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/BRL5.10▼ 0.40% USD/MXN17.43— 0.00% USD/CLP930.70▼ 0.02% USD/COP3,185▼ 0.59% USD/PEN3.40▼ 0.12% USD/ARS1,495▼ 0.32% USD/UYU40.21▲ 1.46% USD/PYG5,987▲ 0.90% USD/BOB11.70▲ 5.59% USD/DOP57.81▼ 0.33% 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/JMD157.13▲ 0.31% USD/TTD6.75▲ 1.28% EUR/BRL5.84▲ 0.27% BRENT 90.33 ▲ 7.42% WTI 84.47 ▲ 6.57% IRON ORE 161.91 — — COPPER 6.40 ▲ 1.22% GOLD 4,147 ▲ 2.73% SILVER 58.73 ▲ 2.49% 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 67.06 ▲ 0.15% PETR4 42.04 ▲ 2.01% VALE3 75.43 ▼ 0.34% ITUB4 42.14 ▼ 1.68% BBDC4 18.46 ▼ 1.65% ABEV3 15.97 ▼ 0.81% BBAS3 20.93 ▲ 0.48% B3SA3 15.50 ▼ 3.13% WEGE3 45.77 ▼ 1.99% PRIO3 58.53 ▲ 3.10% SUZB3 42.62 ▼ 1.11% RENT3 37.64 ▼ 1.90% AZZA3 16.34 ▼ 4.72% CSAN3 3.92 ▼ 2.00% RAIZ4 0.26 ▼ 3.70% PCAR3 2.76 ▲ 0.73% GMAT3 3.89 ▼ 0.77% PSSA3 53.92 ▼ 1.80% CVCB3 1.29 ▼ 2.27% POSI3 3.51 ▼ 2.50% SLCE3 13.12 ▼ 0.30% NATU3 8.33 ▼ 0.12% BRKM5 6.06 ▲ 1.68% RANI3 7.99 ▼ 1.72% CSNA3 5.29 ▼ 6.21% CMIN3 5.96 — 0.00% USIM5 8.31 ▼ 4.37% GGBR4 25.02 ▼ 0.48% ENEV3 25.96 ▲ 0.43% CPFE3 45.09 ▼ 1.89% CMIG4 11.09 ▼ 0.89% EQTL3 38.03 ▼ 2.06% LREN3 13.47 ▼ 3.09% VIVT3 32.45 ▼ 4.08% RAIL3 13.97 ▼ 0.78% KLABIN 18.04 — 0.00% RAIA DROGASIL 17.97 ▼ 1.26% RDOR3 34.06 ▼ 0.76% HAPV3 10.63 ▲ 0.28% FLRY3 16.92 ▼ 0.82% SMTO3 14.24 ▼ 0.42% UGPA3 32.16 ▼ 0.89% VBBR3 34.94 ▼ 0.54% BBSE3 41.27 ▲ 0.15% BPAC11 54.92 ▼ 1.65% CURY3 29.14 ▼ 3.19% AERI3 2.09 — 0.00% VIVARA 22.38 ▼ 1.02% COMPASS 24.44 ▼ 3.09% VAMOS 3.30 ▼ 0.90% SANB11 25.92 ▼ 6.32% ASAI3 8.30 ▲ 0.73% SBSP3 26.80 ▼ 5.20% WALMEX 49.61 ▲ 1.72% GMEXICO 208.89 ▼ 0.49% FEMSA 213.06 ▼ 4.43% CEMEX 20.74 ▼ 1.00% GFNORTE 197.05 ▼ 1.29% BIMBO 59.83 ▼ 0.12% TELEVISA 9.78 ▼ 0.51% AMX 21.85 ▼ 2.89% GAP 381.56 ▲ 1.01% ASUR 274.25 ▲ 1.13% OMA 234.72 ▼ 0.10% KOF 187.13 ▼ 1.42% GRUMA 267.44 ▼ 0.19% KIMBER 40.67 ▲ 0.02% SQM-B 63,751 ▲ 2.00% COPEC 6,360 ▲ 0.95% BSANTANDER 80.43 ▲ 1.66% FALABELLA 6,100 ▼ 0.02% ENELAM 86.30 ▲ 0.58% CENCOSUD 1,915 ▲ 0.79% CMPC 1,061 ▲ 2.53% BANCO CHILE 191.41 ▲ 1.22% LATAM AIR 24.70 ▼ 1.20% YPF 80,175 ▲ 0.82% GGAL 7,895 ▲ 0.51% PAMPA 5,400 ▼ 0.92% TXAR 660.00 ▼ 1.35% ALUAR 978.00 ▼ 1.01% TGS 9,490 ▲ 0.26% CEPU 2,315 ▼ 0.86% MIRGOR 16,500 ▼ 0.15% COME 42.63 ▲ 0.26% LOMA NEGRA 3,648 ▲ 0.07% BYMA 299.25 ▼ 0.33% TELECOM ARG 4,370 ▲ 0.81% ECOPETROL 16.51 ▲ 4.26% BANCOLOMBIA 90.87 ▲ 2.02% GRUPO AVAL 4.98 ▲ 2.05% CREDICORP 389.04 ▲ 0.02% SOUTHERN COPPER 178.78 ▼ 0.10% BUENAVENTURA 30.78 ▲ 1.32% MERCADOLIBRE 1,883 ▲ 1.11% NUBANK 14.20 ▼ 3.27% XP 16.46 ▼ 2.05% PAGSEGURO 9.73 ▲ 1.25% STONE 11.02 ▼ 1.30% GLOBANT 38.45 ▲ 9.51% TECNOGLASS 44.98 ▼ 4.74% GAP AIRPORT 219.12 ▲ 0.74% ASUR 274.25 ▲ 1.13% OMA AIRPORT 107.66 ▼ 0.57% AMX ADR 25.07 ▼ 2.49% FEMSA ADR 122.08 ▼ 4.42% CEMEX ADR 11.86 ▼ 1.17% PETROBRAS ADR 18.64 ▲ 3.13% VALE ADR 14.78 ▲ 0.54% ITAU ADR 8.27 ▼ 0.54% SANTANDER BR 5.18 ▼ 5.57% AMBEV ADR 3.09 ▼ 1.16% CSN 1.06 ▼ 3.64% GERDAU 4.93 ▼ 0.40% LATAM ADR 52.58 ▼ 1.77% BTC 63,875 ▲ 0.01% ETH 1,899 ▼ 1.10% SOL 73.33 ▼ 0.50% XRP 1.08 ▲ 0.70% BNB 569.61 ▼ 0.15% ADA 0.16 ▲ 1.99% DOGE 0.07 ▼ 0.96% AVAX 6.38 ▼ 2.81% LINK 8.28 ▼ 1.78% DOT 0.76 ▲ 0.01% LTC 45.16 ▼ 2.11% BCH 209.29 ▼ 2.23% TRX 0.33 ▲ 0.23% XLM 0.17 ▼ 1.61% HBAR 0.07 ▼ 0.90% NEAR 1.60 ▼ 2.81% ATOM 1.28 ▼ 1.81% AAVE 98.10 ▼ 2.61% SELIC 14.25% EMBRAER 86.90 ▼ 2.21% EMBRAER ADR 68.37 ▼ 1.04% JBS 14.22 ▲ 2.08% JBS BDR 72.31 ▲ 2.47% MBRF3 16.59 ▲ 1.78% MBRFY 3.21 ▲ 1.90% INTER 5.49 ▼ 1.88% EGX 53,627 ▼ 0.19% USD/ZAR16.61▼ 0.49% 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/JPY163.40▼ 0.27% 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/USD1.15▲ 0.60% GBP/USD1.34▲ 0.51% SPX 7,376 ▼ 0.71% DJI 51,841 ▼ 1.72% NDX 27,572 ▼ 0.69% RUT 2,941 ▼ 0.42% TSX 35,451 ▼ 0.83% VIX 18.35 ▲ 0.77% USD/CAD1.40▼ 0.50% US10Y 4.6220 ▲ 0.39% 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 5.11 ▼ 0.30% USD/MXN 17.44 ▲ 0.07% USD/CLP 930.95 ▲ 0.01% USD/COP 3,185 ▼ 0.59% USD/PEN 3.40 ▼ 0.12% 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 57.81 ▼ 0.33% 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 157.13 ▲ 0.31% USD/TTD 6.75 ▲ 1.28% EUR/BRL 5.84 ▲ 0.27% BRENT 90.33 ▲ 7.42% WTI 84.47 ▲ 6.57% IRON ORE 161.91 — — COPPER 6.40 ▲ 1.22% GOLD 4,147 ▲ 2.73% SILVER 58.73 ▲ 2.49% 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 67.06 ▲ 0.15% PETR4 42.04 ▲ 2.01% VALE3 75.43 ▼ 0.34% ITUB4 42.14 ▼ 1.68% BBDC4 18.46 ▼ 1.65% ABEV3 15.97 ▼ 0.81% BBAS3 20.93 ▲ 0.48% B3SA3 15.50 ▼ 3.13% WEGE3 45.77 ▼ 1.99% PRIO3 58.53 ▲ 3.10% SUZB3 42.62 ▼ 1.11% RENT3 37.64 ▼ 1.90% AZZA3 16.34 ▼ 4.72% CSAN3 3.92 ▼ 2.00% RAIZ4 0.26 ▼ 3.70% PCAR3 2.76 ▲ 0.73% GMAT3 3.89 ▼ 0.77% PSSA3 53.92 ▼ 1.80% CVCB3 1.29 ▼ 2.27% POSI3 3.51 ▼ 2.50% SLCE3 13.12 ▼ 0.30% NATU3 8.33 ▼ 0.12% BRKM5 6.06 ▲ 1.68% RANI3 7.99 ▼ 1.72% CSNA3 5.29 ▼ 6.21% CMIN3 5.96 — 0.00% USIM5 8.31 ▼ 4.37% GGBR4 25.02 ▼ 0.48% ENEV3 25.96 ▲ 0.43% CPFE3 45.09 ▼ 1.89% CMIG4 11.09 ▼ 0.89% EQTL3 38.03 ▼ 2.06% LREN3 13.47 ▼ 3.09% VIVT3 32.45 ▼ 4.08% RAIL3 13.97 ▼ 0.78% KLABIN 18.04 — 0.00% RAIA DROGASIL 17.97 ▼ 1.26% RDOR3 34.06 ▼ 0.76% HAPV3 10.63 ▲ 0.28% FLRY3 16.92 ▼ 0.82% SMTO3 14.24 ▼ 0.42% UGPA3 32.16 ▼ 0.89% VBBR3 34.94 ▼ 0.54% BBSE3 41.27 ▲ 0.15% BPAC11 54.92 ▼ 1.65% CURY3 29.14 ▼ 3.19% AERI3 2.09 — 0.00% VIVARA 22.38 ▼ 1.02% COMPASS 24.44 ▼ 3.09% VAMOS 3.30 ▼ 0.90% SANB11 25.92 ▼ 6.32% ASAI3 8.30 ▲ 0.73% SBSP3 26.80 ▼ 5.20% WALMEX 49.61 ▲ 1.72% GMEXICO 208.89 ▼ 0.49% FEMSA 213.06 ▼ 4.43% CEMEX 20.74 ▼ 1.00% GFNORTE 197.05 ▼ 1.29% BIMBO 59.83 ▼ 0.12% TELEVISA 9.78 ▼ 0.51% AMX 21.85 ▼ 2.89% GAP 381.56 ▲ 1.01% ASUR 274.25 ▲ 1.13% OMA 234.72 ▼ 0.10% KOF 187.13 ▼ 1.42% GRUMA 267.44 ▼ 0.19% KIMBER 40.67 ▲ 0.02% SQM-B 63,751 ▲ 2.00% COPEC 6,360 ▲ 0.95% BSANTANDER 80.43 ▲ 1.66% FALABELLA 6,100 ▼ 0.02% ENELAM 86.30 ▲ 0.58% CENCOSUD 1,915 ▲ 0.79% CMPC 1,061 ▲ 2.53% BANCO CHILE 191.41 ▲ 1.22% LATAM AIR 24.70 ▼ 1.20% YPF 80,175 ▲ 0.82% GGAL 7,895 ▲ 0.51% PAMPA 5,400 ▼ 0.92% TXAR 660.00 ▼ 1.35% ALUAR 978.00 ▼ 1.01% TGS 9,490 ▲ 0.26% CEPU 2,315 ▼ 0.86% MIRGOR 16,500 ▼ 0.15% COME 42.63 ▲ 0.26% LOMA NEGRA 3,648 ▲ 0.07% BYMA 299.25 ▼ 0.33% TELECOM ARG 4,370 ▲ 0.81% ECOPETROL 16.51 ▲ 4.26% BANCOLOMBIA 90.87 ▲ 2.02% GRUPO AVAL 4.98 ▲ 2.05% CREDICORP 389.04 ▲ 0.02% SOUTHERN COPPER 178.78 ▼ 0.10% BUENAVENTURA 30.78 ▲ 1.32% MERCADOLIBRE 1,883 ▲ 1.11% NUBANK 14.20 ▼ 3.27% XP 16.46 ▼ 2.05% PAGSEGURO 9.73 ▲ 1.25% STONE 11.02 ▼ 1.30% GLOBANT 38.45 ▲ 9.51% TECNOGLASS 44.98 ▼ 4.74% GAP AIRPORT 219.12 ▲ 0.74% ASUR 274.25 ▲ 1.13% OMA AIRPORT 107.66 ▼ 0.57% AMX ADR 25.07 ▼ 2.49% FEMSA ADR 122.08 ▼ 4.42% CEMEX ADR 11.86 ▼ 1.17% PETROBRAS ADR 18.64 ▲ 3.13% VALE ADR 14.78 ▲ 0.54% ITAU ADR 8.27 ▼ 0.54% SANTANDER BR 5.18 ▼ 5.57% AMBEV ADR 3.09 ▼ 1.16% CSN 1.06 ▼ 3.64% GERDAU 4.93 ▼ 0.40% LATAM ADR 52.58 ▼ 1.77% BTC 63,875 ▲ 0.01% ETH 1,899 ▼ 1.10% SOL 73.33 ▼ 0.50% XRP 1.08 ▲ 0.70% BNB 569.61 ▼ 0.15% ADA 0.16 ▲ 1.99% DOGE 0.07 ▼ 0.96% AVAX 6.38 ▼ 2.81% LINK 8.28 ▼ 1.78% DOT 0.76 ▲ 0.01% LTC 45.16 ▼ 2.11% BCH 209.29 ▼ 2.23% TRX 0.33 ▲ 0.23% XLM 0.17 ▼ 1.61% HBAR 0.07 ▼ 0.90% NEAR 1.60 ▼ 2.81% ATOM 1.28 ▼ 1.81% AAVE 98.10 ▼ 2.61% SELIC 14.25% EMBRAER 86.90 ▼ 2.21% EMBRAER ADR 68.37 ▼ 1.04% JBS 14.22 ▲ 2.08% JBS BDR 72.31 ▲ 2.47% MBRF3 16.59 ▲ 1.78% MBRFY 3.21 ▲ 1.90% INTER 5.49 ▼ 1.88% EGX 53,627 ▼ 0.19% USD/ZAR 16.62 ▼ 0.30% 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 163.40 ▼ 0.25% USD/CNY 6.7544 ▼ 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 1.1456 ▲ 0.54% GBP/USD 1.3361 ▲ 0.51% SPX 7,376 ▼ 0.71% DJI 51,841 ▼ 1.72% NDX 27,572 ▼ 0.69% RUT 2,941 ▼ 0.42% TSX 35,451 ▼ 0.83% VIX 18.35 ▲ 0.77% USD/CAD 1.4038 ▼ 0.45% US10Y 4.6220 ▲ 0.39%
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Opinion: Brazil’s Smoking Gun?

By · March 17, 2016 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Just when you thought things in Brazil couldn’t get worse, they do. Yesterday’s startling events may herald even more startling events soon, now that Lula has been sworn in as Dilma’s Chief of Staff, and Congress has begun impeachment proceedings.

The Curmudgeon, aka Michael Royster.
The Curmudgeon, aka Michael Royster.
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Early in the morning, Lula agreed to become Chief of Staff. Shortly thereafter, PT and the Administration publicly announced that he would be sworn in next Tuesday, March 22nd, along with two other newly appointed ministers.

At 11:32 AM Judge Moro issued an order to the Federal Police (PF) to stop monitoring calls to Lula’s cell phone. Two hours later, the PF taped a conversation where Dilma told Lula she was sending him a form he needed to sign in order to become a Minister — to be used “in case of necessity”.

Later on, Judge Moro ordered the taped call to be released, Dilma ordered a special edition of the Diário Oficial da União to be printed confirming Lula’s appointment, and announced that the swearing-in ceremony would be held today, March 17, at 10AM.

Why was Dilma in such a hurry? And what was the “necessity” she foresaw?

The obvious answer is that she had been advised (by whom?) that Judge Moro was about to indict Lula and call for his imprisonment. To nullify Judge Moro’s investigation, Lula had to be appointed Minister, so as to be investigated only by the STF.

Moreover, if Lula was indicted for corruption and arrested, Dilma could not possibly nominate him as her Chief of Staff and de facto Prime Minister.

Faced with these prospects, Dilma didn’t dither. She warned Lula by phone, and sent him a “safe conduct” letter in case he was arrested. She advanced the date of the induction ceremony five days and, to compound the felony, printed up a special, single-purpose edition of the DOU, without which there could be no official induction.

Taken together, Dilma’s hasty actions amount to obstruction of justice, one of the statutory grounds for impeachment of an elected official. The call, the letter, the advanced induction date and the special edition are four bullets from a smoking gun.

The Curmudgeon will emit more dismal Smidgens opportunely—stay tuned.

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