IBOV 176,945 ▲ 0.69% IPSA 10,928 ▲ 0.16% IPC MEX 66,603 ▲ 0.96% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,305.07 ▼ 0.11% BVL PERÚ 56,428.20 ▲ 2.35% USD/BRL5.08▼ 1.21% USD/MXN17.41▼ 0.66% USD/CLP923.31▼ 1.03% USD/COP3,247▼ 0.48% USD/PEN3.39▼ 0.58% USD/ARS1,476▼ 0.47% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.33▲ 0.42% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.82▼ 0.09% BRENT 85.44 ▲ 2.57% WTI 79.76 ▲ 2.07% IRON ORE 161.91 — — COPPER 6.41 ▲ 2.87% GOLD 4,082 ▲ 2.13% SILVER 59.34 ▲ 2.96% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 637.75 ▲ 1.71% COFFEE 333.05 ▼ 2.45% SUGAR 14.85 ▲ 0.68% ORANGE JUICE 135.90 ▼ 4.67% COTTON 81.07 ▲ 1.55% COCOA 5,541 ▼ 2.72% BEEF 229.03 ▼ 2.43% CATTLE 351.35 ▼ 0.85% LITHIUM 71.59 ▲ 1.92% PETR4 40.86 ▲ 0.49% VALE3 74.49 ▲ 2.25% ITUB4 43.80 ▲ 0.64% BBDC4 18.90 ▲ 0.69% ABEV3 15.98 ▲ 0.95% BBAS3 20.50 ▲ 1.28% B3SA3 15.38 ▲ 1.72% WEGE3 44.41 ▲ 0.05% PRIO3 57.25 ▲ 0.09% SUZB3 40.91 ▼ 1.40% RENT3 40.55 ▲ 0.87% AZZA3 18.99 ▼ 1.20% CSAN3 3.89 ▼ 0.26% RAIZ4 0.34 ▲ 3.03% PCAR3 2.50 ▼ 3.47% GMAT3 3.98 ▲ 1.02% PSSA3 54.63 ▲ 1.09% CVCB3 1.29 ▲ 3.20% POSI3 3.98 ▼ 0.25% SLCE3 13.89 ▲ 0.14% NATU3 8.49 ▼ 1.28% BRKM5 6.86 ▼ 1.15% RANI3 7.98 ▲ 0.38% CSNA3 5.19 ▼ 0.95% CMIN3 5.18 ▼ 4.95% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.87 ▼ 0.04% CPFE3 47.03 ▲ 0.41% CMIG4 11.13 ▲ 0.54% EQTL3 40.65 ▲ 1.09% LREN3 14.14 ▼ 0.07% VIVT3 35.16 ▲ 1.24% RAIL3 14.14 ▲ 0.21% KLABIN 17.38 ▼ 0.57% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 36.10 ▲ 1.52% HAPV3 10.67 ▲ 2.01% FLRY3 16.27 ▲ 0.74% SMTO3 16.44 ▲ 0.43% UGPA3 30.93 ▲ 0.72% VBBR3 32.27 ▼ 1.50% BBSE3 40.35 ▲ 0.17% BPAC11 58.14 ▲ 1.08% CURY3 33.16 ▲ 0.12% AERI3 2.09 ▲ 0.48% VIVARA 23.40 ▲ 1.25% COMPASS 24.93 ▲ 0.65% VAMOS 3.03 ▲ 0.33% SANB11 27.57 ▲ 0.73% ASAI3 8.66 ▼ 0.57% SBSP3 30.47 ▲ 0.33% WALMEX 49.56 ▼ 0.18% GMEXICO 203.15 ▲ 3.87% FEMSA 227.56 ▲ 0.98% CEMEX 22.75 ▲ 4.45% GFNORTE 184.45 ▲ 1.31% BIMBO 55.79 ▼ 0.14% TELEVISA 9.52 ▼ 0.94% AMX 22.75 ▲ 0.71% GAP 387.79 ▼ 5.00% ASUR 278.06 ▼ 0.22% OMA 233.21 ▼ 0.05% KOF 180.43 ▼ 0.69% GRUMA 281.50 ▲ 0.05% KIMBER 38.20 ▼ 0.05% SQM-B 68,600 ▲ 2.07% COPEC 6,057 — 0.00% BSANTANDER 78.18 ▼ 0.03% FALABELLA 5,905 ▲ 0.00% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 2.80% BANCO CHILE 186.40 ▲ 0.76% LATAM AIR 24.90 — 0.00% YPF 77,175 — 0.00% GGAL 8,080 — 0.00% PAMPA 5,225 — 0.00% TXAR 664.50 — 0.00% ALUAR 964.50 — 0.00% TGS 9,570 — 0.00% CEPU 2,319 — 0.00% MIRGOR 17,050 ▼ 1.16% COME 44.78 — 0.00% LOMA NEGRA 3,498 — 0.00% BYMA 308.25 — 0.00% TELECOM ARG 4,250 — 0.00% ECOPETROL 16.10 ▲ 1.39% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 393.88 ▲ 1.20% SOUTHERN COPPER 182.83 ▲ 4.75% BUENAVENTURA 31.18 ▲ 4.56% MERCADOLIBRE 1,871 ▲ 0.21% NUBANK 14.23 ▲ 4.06% XP 16.63 ▲ 1.56% PAGSEGURO 9.32 ▲ 0.43% STONE 11.31 ▲ 1.44% GLOBANT 32.17 ▲ 0.16% TECNOGLASS 43.46 ▲ 1.44% GAP AIRPORT 223.42 ▼ 4.02% ASUR 278.06 ▼ 0.22% OMA AIRPORT 107.07 ▲ 0.89% AMX ADR 26.07 ▲ 0.15% FEMSA ADR 130.67 ▲ 1.29% CEMEX ADR 13.08 ▲ 5.02% PETROBRAS ADR 18.08 ▲ 1.09% VALE ADR 14.65 ▲ 3.28% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.13 ▲ 2.12% CSN 1.03 ▼ 0.49% GERDAU 4.57 ▲ 1.67% LATAM ADR 52.96 ▼ 0.70% BTC 63,812 ▲ 2.53% ETH 1,867 ▲ 5.29% SOL 76.92 ▲ 2.75% XRP 1.10 ▲ 3.03% BNB 579.63 ▲ 2.29% ADA 0.16 ▲ 3.92% DOGE 0.07 ▲ 2.92% AVAX 6.64 ▲ 3.04% LINK 8.27 ▲ 5.08% DOT 0.85 ▲ 1.49% LTC 44.60 ▲ 2.56% BCH 238.57 ▲ 0.99% TRX 0.33 ▲ 0.31% XLM 0.18 ▲ 1.97% HBAR 0.07 ▲ 0.90% NEAR 2.02 ▲ 5.54% ATOM 1.55 ▲ 0.78% AAVE 98.84 ▲ 4.75% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.34 ▲ 1.33% JBS 11.83 ▲ 0.21% JBS BDR 59.91 ▼ 1.15% MBRF3 15.91 ▲ 1.21% MBRFY 3.05 — 0.00% INTER 5.76 ▲ 1.95% IBOV 176,945 ▲ 0.69% IPSA 10,928 ▲ 0.16% IPC MEX 66,603 ▲ 0.96% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,305.07 ▼ 0.11% BVL PERÚ 56,428.20 ▲ 2.35% USD/BRL 5.08 ▼ 1.21% USD/MXN 17.41 ▼ 0.66% USD/CLP 923.31 ▼ 1.03% USD/COP 3,247 ▼ 0.48% USD/PEN 3.39 ▼ 0.58% USD/ARS 1,476 ▼ 0.47% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.33 ▲ 0.42% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.63% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.82 ▼ 0.09% BRENT 85.44 ▲ 2.57% WTI 79.76 ▲ 2.07% IRON ORE 161.91 — — COPPER 6.41 ▲ 2.87% GOLD 4,082 ▲ 2.13% SILVER 59.34 ▲ 2.96% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 637.75 ▲ 1.71% COFFEE 333.05 ▼ 2.45% SUGAR 14.85 ▲ 0.68% ORANGE JUICE 135.90 ▼ 4.67% COTTON 81.07 ▲ 1.55% COCOA 5,541 ▼ 2.72% BEEF 229.03 ▼ 2.43% CATTLE 351.35 ▼ 0.85% LITHIUM 71.59 ▲ 1.92% PETR4 40.86 ▲ 0.49% VALE3 74.49 ▲ 2.25% ITUB4 43.80 ▲ 0.64% BBDC4 18.90 ▲ 0.69% ABEV3 15.98 ▲ 0.95% BBAS3 20.50 ▲ 1.28% B3SA3 15.38 ▲ 1.72% WEGE3 44.41 ▲ 0.05% PRIO3 57.25 ▲ 0.09% SUZB3 40.91 ▼ 1.40% RENT3 40.55 ▲ 0.87% AZZA3 18.99 ▼ 1.20% CSAN3 3.89 ▼ 0.26% RAIZ4 0.34 ▲ 3.03% PCAR3 2.50 ▼ 3.47% GMAT3 3.98 ▲ 1.02% PSSA3 54.63 ▲ 1.09% CVCB3 1.29 ▲ 3.20% POSI3 3.98 ▼ 0.25% SLCE3 13.89 ▲ 0.14% NATU3 8.49 ▼ 1.28% BRKM5 6.86 ▼ 1.15% RANI3 7.98 ▲ 0.38% CSNA3 5.19 ▼ 0.95% CMIN3 5.18 ▼ 4.95% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.87 ▼ 0.04% CPFE3 47.03 ▲ 0.41% CMIG4 11.13 ▲ 0.54% EQTL3 40.65 ▲ 1.09% LREN3 14.14 ▼ 0.07% VIVT3 35.16 ▲ 1.24% RAIL3 14.14 ▲ 0.21% KLABIN 17.38 ▼ 0.57% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 36.10 ▲ 1.52% HAPV3 10.67 ▲ 2.01% FLRY3 16.27 ▲ 0.74% SMTO3 16.44 ▲ 0.43% UGPA3 30.93 ▲ 0.72% VBBR3 32.27 ▼ 1.50% BBSE3 40.35 ▲ 0.17% BPAC11 58.14 ▲ 1.08% CURY3 33.16 ▲ 0.12% AERI3 2.09 ▲ 0.48% VIVARA 23.40 ▲ 1.25% COMPASS 24.93 ▲ 0.65% VAMOS 3.03 ▲ 0.33% SANB11 27.57 ▲ 0.73% ASAI3 8.66 ▼ 0.57% SBSP3 30.47 ▲ 0.33% WALMEX 49.56 ▼ 0.18% GMEXICO 203.15 ▲ 3.87% FEMSA 227.56 ▲ 0.98% CEMEX 22.75 ▲ 4.45% GFNORTE 184.45 ▲ 1.31% BIMBO 55.79 ▼ 0.14% TELEVISA 9.52 ▼ 0.94% AMX 22.75 ▲ 0.71% GAP 387.79 ▼ 5.00% ASUR 278.06 ▼ 0.22% OMA 233.21 ▼ 0.05% KOF 180.43 ▼ 0.69% GRUMA 281.50 ▲ 0.05% KIMBER 38.20 ▼ 0.05% SQM-B 68,600 ▲ 2.07% COPEC 6,057 — 0.00% BSANTANDER 78.18 ▼ 0.03% FALABELLA 5,905 ▲ 0.00% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 2.80% BANCO CHILE 186.40 ▲ 0.76% LATAM AIR 24.90 — 0.00% YPF 77,175 — 0.00% GGAL 8,080 — 0.00% PAMPA 5,225 — 0.00% TXAR 664.50 — 0.00% ALUAR 964.50 — 0.00% TGS 9,570 — 0.00% CEPU 2,319 — 0.00% MIRGOR 17,050 ▼ 1.16% COME 44.78 — 0.00% LOMA NEGRA 3,498 — 0.00% BYMA 308.25 — 0.00% TELECOM ARG 4,250 — 0.00% ECOPETROL 16.10 ▲ 1.39% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 393.88 ▲ 1.20% SOUTHERN COPPER 182.83 ▲ 4.75% BUENAVENTURA 31.18 ▲ 4.56% MERCADOLIBRE 1,871 ▲ 0.21% NUBANK 14.23 ▲ 4.06% XP 16.63 ▲ 1.56% PAGSEGURO 9.32 ▲ 0.43% STONE 11.31 ▲ 1.44% GLOBANT 32.17 ▲ 0.16% TECNOGLASS 43.46 ▲ 1.44% GAP AIRPORT 223.42 ▼ 4.02% ASUR 278.06 ▼ 0.22% OMA AIRPORT 107.07 ▲ 0.89% AMX ADR 26.07 ▲ 0.15% FEMSA ADR 130.67 ▲ 1.29% CEMEX ADR 13.08 ▲ 5.02% PETROBRAS ADR 18.08 ▲ 1.09% VALE ADR 14.65 ▲ 3.28% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.13 ▲ 2.12% CSN 1.03 ▼ 0.49% GERDAU 4.57 ▲ 1.67% LATAM ADR 52.96 ▼ 0.70% BTC 63,812 ▲ 2.53% ETH 1,867 ▲ 5.29% SOL 76.92 ▲ 2.75% XRP 1.10 ▲ 3.03% BNB 579.63 ▲ 2.29% ADA 0.16 ▲ 3.92% DOGE 0.07 ▲ 2.92% AVAX 6.64 ▲ 3.04% LINK 8.27 ▲ 5.08% DOT 0.85 ▲ 1.49% LTC 44.60 ▲ 2.56% BCH 238.57 ▲ 0.99% TRX 0.33 ▲ 0.31% XLM 0.18 ▲ 1.97% HBAR 0.07 ▲ 0.90% NEAR 2.02 ▲ 5.54% ATOM 1.55 ▲ 0.78% AAVE 98.84 ▲ 4.75% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.34 ▲ 1.33% JBS 11.83 ▲ 0.21% JBS BDR 59.91 ▼ 1.15% MBRF3 15.91 ▲ 1.21% MBRFY 3.05 — 0.00% INTER 5.76 ▲ 1.95%
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Opinion: Alphabet Soup, a Smidgen

By · June 18, 2015 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Often overlooked in the frenzy over corruption is the number of official government entities whose purpose is to see whether state-owned companies and federal bureaucracies are minding their P’s and Q’s. Many are unknown to foreigners so the Curmudgeon here offers a primer, using alphabet soup abbreviations: AGU, CADE, CGU, MP and TCU.

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AGU stands for the Advocacia Geral da União. It is the equivalent to the Solicitor General’s Office in the USA, i.e. the federal government’s law firm. Its job is to defend the government, right or wrong. Given the increased wrongness that’s being discovered, AGU is working overtime these days.

CADE is Brazil’s antitrust agency. In the mid-1990s it was galvanized by a reforming Chairman who took it upon himself to challenge government agencies which fostered price fixing and other anti-competitive practices. It’s also the agency that most uses “leniency” agreements for whistle-blowers who incriminate fellow wrongdoers.

CGU is the Controladoria Geral da União, or the Comptroller’s office, whose job it is to audit government administration. Typically spineless, it is now working with AGU to invent a way to circumvent the law that prevents corrupt construction companies from executing government bids and contracts.

MP is the Ministério Público, an independent branch of government and a combination of Public Defender and Public Prosecutor; recently the prosecutors have made headlines, because they’re the ones who are going after the corrupt politicians and government contractors.

TCU is the Tribunal de Contas da União, similar to the US Government Accountability Office, the official “watchdog” of the Federal Government. TCU is not a court, it reports to Congress; however, it has traditionally refused to do anything that might upset Congress or the President.

Yesterday’s TCU report challenging the President’s 2014 accounts is absolutely unheard of, and may bring TCU the respectability it has never enjoyed. The Curmudgeon anxiously awaits developments.

The Curmudgeon will emit more alphabet soup Smidgens opportunely.

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