IBOV 177,999.00 ▲ 0.47% IPSA 11,016.85 ▼ 0.13% IPC MEX 66,935.53 ▼ 0.58% MERVAL 3,291,323 ▼ 0.41% COLCAP 2,392.10 ▲ 2.12% BVL PERÚ 57,890.85 — — USD/BRL5.06▼ 0.25% USD/MXN17.29▼ 0.11% USD/CLP922.45▼ 0.93% USD/COP3,217▲ 0.44% USD/PEN3.37▼ 0.45% USD/ARS1,486▲ 0.03% USD/UYU40.27▲ 0.17% USD/PYG5,936▲ 0.08% USD/BOB12.07▼ 0.25% USD/DOP58.13▲ 0.24% 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/JMD157.19— 0.00% USD/TTD6.74▲ 0.40% EUR/BRL5.84▼ 0.41% BRENT 83.45 ▼ 7.40% WTI 79.23 ▼ 6.42% IRON ORE 161.91 — — COPPER 6.46 ▲ 0.31% GOLD 4,090 ▲ 1.02% SILVER 56.85 ▼ 1.29% SOY 1,180 ▲ 0.66% CORN 461.50 ▲ 4.71% WHEAT 640.25 ▲ 0.16% COFFEE 312.75 ▼ 5.83% SUGAR 14.87 ▲ 1.43% ORANGE JUICE 152.75 ▼ 1.42% COTTON 80.51 ▲ 0.01% COCOA 5,740 ▲ 6.36% BEEF 227.25 ▼ 1.72% CATTLE 343.78 ▼ 0.78% LITHIUM 68.51 ▼ 1.03% PETR4 42.66 ▼ 1.75% VALE3 75.89 ▼ 0.51% ITUB4 43.28 ▲ 0.95% BBDC4 18.61 ▲ 1.08% ABEV3 16.04 ▲ 0.31% BBAS3 21.53 ▲ 0.84% B3SA3 15.64 ▼ 0.57% WEGE3 47.76 ▲ 1.19% PRIO3 59.27 ▼ 2.60% SUZB3 43.54 ▲ 0.51% RENT3 38.14 ▲ 1.41% AZZA3 16.51 ▲ 0.55% CSAN3 4.12 ▲ 1.23% RAIZ4 0.26 — 0.00% PCAR3 2.64 ▲ 1.93% GMAT3 4.06 ▲ 0.74% PSSA3 54.70 — 0.00% CVCB3 1.33 ▲ 1.53% POSI3 3.54 ▼ 0.28% SLCE3 13.37 ▼ 0.07% NATU3 8.45 ▲ 0.84% BRKM5 6.06 ▲ 1.51% RANI3 8.32 ▲ 2.59% CSNA3 4.79 ▼ 1.03% CMIN3 5.72 ▲ 0.18% USIM5 7.41 ▲ 0.68% GGBR4 24.92 ▼ 0.24% ENEV3 26.55 ▲ 0.91% CPFE3 46.26 ▲ 0.26% CMIG4 11.37 ▲ 0.26% EQTL3 38.91 ▲ 0.65% LREN3 13.75 ▲ 1.10% VIVT3 32.94 ▲ 0.95% RAIL3 14.58 ▲ 0.97% KLABIN 18.41 ▲ 0.88% RAIA DROGASIL 18.48 — 0.00% RDOR3 34.93 ▲ 0.84% HAPV3 11.48 ▲ 1.77% FLRY3 17.20 ▲ 0.35% SMTO3 14.40 ▼ 0.83% UGPA3 32.99 ▼ 0.18% VBBR3 36.02 ▼ 0.08% BBSE3 41.28 ▲ 0.05% BPAC11 57.65 ▲ 1.50% CURY3 30.68 ▲ 1.96% AERI3 2.18 ▲ 1.40% VIVARA 22.31 ▲ 0.59% COMPASS 24.80 ▼ 0.16% VAMOS 3.39 ▲ 1.50% SANB11 28.53 ▼ 0.31% ASAI3 8.60 ▲ 1.18% SBSP3 27.77 ▲ 0.25% WALMEX 50.36 ▲ 0.34% GMEXICO 208.29 ▼ 2.20% FEMSA 221.95 ▲ 1.19% CEMEX 20.54 ▼ 0.73% GFNORTE 199.64 ▼ 0.32% BIMBO 62.08 ▲ 2.26% TELEVISA 9.79 ▼ 0.91% AMX 22.00 — 0.00% GAP 376.64 ▼ 1.08% ASUR 275.62 ▼ 0.34% OMA 231.05 ▼ 0.96% KOF 187.94 ▼ 0.14% GRUMA 258.23 ▼ 4.00% KIMBER 40.19 ▼ 0.17% SQM-B 62,700 ▼ 0.93% COPEC 6,350 ▲ 0.79% BSANTANDER 80.99 ▲ 0.36% FALABELLA 6,216 ▼ 0.06% ENELAM 87.99 ▲ 0.39% CENCOSUD 1,955 ▲ 0.51% CMPC 1,055 ▲ 2.43% BANCO CHILE 193.71 ▼ 1.57% LATAM AIR 24.74 ▼ 0.64% YPF 82,900 ▲ 1.94% GGAL 7,890 ▼ 1.56% PAMPA 5,555 ▲ 0.36% TXAR 655.50 ▲ 1.16% ALUAR 977.50 ▼ 0.20% TGS 10,050 ▲ 2.45% CEPU 2,396 ▼ 0.33% MIRGOR 16,350 ▼ 1.95% COME 44.03 ▼ 1.94% LOMA NEGRA 3,620 ▼ 1.76% BYMA 296.00 ▼ 0.34% TELECOM ARG 4,408 ▲ 2.14% ECOPETROL 16.77 ▼ 1.58% BANCOLOMBIA 92.52 ▼ 1.46% GRUPO AVAL 5.28 ▲ 2.75% CREDICORP 400.58 ▼ 0.42% SOUTHERN COPPER 182.71 ▼ 1.24% BUENAVENTURA 30.28 ▼ 4.96% MERCADOLIBRE 1,878 ▼ 0.41% NUBANK 14.33 ▼ 1.10% XP 17.06 ▼ 0.81% PAGSEGURO 9.64 ▼ 2.03% STONE 11.38 ▼ 0.48% GLOBANT 36.60 ▲ 0.58% TECNOGLASS 43.44 ▼ 0.34% GAP AIRPORT 217.35 ▼ 1.02% ASUR 275.62 ▼ 0.34% OMA AIRPORT 106.90 ▼ 1.10% AMX ADR 25.37 ▲ 0.18% FEMSA ADR 127.99 ▲ 0.97% CEMEX ADR 11.82 ▼ 0.92% PETROBRAS ADR 19.40 ▲ 1.46% VALE ADR 15.06 ▲ 0.47% ITAU ADR 8.46 ▲ 0.24% SANTANDER BR 5.67 ▲ 12.28% AMBEV ADR 3.11 ▼ 0.32% CSN 0.99 ▼ 2.42% GERDAU 4.96 — 0.00% LATAM ADR 52.75 ▼ 2.21% BTC 62,618 ▼ 1.36% ETH 1,839 ▼ 2.31% SOL 72.39 ▼ 1.44% XRP 1.07 ▼ 1.67% BNB 584.60 ▼ 0.51% ADA 0.19 ▲ 0.24% DOGE 0.07 ▼ 1.58% AVAX 6.47 ▼ 1.09% LINK 8.20 ▼ 2.05% DOT 0.82 ▲ 2.66% LTC 44.05 ▼ 1.31% BCH 209.35 ▼ 1.49% TRX 0.33 ▲ 0.15% XLM 0.17 ▼ 1.72% HBAR 0.07 ▼ 1.70% NEAR 1.71 ▼ 0.56% ATOM 1.28 ▲ 1.51% AAVE 92.12 ▲ 0.13% SELIC 14.25% EMBRAER 88.61 ▲ 1.98% EMBRAER ADR 68.33 ▲ 0.32% JBS 14.02 ▼ 1.89% JBS BDR 70.73 ▲ 0.04% MBRF3 17.42 ▼ 0.68% MBRFY 3.39 ▼ 2.31% INTER 5.60 ▼ 0.71% EGX 54,094 ▼ 0.35% USD/ZAR16.50▼ 0.31% USD/NGN1,361▲ 0.07% NIKKEI 63,755 ▼ 0.94% CSI300 4,543 ▼ 0.98% HSI 26,009 ▲ 0.48% NIFTY 24,774 ▲ 1.60% KOSPI 6,257 ▼ 5.12% JCI 6,234 ▼ 0.03% USD/JPY156.46▼ 0.63% USD/CNY6.74▼ 0.15% DAX 25,950 ▲ 1.25% CAC 8,598 ▲ 1.04% FTSE 10,857 ▼ 0.10% MIB 52,598 ▲ 0.82% IBEX 19,889 ▲ 0.53% STOXX 650.60 ▲ 0.22% EUR/USD1.15▼ 0.08% GBP/USD1.35▼ 0.16% SPX 7,505 ▲ 0.20% DJI 52,984 ▲ 0.95% NDX 28,274 ▲ 0.60% RUT 2,931 ▼ 0.50% TSX 35,226 ▼ 0.79% VIX 16.01 ▲ 0.13% USD/CAD1.40▲ 0.20% US10Y 4.6860 ▼ 1.24% IBOV 177,999.00 ▲ 0.47% IPSA 11,016.85 ▼ 0.13% IPC MEX 66,935.53 ▼ 0.58% MERVAL 3,291,323 ▼ 0.41% COLCAP 2,392.10 ▲ 2.12% BVL PERÚ 57,890.85 — — USD/BRL 5.06 ▼ 0.25% USD/MXN 17.29 ▼ 0.11% USD/CLP 922.45 ▼ 0.93% USD/COP 3,217 ▲ 0.44% USD/PEN 3.37 ▼ 0.45% USD/ARS 1,486 ▲ 0.03% USD/UYU 40.27 ▲ 0.17% USD/PYG 5,936 ▲ 0.08% USD/BOB 12.07 ▼ 0.25% USD/DOP 58.13 ▲ 0.24% 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 157.19 ▲ 0.37% USD/TTD 6.74 ▲ 1.26% EUR/BRL 5.84 ▼ 0.41% BRENT 83.45 ▼ 7.40% WTI 79.23 ▼ 6.42% IRON ORE 161.91 — — COPPER 6.46 ▲ 0.31% GOLD 4,090 ▲ 1.02% SILVER 56.85 ▼ 1.29% SOY 1,180 ▲ 0.66% CORN 461.50 ▲ 4.71% WHEAT 640.25 ▲ 0.16% COFFEE 312.75 ▼ 5.83% SUGAR 14.87 ▲ 1.43% ORANGE JUICE 152.75 ▼ 1.42% COTTON 80.51 ▲ 0.01% COCOA 5,740 ▲ 6.36% BEEF 227.25 ▼ 1.72% CATTLE 343.78 ▼ 0.78% LITHIUM 68.51 ▼ 1.03% PETR4 42.66 ▼ 1.75% VALE3 75.89 ▼ 0.51% ITUB4 43.28 ▲ 0.95% BBDC4 18.61 ▲ 1.08% ABEV3 16.04 ▲ 0.31% BBAS3 21.53 ▲ 0.84% B3SA3 15.64 ▼ 0.57% WEGE3 47.76 ▲ 1.19% PRIO3 59.27 ▼ 2.60% SUZB3 43.54 ▲ 0.51% RENT3 38.14 ▲ 1.41% AZZA3 16.51 ▲ 0.55% CSAN3 4.12 ▲ 1.23% RAIZ4 0.26 — 0.00% PCAR3 2.64 ▲ 1.93% GMAT3 4.06 ▲ 0.74% PSSA3 54.70 — 0.00% CVCB3 1.33 ▲ 1.53% POSI3 3.54 ▼ 0.28% SLCE3 13.37 ▼ 0.07% NATU3 8.45 ▲ 0.84% BRKM5 6.06 ▲ 1.51% RANI3 8.32 ▲ 2.59% CSNA3 4.79 ▼ 1.03% CMIN3 5.72 ▲ 0.18% USIM5 7.41 ▲ 0.68% GGBR4 24.92 ▼ 0.24% ENEV3 26.55 ▲ 0.91% CPFE3 46.26 ▲ 0.26% CMIG4 11.37 ▲ 0.26% EQTL3 38.91 ▲ 0.65% LREN3 13.75 ▲ 1.10% VIVT3 32.94 ▲ 0.95% RAIL3 14.58 ▲ 0.97% KLABIN 18.41 ▲ 0.88% RAIA DROGASIL 18.48 — 0.00% RDOR3 34.93 ▲ 0.84% HAPV3 11.48 ▲ 1.77% FLRY3 17.20 ▲ 0.35% SMTO3 14.40 ▼ 0.83% UGPA3 32.99 ▼ 0.18% VBBR3 36.02 ▼ 0.08% BBSE3 41.28 ▲ 0.05% BPAC11 57.65 ▲ 1.50% CURY3 30.68 ▲ 1.96% AERI3 2.18 ▲ 1.40% VIVARA 22.31 ▲ 0.59% COMPASS 24.80 ▼ 0.16% VAMOS 3.39 ▲ 1.50% SANB11 28.53 ▼ 0.31% ASAI3 8.60 ▲ 1.18% SBSP3 27.77 ▲ 0.25% WALMEX 50.36 ▲ 0.34% GMEXICO 208.29 ▼ 2.20% FEMSA 221.95 ▲ 1.19% CEMEX 20.54 ▼ 0.73% GFNORTE 199.64 ▼ 0.32% BIMBO 62.08 ▲ 2.26% TELEVISA 9.79 ▼ 0.91% AMX 22.00 — 0.00% GAP 376.64 ▼ 1.08% ASUR 275.62 ▼ 0.34% OMA 231.05 ▼ 0.96% KOF 187.94 ▼ 0.14% GRUMA 258.23 ▼ 4.00% KIMBER 40.19 ▼ 0.17% SQM-B 62,700 ▼ 0.93% COPEC 6,350 ▲ 0.79% BSANTANDER 80.99 ▲ 0.36% FALABELLA 6,216 ▼ 0.06% ENELAM 87.99 ▲ 0.39% CENCOSUD 1,955 ▲ 0.51% CMPC 1,055 ▲ 2.43% BANCO CHILE 193.71 ▼ 1.57% LATAM AIR 24.74 ▼ 0.64% YPF 82,900 ▲ 1.94% GGAL 7,890 ▼ 1.56% PAMPA 5,555 ▲ 0.36% TXAR 655.50 ▲ 1.16% ALUAR 977.50 ▼ 0.20% TGS 10,050 ▲ 2.45% CEPU 2,396 ▼ 0.33% MIRGOR 16,350 ▼ 1.95% COME 44.03 ▼ 1.94% LOMA NEGRA 3,620 ▼ 1.76% BYMA 296.00 ▼ 0.34% TELECOM ARG 4,408 ▲ 2.14% ECOPETROL 16.77 ▼ 1.58% BANCOLOMBIA 92.52 ▼ 1.46% GRUPO AVAL 5.28 ▲ 2.75% CREDICORP 400.58 ▼ 0.42% SOUTHERN COPPER 182.71 ▼ 1.24% BUENAVENTURA 30.28 ▼ 4.96% MERCADOLIBRE 1,878 ▼ 0.41% NUBANK 14.33 ▼ 1.10% XP 17.06 ▼ 0.81% PAGSEGURO 9.64 ▼ 2.03% STONE 11.38 ▼ 0.48% GLOBANT 36.60 ▲ 0.58% TECNOGLASS 43.44 ▼ 0.34% GAP AIRPORT 217.35 ▼ 1.02% ASUR 275.62 ▼ 0.34% OMA AIRPORT 106.90 ▼ 1.10% AMX ADR 25.37 ▲ 0.18% FEMSA ADR 127.99 ▲ 0.97% CEMEX ADR 11.82 ▼ 0.92% PETROBRAS ADR 19.40 ▲ 1.46% VALE ADR 15.06 ▲ 0.47% ITAU ADR 8.46 ▲ 0.24% SANTANDER BR 5.67 ▲ 12.28% AMBEV ADR 3.11 ▼ 0.32% CSN 0.99 ▼ 2.42% GERDAU 4.96 — 0.00% LATAM ADR 52.75 ▼ 2.21% BTC 62,618 ▼ 1.36% ETH 1,839 ▼ 2.31% SOL 72.39 ▼ 1.44% XRP 1.07 ▼ 1.67% BNB 584.60 ▼ 0.51% ADA 0.19 ▲ 0.24% DOGE 0.07 ▼ 1.58% AVAX 6.47 ▼ 1.09% LINK 8.20 ▼ 2.05% DOT 0.82 ▲ 2.66% LTC 44.05 ▼ 1.31% BCH 209.35 ▼ 1.49% TRX 0.33 ▲ 0.15% XLM 0.17 ▼ 1.72% HBAR 0.07 ▼ 1.70% NEAR 1.71 ▼ 0.56% ATOM 1.28 ▲ 1.51% AAVE 92.12 ▲ 0.13% SELIC 14.25% EMBRAER 88.61 ▲ 1.98% EMBRAER ADR 68.33 ▲ 0.32% JBS 14.02 ▼ 1.89% JBS BDR 70.73 ▲ 0.04% MBRF3 17.42 ▼ 0.68% MBRFY 3.39 ▼ 2.31% INTER 5.60 ▼ 0.71% EGX 54,094 ▼ 0.35% USD/ZAR 16.50 ▼ 0.27% USD/NGN 1,361 ▼ 0.23% NIKKEI 63,755 ▼ 0.94% CSI300 4,543 ▼ 0.98% HSI 26,009 ▲ 0.48% NIFTY 24,774 ▲ 1.60% KOSPI 6,257 ▼ 5.12% JCI 6,234 ▼ 0.03% USD/JPY 156.47 ▼ 0.59% USD/CNY 6.7413 ▼ 0.05% DAX 25,950 ▲ 1.25% CAC 8,598 ▲ 1.04% FTSE 10,857 ▼ 0.10% MIB 52,598 ▲ 0.82% IBEX 19,889 ▲ 0.53% STOXX 650.60 ▲ 0.22% EUR/USD 1.1535 ▲ 0.07% GBP/USD 1.3466 ▼ 0.16% SPX 7,505 ▲ 0.20% DJI 52,984 ▲ 0.95% NDX 28,274 ▲ 0.60% RUT 2,931 ▼ 0.50% TSX 35,226 ▼ 0.79% VIX 16.01 ▲ 0.13% USD/CAD 1.4038 ▲ 0.15% US10Y 4.6860 ▼ 1.24%
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Opinion: ‘Operation Varginha’ – From Halloween to All Souls’ Day

By · November 2, 2021 · 3 min read

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RIO DE JANEIRO, BRAZIL – (Opinion). Today, November 2, is All Souls’ Day (“Finados”), a legal holiday in Brazil, when most Brazilians are mourning their dead. Today, on the other hand, “law and order” supporters in Brazil are celebrating the fact that the country has 25 more “finados” than it had on Halloween.

Late Saturday night, in a rural area outside Varginha, Minas Gerais, the State Police “Special Ops” force known as “Bope” joined the Federal Highway Police in an “operation” designed to capture a gang of criminals suspected of planning to commit a large-scale bank robbery on Sunday.

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Brazil has lately seen a surge of bank robberies carried out by large gangs, using armored vehicles, drones, explosives and high-caliber firearms. The modus operandi is to shut down an entire town after midnight, then assault a bank that holds a reserve of banknotes for distribution to regional banks.

The most recent such assault was in Araçatuba, São Paulo state. Hostages were taken, some even tied to the roofs of getaway cars, and three deaths occurred. Well over 30 “bandidos” are believed to have taken part.

But let us return to Halloween in Varginha.

The State Police say they received an anonymous tip that a large group of men had gathered, with many stolen cars, in two farmhouses outside town.

The police further state that their task force (apparently at least 50 agents) went to the two hideouts, intending only to arrest the suspects, but were fired upon by guards, whereupon an intense gun battle ensued.

According to the official police narrative, during the firefights, there were 18 suspects killed at one location; 7 at the other. No suspect offered to surrender. No suspect survived. Some had been wounded and were attended to, and taken to a hospital, but did not survive their wounds.

The best news, according to the police? Not one agent engaged in the action had been killed or even wounded. Not a scratch among all of them.

To prove the dead suspects were “bandidos”, the police have published an array of photographs, some of walls with bullet holes, others of heavy weaponry recovered among the dead suspects, and some 10 cars, all reportedly stolen.

Do you find this official narrative as hard to believe as I do?

A different hypothetical narrative follows.

The police were tipped off about the hiding place, and decided to invade before the suspects could flee, without requesting approval of their raid. They arrived at the hideouts, surrounded them, wiped out any lookouts and then attacked en masse, mowing down everyone they found in front of them – all 25 “bandidos”. They even killed the farm’s nightwatchman, thus not leaving any survivors who could talk.  They mopped up the crime scene, removed the corpses, took a lot of pictures, and called a press conference to celebrate a great victory.”

This hypothetical narrative closely resembles that of the actual event in Rio de Janeiro’s Jacarezinho community last May, when dozens of civil police, acting without approval, raided the favela, guns blazing, and massacred 29 “bandidos”, executing many in cold blood. They too cleaned up the crime scenes before permitting any investigations. Unlike in Varginha, though, the Rio police left survivors.

It is fair to question the hypothetical narrative: Why would the police simply execute everyone? The answer is deterrence. PCC drug gangs recruit local criminals in towns far from their favela redoubts, to carry out the bank robberies. Local police believe the prospect of certain death will deter locals from getting involved.

There can be no doubt that the “suspects” in Varginha were definitely planning to attack a bank by controlling a town, à la Araçatuba.  In short, all 25 “suspects” were highly dangerous “bandidos”.

“The only good bandido is a dead bandido.” Perhaps 4 out of every 5 Brazilians agree with that phrase, and fully support “law enforcement” agents summarily imposing the death penalty on “bandidos” without bothering with a trial.

The police in Varginha know that; they also know no one will challenge or investigate the official narrative of what happened. No one will seriously consider the hypothetical narrative set out above, nor any other narrative that does not celebrate the death of 25 “bandidos”.

I will not join any such celebration.

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