IBOV 177,261.94 ▼ 0.41% IPSA 10,986.47 ▼ 0.28% IPC MEX 66,935.53 ▼ 0.58% MERVAL 3,273,672 ▼ 0.54% COLCAP 2,382.96 ▼ 0.38% BVL PERÚ 57,378.30 — — USD/BRL5.08▲ 0.13% USD/MXN17.33▲ 0.08% USD/CLP923.75▼ 0.79% USD/COP3,248▲ 1.41% USD/PEN3.38▼ 0.42% USD/ARS1,493▲ 0.50% USD/UYU40.27▲ 0.17% USD/PYG5,936▲ 0.08% USD/BOB12.07▼ 0.25% USD/DOP58.00▲ 0.02% USD/CRC448.42— 0.00% USD/GTQ7.62▼ 0.08% USD/HNL26.78▲ 0.07% USD/NIO 36.62 — 0.00% USD/VES746.91▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.98▼ 0.13% USD/TTD6.74▲ 0.40% EUR/BRL5.85▼ 0.24% BRENT 83.61 ▼ 7.22% WTI 79.68 ▼ 5.89% IRON ORE 161.91 — — COPPER 6.54 ▲ 1.63% GOLD 4,093 ▲ 1.07% SILVER 57.86 ▲ 0.47% SOY 1,191 ▲ 1.58% CORN 470.00 ▲ 6.64% WHEAT 649.50 ▲ 1.60% COFFEE 318.95 ▼ 3.96% SUGAR 15.02 ▲ 2.46% ORANGE JUICE 157.75 ▲ 1.81% COTTON 81.39 ▲ 1.11% COCOA 5,914 ▲ 9.58% BEEF 227.78 ▼ 1.72% CATTLE 344.13 ▼ 1.12% LITHIUM 68.96 ▼ 0.38% PETR4 42.98 ▼ 1.01% VALE3 74.20 ▼ 2.73% ITUB4 42.91 ▲ 0.09% BBDC4 18.45 ▲ 0.21% ABEV3 15.89 ▼ 0.63% BBAS3 21.20 ▼ 0.70% B3SA3 15.62 ▼ 0.70% WEGE3 47.82 ▲ 1.31% PRIO3 58.90 ▼ 3.20% SUZB3 43.32 — 0.00% RENT3 37.93 ▲ 0.85% AZZA3 16.22 ▼ 1.22% CSAN3 4.09 ▲ 0.49% RAIZ4 0.25 ▼ 3.85% PCAR3 2.62 ▲ 1.16% GMAT3 4.01 ▼ 0.50% PSSA3 54.39 ▼ 0.57% CVCB3 1.37 ▲ 4.58% POSI3 3.54 ▼ 0.28% SLCE3 13.41 ▲ 0.22% NATU3 8.45 ▲ 0.84% BRKM5 5.90 ▼ 1.17% RANI3 8.37 ▲ 3.21% CSNA3 4.47 ▼ 7.64% CMIN3 5.62 ▼ 1.58% USIM5 7.51 ▲ 2.04% GGBR4 25.18 ▲ 0.80% ENEV3 26.82 ▲ 1.94% CPFE3 45.81 ▼ 0.72% CMIG4 11.13 ▼ 1.85% EQTL3 38.72 ▲ 0.16% LREN3 13.88 ▲ 2.06% VIVT3 32.40 ▼ 0.70% RAIL3 14.19 ▼ 1.73% KLABIN 18.23 ▼ 0.11% RAIA DROGASIL 18.57 ▲ 0.49% RDOR3 34.22 ▼ 1.21% HAPV3 11.75 ▲ 4.17% FLRY3 17.29 ▲ 0.88% SMTO3 14.47 ▼ 0.34% UGPA3 32.91 ▼ 0.42% VBBR3 36.10 ▲ 0.14% BBSE3 41.39 ▲ 0.32% BPAC11 56.97 ▲ 0.30% CURY3 31.17 ▲ 3.59% AERI3 2.18 ▲ 1.40% VIVARA 22.73 ▲ 2.48% COMPASS 24.80 ▼ 0.16% VAMOS 3.28 ▼ 1.80% SANB11 28.67 ▲ 0.17% ASAI3 8.48 ▼ 0.24% SBSP3 27.12 ▼ 2.09% WALMEX 50.06 ▼ 0.38% GMEXICO 211.80 ▲ 1.96% FEMSA 216.01 ▼ 2.46% CEMEX 20.66 ▲ 0.73% GFNORTE 197.63 ▼ 1.47% BIMBO 61.49 ▼ 0.76% TELEVISA 9.67 ▼ 1.43% AMX 21.60 ▼ 2.13% GAP 373.67 ▼ 0.76% ASUR 277.73 ▲ 0.77% OMA 231.05 ▼ 0.12% KOF 185.97 ▼ 0.69% GRUMA 263.20 ▲ 1.92% KIMBER 40.09 ▼ 0.27% SQM-B 61,793 ▼ 1.45% COPEC 6,272 ▼ 1.23% BSANTANDER 79.92 ▼ 1.32% FALABELLA 6,290 ▲ 1.19% ENELAM 87.91 ▼ 0.09% CENCOSUD 1,952 ▼ 0.15% CMPC 1,047 ▼ 0.72% BANCO CHILE 190.09 ▼ 1.87% LATAM AIR 25.25 ▲ 2.06% YPF 8,175 ▼ 1.39% GGAL 7,965 ▲ 1.06% PAMPA 5,495 ▼ 1.08% TXAR 657.00 ▼ 0.38% ALUAR 966.00 ▼ 1.18% TGS 10,000 ▼ 0.50% CEPU 2,368 ▼ 1.17% MIRGOR 16,025 ▼ 1.99% COME 43.51 ▼ 1.18% LOMA NEGRA 3,570 ▼ 1.38% BYMA 294.00 ▼ 0.51% TELECOM ARG 4,385 ▼ 0.51% ECOPETROL 16.54 ▼ 1.40% BANCOLOMBIA 91.08 ▼ 1.56% GRUPO AVAL 5.23 ▼ 0.95% CREDICORP 396.19 ▼ 1.10% SOUTHERN COPPER 184.52 ▲ 0.99% BUENAVENTURA 30.29 ▲ 0.02% MERCADOLIBRE 1,900 ▲ 1.16% NUBANK 14.37 ▲ 0.28% XP 16.98 ▼ 0.47% PAGSEGURO 9.65 ▲ 0.05% STONE 11.28 ▼ 0.84% GLOBANT 37.02 ▲ 1.15% TECNOGLASS 45.21 ▲ 4.07% GAP AIRPORT 215.32 ▼ 0.93% ASUR 277.73 ▲ 0.77% OMA AIRPORT 106.46 ▼ 0.41% AMX ADR 24.94 ▼ 1.62% FEMSA ADR 124.87 ▼ 2.44% CEMEX ADR 11.89 ▲ 0.59% PETROBRAS ADR 19.11 ▼ 1.52% VALE ADR 14.55 ▼ 3.42% ITAU ADR 8.44 ▼ 0.23% SANTANDER BR 5.69 ▲ 0.26% AMBEV ADR 3.09 ▼ 0.64% CSN 0.90 ▼ 8.66% GERDAU 4.98 ▲ 0.40% LATAM ADR 54.60 ▲ 3.49% BTC 63,666 ▲ 0.29% ETH 1,862 ▼ 1.07% SOL 73.27 ▼ 0.24% XRP 1.08 ▼ 0.49% BNB 591.29 ▲ 0.63% ADA 0.19 ▲ 1.29% DOGE 0.07 ▼ 0.68% AVAX 6.51 ▼ 0.48% LINK 8.23 ▼ 1.64% DOT 0.82 ▲ 3.29% LTC 44.17 ▼ 1.04% BCH 212.08 ▼ 0.21% TRX 0.33 ▲ 0.83% XLM 0.17 ▼ 1.56% HBAR 0.07 ▲ 0.14% NEAR 1.75 ▲ 1.95% ATOM 1.34 ▲ 5.86% AAVE 93.00 ▲ 1.09% SELIC 14.25% EMBRAER 89.96 ▲ 3.53% EMBRAER ADR 70.82 ▲ 3.64% JBS 13.83 ▼ 1.35% JBS BDR 70.36 ▼ 0.48% MBRF3 17.75 ▲ 1.20% MBRFY 3.44 — 0.00% INTER 5.53 ▼ 1.34% IBOV 177,261.94 ▼ 0.41% IPSA 10,986.47 ▼ 0.28% IPC MEX 66,935.53 ▼ 0.58% MERVAL 3,273,672 ▼ 0.54% COLCAP 2,382.96 ▼ 0.38% BVL PERÚ 57,378.30 — — USD/BRL 5.08 ▲ 0.15% USD/MXN 17.33 ▲ 0.12% USD/CLP 923.64 ▼ 0.80% USD/COP 3,246 ▲ 1.35% USD/PEN 3.38 ▼ 0.36% USD/ARS 1,494 ▲ 0.54% USD/UYU 40.27 ▲ 0.17% USD/PYG 5,936 ▲ 0.08% USD/BOB 12.07 ▼ 0.25% USD/DOP 58.00 ▲ 0.02% USD/CRC 448.42 ▲ 0.00% USD/GTQ 7.62 ▼ 0.08% USD/HNL 26.78 ▲ 0.07% USD/NIO 36.62 — 0.00% USD/VES 746.91 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.98 ▲ 0.24% USD/TTD 6.74 ▲ 1.26% EUR/BRL 5.85 ▼ 0.23% BRENT 83.61 ▼ 7.22% WTI 79.68 ▼ 5.89% IRON ORE 161.91 — — COPPER 6.54 ▲ 1.63% GOLD 4,093 ▲ 1.07% SILVER 57.86 ▲ 0.47% SOY 1,191 ▲ 1.58% CORN 470.00 ▲ 6.64% WHEAT 649.50 ▲ 1.60% COFFEE 318.95 ▼ 3.96% SUGAR 15.02 ▲ 2.46% ORANGE JUICE 157.75 ▲ 1.81% COTTON 81.39 ▲ 1.11% COCOA 5,914 ▲ 9.58% BEEF 227.78 ▼ 1.72% CATTLE 344.13 ▼ 1.12% LITHIUM 68.96 ▼ 0.38% PETR4 42.98 ▼ 1.01% VALE3 74.20 ▼ 2.73% ITUB4 42.91 ▲ 0.09% BBDC4 18.45 ▲ 0.21% ABEV3 15.89 ▼ 0.63% BBAS3 21.20 ▼ 0.70% B3SA3 15.62 ▼ 0.70% WEGE3 47.82 ▲ 1.31% PRIO3 58.90 ▼ 3.20% SUZB3 43.32 — 0.00% RENT3 37.93 ▲ 0.85% AZZA3 16.22 ▼ 1.22% CSAN3 4.09 ▲ 0.49% RAIZ4 0.25 ▼ 3.85% PCAR3 2.62 ▲ 1.16% GMAT3 4.01 ▼ 0.50% PSSA3 54.39 ▼ 0.57% CVCB3 1.37 ▲ 4.58% POSI3 3.54 ▼ 0.28% SLCE3 13.41 ▲ 0.22% NATU3 8.45 ▲ 0.84% BRKM5 5.90 ▼ 1.17% RANI3 8.37 ▲ 3.21% CSNA3 4.47 ▼ 7.64% CMIN3 5.62 ▼ 1.58% USIM5 7.51 ▲ 2.04% GGBR4 25.18 ▲ 0.80% ENEV3 26.82 ▲ 1.94% CPFE3 45.81 ▼ 0.72% CMIG4 11.13 ▼ 1.85% EQTL3 38.72 ▲ 0.16% LREN3 13.88 ▲ 2.06% VIVT3 32.40 ▼ 0.70% RAIL3 14.19 ▼ 1.73% KLABIN 18.23 ▼ 0.11% RAIA DROGASIL 18.57 ▲ 0.49% RDOR3 34.22 ▼ 1.21% HAPV3 11.75 ▲ 4.17% FLRY3 17.29 ▲ 0.88% SMTO3 14.47 ▼ 0.34% UGPA3 32.91 ▼ 0.42% VBBR3 36.10 ▲ 0.14% BBSE3 41.39 ▲ 0.32% BPAC11 56.97 ▲ 0.30% CURY3 31.17 ▲ 3.59% AERI3 2.18 ▲ 1.40% VIVARA 22.73 ▲ 2.48% COMPASS 24.80 ▼ 0.16% VAMOS 3.28 ▼ 1.80% SANB11 28.67 ▲ 0.17% ASAI3 8.48 ▼ 0.24% SBSP3 27.12 ▼ 2.09% WALMEX 50.06 ▼ 0.38% GMEXICO 211.80 ▲ 1.96% FEMSA 216.01 ▼ 2.46% CEMEX 20.66 ▲ 0.73% GFNORTE 197.63 ▼ 1.47% BIMBO 61.49 ▼ 0.76% TELEVISA 9.67 ▼ 1.43% AMX 21.60 ▼ 2.13% GAP 373.67 ▼ 0.76% ASUR 277.73 ▲ 0.77% OMA 231.05 ▼ 0.12% KOF 185.97 ▼ 0.69% GRUMA 263.20 ▲ 1.92% KIMBER 40.09 ▼ 0.27% SQM-B 61,793 ▼ 1.45% COPEC 6,272 ▼ 1.23% BSANTANDER 79.92 ▼ 1.32% FALABELLA 6,290 ▲ 1.19% ENELAM 87.91 ▼ 0.09% CENCOSUD 1,952 ▼ 0.15% CMPC 1,047 ▼ 0.72% BANCO CHILE 190.09 ▼ 1.87% LATAM AIR 25.25 ▲ 2.06% YPF 8,175 ▼ 1.39% GGAL 7,965 ▲ 1.06% PAMPA 5,495 ▼ 1.08% TXAR 657.00 ▼ 0.38% ALUAR 966.00 ▼ 1.18% TGS 10,000 ▼ 0.50% CEPU 2,368 ▼ 1.17% MIRGOR 16,025 ▼ 1.99% COME 43.51 ▼ 1.18% LOMA NEGRA 3,570 ▼ 1.38% BYMA 294.00 ▼ 0.51% TELECOM ARG 4,385 ▼ 0.51% ECOPETROL 16.54 ▼ 1.40% BANCOLOMBIA 91.08 ▼ 1.56% GRUPO AVAL 5.23 ▼ 0.95% CREDICORP 396.19 ▼ 1.10% SOUTHERN COPPER 184.52 ▲ 0.99% BUENAVENTURA 30.29 ▲ 0.02% MERCADOLIBRE 1,900 ▲ 1.16% NUBANK 14.37 ▲ 0.28% XP 16.98 ▼ 0.47% PAGSEGURO 9.65 ▲ 0.05% STONE 11.28 ▼ 0.84% GLOBANT 37.02 ▲ 1.15% TECNOGLASS 45.21 ▲ 4.07% GAP AIRPORT 215.32 ▼ 0.93% ASUR 277.73 ▲ 0.77% OMA AIRPORT 106.46 ▼ 0.41% AMX ADR 24.94 ▼ 1.62% FEMSA ADR 124.87 ▼ 2.44% CEMEX ADR 11.89 ▲ 0.59% PETROBRAS ADR 19.11 ▼ 1.52% VALE ADR 14.55 ▼ 3.42% ITAU ADR 8.44 ▼ 0.23% SANTANDER BR 5.69 ▲ 0.26% AMBEV ADR 3.09 ▼ 0.64% CSN 0.90 ▼ 8.66% GERDAU 4.98 ▲ 0.40% LATAM ADR 54.60 ▲ 3.49% BTC 63,666 ▲ 0.29% ETH 1,862 ▼ 1.07% SOL 73.27 ▼ 0.24% XRP 1.08 ▼ 0.49% BNB 591.29 ▲ 0.63% ADA 0.19 ▲ 1.29% DOGE 0.07 ▼ 0.68% AVAX 6.51 ▼ 0.48% LINK 8.23 ▼ 1.64% DOT 0.82 ▲ 3.29% LTC 44.17 ▼ 1.04% BCH 212.08 ▼ 0.21% TRX 0.33 ▲ 0.83% XLM 0.17 ▼ 1.56% HBAR 0.07 ▲ 0.14% NEAR 1.75 ▲ 1.95% ATOM 1.34 ▲ 5.86% AAVE 93.00 ▲ 1.09% SELIC 14.25% EMBRAER 89.96 ▲ 3.53% EMBRAER ADR 70.82 ▲ 3.64% JBS 13.83 ▼ 1.35% JBS BDR 70.36 ▼ 0.48% MBRF3 17.75 ▲ 1.20% MBRFY 3.44 — 0.00% INTER 5.53 ▼ 1.34%
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Op-Ed Guest Opinions

Opinion: Will Brazil’s Covid CPI actually accomplish something?

By · June 30, 2021 · 3 min read

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RIO DE JANEIRO, BRAZIL – (Opinion) Created in April by Brazil’s Senate, the parliamentary investigative committee known as the Covid CPI is scheduled to end on August 7; however, that period can be extended for 90 days.

The CPI has drafted a petition requesting the extension, which needs signature by 27 senators for approval; the CPI says it already has 34. The petition justifies the time extension by setting out a summary listing of what it uncovered in its first 60 days of activities.

Entrance hall of the National Congress Building in Brasilia. (Photo internet reproduction)
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There are “deliberate omissions and actions” by the administration:

  • “[seeking] a false herd immunity”
  • “the promotion of inefficacious treatments” and
  • “boycotts of non-pharmacological measures such as masks, social distancing, and alcohol gel”

There are the administration’s “failures”:

  • “communication”
  • “monitoring and mapping the pandemic”
  • “managing needed ICU beds in the country” and
  • “planning for supply of basic input components – oxygen, medicine, protective gear, tests, and respirators”

The government’s “boycott of vaccines” merits a separate chapter:

  • “dozens of emails from Pfizer unanswered”
  • “countless insults to countries and research institutions that supply vaccines to Brazil”
  • “delays of vaccines and their components”
  • “interruptions in the vaccination campaign”

In a prior column, we pointed out that congressional CPIs in Brazil have a long history of resulting in absolutely nothing of consequence, and we blithely predicted the same fate for the Covid CPI.

We may have been too hasty.

We based our forecast upon an incorrect supposition: namely, that the pro-government parties – a majority in Congress – would arrange to appoint a majority of the 11-member committee. They were unable to do so, and 7 committee members are from opposition or independent parties.

The CPI chair, the deputy chair, and the rapporteur have all become increasingly vociferous in their criticisms of the government, so there are, as we predicted, countless inflammatory speeches designed to increase the orator’s media exposure.

On the other hand, there have also been numerous witnesses: current or former government officials; public health experts; pharmaceutical executives. The testimony of these witnesses has been incredibly damaging to the administration.

So, where does the CPI go from here? There are two official purposes of any congressional investigative committee: one legislative, one judicial. Discovery of irregularities should lead to (1) proposals for corrective legislation, and (2) petitions to the Federal Prosecutor General (PGR) to bring criminal charges against those committing illegalities.

Most of the CPI’s list of the administration’s deficiencies, although serious, arguably do not amount to conduct specifically defined as crimes in the Penal Code; moreover, PGR Aras, appointed by Bolsonaro, is notoriously pro-administration. Do not expect show trials.

Returning to CPI history, only two have produced tangible results, both of which have damaged sitting Brazilian presidents: (1) that in 1992 resulted in then-President Collor’s pre-impeachment resignation; (2) that in 2005 uncovered the “Mensalão” scandal, which badly tarnished then-President Lula’s image.

The impeachment of President Bolsonaro is not among the Covid CPI’s stated objectives, but its findings have supplied ammunition to those who are calling for Congress to begin proceedings to oust him.

Impeachment is political, not penal. Brazil’s constitution defines an impeachable offense as a “crime de responsabilidade” best rendered in English as a “crime of accountability”.

President Bolsonaro is, in the end, accountable politically for his administration’s actions, omissions, derelictions of duty, and malfeasance.

Brazilian writer Vanessa Barbara described the situation well in an op-ed NYTimes column May 21: “The [CPI] inquiry, slowly and steadily, is unveiling a classic supervillain plot, at once nefarious and absurd, deadly and appalling. Whether the villain meets his comeuppance is another story.”

The comeuppance could be Bolsonaro’s impeachment, or it could be his defeat at the polls in 2022, which was, as we pointed out back in April, the tacit objective of the opposition senators who instigated the CPI.

Once burned, twice shy: we make no hasty prediction on either outcome.

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