ▼ 0.64% USD/JPY 163.52 ▼ 0.18% USD/CNY 6.7543 ▼ 0.10% DAX 25,460 ▼ 0.01% CAC 8,408 ▼ 0.60% FTSE 10,908 ▲ 0.34% MIB 51,443 ▼ 0.49% IBEX 19,413 ▼ 1.59% STOXX 645.01 ▼ 0.29% EUR/USD 1.1423 ▲ 0.25% GBP/USD 1.3330 ▲ 0.28% SPX 7,397 ▼ 0.43% DJI 51,962 ▼ 1.49% NDX 27,639 ▼ 0.45% RUT 2,930 ▼ 0.79% TSX 35,516 ▼ 0.65% VIX 18.87 ▲ 3.62% USD/CAD 1.4064 ▼ 0.27% US10Y 4.6330 ▲ 0.63%
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Opinion: Brazil’s Im-pizza-ment, Part 2

By · September 4, 2016 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – For most spectators, the most surprising event of the entire impeachment proceeding was the abrupt division of the vote on impeachment (guilt or innocence) from the vote on punishment (loss of political rights).

Michael Royster, aka The Curmudgeon.
Michael Royster, aka The Curmudgeon.
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The split vote seemed analogous to a football (soccer) match, where one team has been winning 1-0 for almost all of the match, until suddenly, in the very last minute of injury time, the losing side manages, out of nowhere, a goal to tie the score. For the team that was winning, the game feels like a defeat; for the last gasp achievers, it counts as a win.

It turns out that the mastermind of this plan was Renan Calheiros, President of the Senate, who worked out the details well in advance with STF Justice Lewandowski. When a PT senator made the proposal to have two separate votes, Lewandowski’s posture indicated he knew full well it was coming. So he decided that, as President pro tempore of the Senate, he could take that decision on his own, rather than submitting it to the full Senate.

As almost all lawyers and law professors have pointed out, Lewandowski’s legal reasoning was extremely poor. He basically relied on an STF decision from the Collor impeachment which permitted Collor to be banned from public office for eight years, even though he could not be impeached, because he had resigned.

What Renan and Lewandowski knew, however, is that impeachment is essentially political, not juridical. There were lots of political reasons to split the vote. One was that Dilma has always seemed personally honest, unlike Collor who was a crook. Another reason is that it was a crime without a victim—sure, Banco do Brasil had to wait for its money, but it eventually was paid.

Yet another reason was that everybody in Congress knew that the “pedaladas” were, technically, “crimes de responsabilidade”, but they also knew that prior Presidents had long done the same, without fear of punishment. And, finally, if the vote was not split, everybody would have appealed to the STF and no one knew what they would do.

So, for a minor crime, a minor punishment seemed politically justifiable.

One troubling thing about the vote not to apply any punishment to an impeached president, is that it reinforces the argument that there has been, in fact, a “parliamentary coup”. The House and the Senate had no confidence in Dilma and so they voted her out of office, using the “pedaladas” as an excuse. That’s what happens in democratic countries with parliamentary systems of government, but not in presidential systems.

The other troubling thing is that the vote represents what the French call “plus ça change, plus c’est la même chose”; or, if you prefer colloquial English, “same old, same old.” In essence, the split vote ploy was PT and PMDB leadership conspiring to impose their will on the rest of the Senate and the nation. That’s what has been happening in Brazil ever since Lula was first elected, and it’s a little bit scary to see that it may be coming back again.

The Curmudgeon repeatedly urged Dilma to resign; had she done so, she’d be in the same position as she now is–a former President with full political rights. And she’d have saved Brazil a lot of conflict.

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