IBOV 176,537 ▲ 0.45% IPSA 10,928 ▲ 0.16% IPC MEX 66,559 ▲ 0.89% MERVAL 3,232,092 ▼ 0.10% COLCAP 2,298.73 ▼ 0.39% BVL PERÚ 56,428.20 ▲ 1.15% USD/BRL5.07▼ 1.26% USD/MXN17.43▼ 0.59% USD/CLP926.58▼ 0.68% USD/COP3,253▼ 0.30% USD/PEN3.39▼ 0.62% USD/ARS1,470▼ 0.88% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.25▲ 0.29% 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/JMD156.98▲ 0.25% USD/TTD6.75▲ 1.19% EUR/BRL5.79▼ 0.49% BRENT 85.38 ▲ 2.50% WTI 79.81 ▲ 2.14% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.21% GOLD 4,061 ▲ 1.60% SILVER 59.13 ▲ 2.59% SOY 1,191 ▼ 0.96% CORN 459.50 ▲ 4.97% WHEAT 644.00 ▲ 2.71% COFFEE 327.00 ▼ 4.22% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.68 ▲ 2.32% COCOA 5,936 ▲ 4.21% BEEF 231.58 ▼ 1.34% CATTLE 349.63 ▼ 1.33% LITHIUM 71.58 ▲ 1.91% PETR4 40.71 ▲ 0.12% VALE3 74.05 ▲ 1.65% ITUB4 43.50 ▼ 0.05% BBDC4 18.58 ▼ 1.01% ABEV3 15.80 ▼ 0.19% BBAS3 20.56 ▲ 1.58% B3SA3 15.35 ▲ 1.52% WEGE3 44.25 ▼ 0.32% PRIO3 57.60 ▲ 0.70% SUZB3 41.19 ▼ 0.72% RENT3 40.42 ▲ 0.55% AZZA3 18.91 ▼ 1.61% CSAN3 3.88 ▼ 0.51% RAIZ4 0.31 ▼ 6.06% PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.37 ▲ 0.61% CVCB3 1.38 ▲ 10.40% POSI3 3.99 — 0.00% SLCE3 13.75 ▼ 0.87% NATU3 8.53 ▼ 0.81% BRKM5 6.81 ▼ 1.87% RANI3 8.02 ▲ 0.88% CSNA3 5.19 ▼ 0.95% CMIN3 5.14 ▼ 5.69% USIM5 8.23 ▼ 1.79% GGBR4 23.28 ▲ 2.02% ENEV3 27.07 ▲ 0.71% CPFE3 47.15 ▲ 0.66% CMIG4 11.18 ▲ 0.99% EQTL3 40.87 ▲ 1.64% LREN3 14.28 ▲ 0.92% VIVT3 35.60 ▲ 2.51% RAIL3 14.07 ▼ 0.28% KLABIN 17.43 ▼ 0.29% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 35.94 ▲ 1.07% HAPV3 11.13 ▲ 6.41% FLRY3 16.45 ▲ 1.86% SMTO3 16.19 ▼ 1.10% UGPA3 30.02 ▼ 2.94% VBBR3 33.18 ▲ 1.28% BBSE3 40.27 ▼ 0.02% BPAC11 58.16 ▲ 1.11% CURY3 33.48 ▲ 1.09% AERI3 2.07 ▼ 0.48% VIVARA 23.41 ▲ 1.30% COMPASS 25.20 ▲ 1.74% VAMOS 3.18 ▲ 5.30% SANB11 27.32 ▼ 0.18% ASAI3 8.69 ▼ 0.23% SBSP3 30.33 ▼ 0.13% WALMEX 49.32 ▼ 0.66% GMEXICO 199.61 ▲ 2.06% FEMSA 232.52 ▲ 3.18% CEMEX 22.24 ▲ 2.11% GFNORTE 186.00 ▲ 2.16% BIMBO 56.55 ▲ 1.22% TELEVISA 9.54 ▼ 0.73% AMX 22.83 ▲ 1.06% GAP 394.05 ▼ 3.46% ASUR 275.61 — 0.00% OMA 235.49 ▲ 0.93% KOF 180.00 ▼ 0.92% GRUMA 280.31 ▼ 0.38% KIMBER 38.53 ▲ 0.81% SQM-B 67,685 ▲ 0.71% COPEC 6,149 ▲ 1.51% BSANTANDER 78.39 ▲ 0.24% FALABELLA 5,920 ▲ 0.25% ENELAM 85.23 ▲ 1.22% CENCOSUD 2,040 — 0.00% CMPC 1,096 ▲ 1.69% BANCO CHILE 188.71 ▲ 2.01% LATAM AIR 24.70 ▼ 0.80% YPF 77,775 ▲ 0.78% GGAL 7,910 ▼ 2.10% PAMPA 5,220 ▼ 0.10% TXAR 665.00 ▲ 0.08% ALUAR 949.00 ▼ 1.61% TGS 9,710 ▲ 1.46% CEPU 2,327 ▲ 0.35% MIRGOR 16,750 ▼ 1.47% COME 45.80 ▲ 2.28% LOMA NEGRA 3,535 ▲ 1.07% BYMA 302.50 ▼ 1.87% TELECOM ARG 4,330 ▲ 1.88% ECOPETROL 15.90 ▲ 0.13% BANCOLOMBIA 82.10 — 0.00% GRUPO AVAL 4.95 — 0.00% CREDICORP 392.24 — 0.00% SOUTHERN COPPER 182.38 — 0.00% BUENAVENTURA 31.03 — 0.00% MERCADOLIBRE 1,870 ▲ 0.14% NUBANK 14.03 ▲ 2.63% XP 16.87 ▲ 3.05% PAGSEGURO 9.28 — 0.00% STONE 11.30 ▲ 1.35% GLOBANT 30.92 — 0.00% TECNOGLASS 44.23 ▲ 3.24% GAP AIRPORT 225.95 — 0.00% ASUR 275.61 — 0.00% OMA AIRPORT 107.64 ▲ 1.42% AMX ADR 26.18 — 0.00% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.75 ▲ 2.41% PETROBRAS ADR 17.97 ▲ 0.50% VALE ADR 14.55 ▲ 2.61% ITAU ADR 8.55 ▲ 0.94% SANTANDER BR 5.39 — 0.00% AMBEV ADR 3.09 — 0.00% CSN 1.03 — 0.00% GERDAU 4.61 — 0.00% LATAM ADR 53.51 — 0.00% BTC 64,458 ▲ 3.57% ETH 1,876 ▲ 5.78% SOL 76.99 ▲ 2.84% XRP 1.11 ▲ 4.28% BNB 580.07 ▲ 2.37% ADA 0.16 ▲ 3.80% DOGE 0.07 ▲ 3.20% AVAX 6.66 ▲ 3.35% LINK 8.29 ▲ 5.24% DOT 0.85 ▲ 1.37% LTC 44.88 ▲ 3.20% BCH 236.01 ▼ 0.10% TRX 0.33 ▲ 0.31% XLM 0.18 ▲ 2.23% HBAR 0.07 ▼ 0.19% NEAR 2.02 ▲ 5.33% ATOM 1.56 ▲ 1.30% AAVE 99.43 ▲ 5.37% SELIC 14.25% EMBRAER 82.70 ▼ 0.37% EMBRAER ADR 64.55 ▲ 0.11% JBS 11.83 ▲ 0.25% JBS BDR 60.01 ▼ 0.99% MBRF3 16.12 ▲ 2.54% MBRFY 3.14 ▲ 2.95% INTER 5.70 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR16.38▼ 0.55% USD/NGN1,381▲ 0.07% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY162.24▼ 0.13% USD/CNY6.76▼ 0.26% DAX 25,147 ▲ 0.13% CAC 8,367 ▲ 0.03% FTSE 10,529 ▲ 0.30% MIB 52,863 ▲ 0.10% IBEX 19,357 ▲ 0.11% STOXX 642.10 ▲ 0.17% EUR/USD1.14▲ 0.35% GBP/USD1.34▲ 0.01% SPX 7,545 ▲ 0.40% DJI 52,531 ▲ 0.06% NDX 29,586 ▲ 1.10% RUT 2,965 ▲ 0.40% TSX 35,334 ▲ 0.23% VIX 16.41 ▼ 4.37% USD/CAD1.41▼ 0.64% US10Y 4.5850 ▼ 0.52% IBOV 176,537 ▲ 0.45% IPSA 10,928 ▲ 0.16% IPC MEX 66,559 ▲ 0.89% MERVAL 3,232,092 ▼ 0.10% COLCAP 2,298.73 ▼ 0.39% BVL PERÚ 56,428.20 ▲ 1.15% USD/BRL 5.07 ▼ 1.26% USD/MXN 17.43 ▼ 0.59% USD/CLP 926.58 ▼ 0.68% USD/COP 3,253 ▼ 0.30% USD/PEN 3.39 ▼ 0.62% USD/ARS 1,470 ▼ 0.88% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.25 ▲ 0.29% 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 156.98 ▼ 0.33% USD/TTD 6.75 ▲ 1.13% EUR/BRL 5.79 ▼ 0.49% BRENT 85.38 ▲ 2.50% WTI 79.81 ▲ 2.14% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.21% GOLD 4,061 ▲ 1.60% SILVER 59.13 ▲ 2.59% SOY 1,191 ▼ 0.96% CORN 459.50 ▲ 4.97% WHEAT 644.00 ▲ 2.71% COFFEE 327.00 ▼ 4.22% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.68 ▲ 2.32% COCOA 5,936 ▲ 4.21% BEEF 231.58 ▼ 1.34% CATTLE 349.63 ▼ 1.33% LITHIUM 71.58 ▲ 1.91% PETR4 40.71 ▲ 0.12% VALE3 74.05 ▲ 1.65% ITUB4 43.50 ▼ 0.05% BBDC4 18.58 ▼ 1.01% ABEV3 15.80 ▼ 0.19% BBAS3 20.56 ▲ 1.58% B3SA3 15.35 ▲ 1.52% WEGE3 44.25 ▼ 0.32% PRIO3 57.60 ▲ 0.70% SUZB3 41.19 ▼ 0.72% RENT3 40.42 ▲ 0.55% AZZA3 18.91 ▼ 1.61% CSAN3 3.88 ▼ 0.51% RAIZ4 0.31 ▼ 6.06% PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.37 ▲ 0.61% CVCB3 1.38 ▲ 10.40% POSI3 3.99 — 0.00% SLCE3 13.75 ▼ 0.87% NATU3 8.53 ▼ 0.81% BRKM5 6.81 ▼ 1.87% RANI3 8.02 ▲ 0.88% CSNA3 5.19 ▼ 0.95% CMIN3 5.14 ▼ 5.69% USIM5 8.23 ▼ 1.79% GGBR4 23.28 ▲ 2.02% ENEV3 27.07 ▲ 0.71% CPFE3 47.15 ▲ 0.66% CMIG4 11.18 ▲ 0.99% EQTL3 40.87 ▲ 1.64% LREN3 14.28 ▲ 0.92% VIVT3 35.60 ▲ 2.51% RAIL3 14.07 ▼ 0.28% KLABIN 17.43 ▼ 0.29% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 35.94 ▲ 1.07% HAPV3 11.13 ▲ 6.41% FLRY3 16.45 ▲ 1.86% SMTO3 16.19 ▼ 1.10% UGPA3 30.02 ▼ 2.94% VBBR3 33.18 ▲ 1.28% BBSE3 40.27 ▼ 0.02% BPAC11 58.16 ▲ 1.11% CURY3 33.48 ▲ 1.09% AERI3 2.07 ▼ 0.48% VIVARA 23.41 ▲ 1.30% COMPASS 25.20 ▲ 1.74% VAMOS 3.18 ▲ 5.30% SANB11 27.32 ▼ 0.18% ASAI3 8.69 ▼ 0.23% SBSP3 30.33 ▼ 0.13% WALMEX 49.32 ▼ 0.66% GMEXICO 199.61 ▲ 2.06% FEMSA 232.52 ▲ 3.18% CEMEX 22.24 ▲ 2.11% GFNORTE 186.00 ▲ 2.16% BIMBO 56.55 ▲ 1.22% TELEVISA 9.54 ▼ 0.73% AMX 22.83 ▲ 1.06% GAP 394.05 ▼ 3.46% ASUR 275.61 — 0.00% OMA 235.49 ▲ 0.93% KOF 180.00 ▼ 0.92% GRUMA 280.31 ▼ 0.38% KIMBER 38.53 ▲ 0.81% SQM-B 67,685 ▲ 0.71% COPEC 6,149 ▲ 1.51% BSANTANDER 78.39 ▲ 0.24% FALABELLA 5,920 ▲ 0.25% ENELAM 85.23 ▲ 1.22% CENCOSUD 2,040 — 0.00% CMPC 1,096 ▲ 1.69% BANCO CHILE 188.71 ▲ 2.01% LATAM AIR 24.70 ▼ 0.80% YPF 77,775 ▲ 0.78% GGAL 7,910 ▼ 2.10% PAMPA 5,220 ▼ 0.10% TXAR 665.00 ▲ 0.08% ALUAR 949.00 ▼ 1.61% TGS 9,710 ▲ 1.46% CEPU 2,327 ▲ 0.35% MIRGOR 16,750 ▼ 1.47% COME 45.80 ▲ 2.28% LOMA NEGRA 3,535 ▲ 1.07% BYMA 302.50 ▼ 1.87% TELECOM ARG 4,330 ▲ 1.88% ECOPETROL 15.90 ▲ 0.13% BANCOLOMBIA 82.10 — 0.00% GRUPO AVAL 4.95 — 0.00% CREDICORP 392.24 — 0.00% SOUTHERN COPPER 182.38 — 0.00% BUENAVENTURA 31.03 — 0.00% MERCADOLIBRE 1,870 ▲ 0.14% NUBANK 14.03 ▲ 2.63% XP 16.87 ▲ 3.05% PAGSEGURO 9.28 — 0.00% STONE 11.30 ▲ 1.35% GLOBANT 30.92 — 0.00% TECNOGLASS 44.23 ▲ 3.24% GAP AIRPORT 225.95 — 0.00% ASUR 275.61 — 0.00% OMA AIRPORT 107.64 ▲ 1.42% AMX ADR 26.18 — 0.00% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.75 ▲ 2.41% PETROBRAS ADR 17.97 ▲ 0.50% VALE ADR 14.55 ▲ 2.61% ITAU ADR 8.55 ▲ 0.94% SANTANDER BR 5.39 — 0.00% AMBEV ADR 3.09 — 0.00% CSN 1.03 — 0.00% GERDAU 4.61 — 0.00% LATAM ADR 53.51 — 0.00% BTC 64,458 ▲ 3.57% ETH 1,876 ▲ 5.78% SOL 76.99 ▲ 2.84% XRP 1.11 ▲ 4.28% BNB 580.07 ▲ 2.37% ADA 0.16 ▲ 3.80% DOGE 0.07 ▲ 3.20% AVAX 6.66 ▲ 3.35% LINK 8.29 ▲ 5.24% DOT 0.85 ▲ 1.37% LTC 44.88 ▲ 3.20% BCH 236.01 ▼ 0.10% TRX 0.33 ▲ 0.31% XLM 0.18 ▲ 2.23% HBAR 0.07 ▼ 0.19% NEAR 2.02 ▲ 5.33% ATOM 1.56 ▲ 1.30% AAVE 99.43 ▲ 5.37% SELIC 14.25% EMBRAER 82.70 ▼ 0.37% EMBRAER ADR 64.55 ▲ 0.11% JBS 11.83 ▲ 0.25% JBS BDR 60.01 ▼ 0.99% MBRF3 16.12 ▲ 2.54% MBRFY 3.14 ▲ 2.95% INTER 5.70 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR 16.38 ▼ 0.49% USD/NGN 1,381 ▲ 0.20% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY 162.21 ▼ 0.13% USD/CNY 6.7624 ▼ 0.13% DAX 25,147 ▲ 0.13% CAC 8,367 ▲ 0.03% FTSE 10,529 ▲ 0.30% MIB 52,863 ▲ 0.10% IBEX 19,357 ▲ 0.11% STOXX 642.10 ▲ 0.17% EUR/USD 1.1425 ▲ 0.33% GBP/USD 1.3390 ▲ 0.31% SPX 7,545 ▲ 0.40% DJI 52,531 ▲ 0.06% NDX 29,586 ▲ 1.10% RUT 2,965 ▲ 0.40% TSX 35,334 ▲ 0.23% VIX 16.41 ▼ 4.37% USD/CAD 1.4065 ▼ 0.62% US10Y 4.5850 ▼ 0.52%
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Opinion: Brazil’s “Fora Cunha!” Movement

By · September 12, 2016 · 3 min read

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Opinion by Michael Royster

RIO DE JANEIRO, BRAZIL – The most popular chant around Brazil today will not be “Fora Temer!” but rather “Fora Cunha!” The reason is that, starting (probably) at 7PM and stretching (surely) well into the wee small hours of Tuesday September 13th, Brazil’s Chamber of Deputies will be voting on whether to remove from its ranks Federal Deputy Eduardo Cunha.

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Mr. Cunha, who has a degree in economics and worked as an auditor before entering politics, has been an elected member of the federal Chamber since 2003 and in 2014 received the third highest number of votes in the state of Rio de Janeiro. He has long been associated with PMDB, and was elected its party leader in the Chamber in 2013; two years later, he was elected President of the Chamber.

In May 2016, however, Cunha was deposed from his position as President through an STF order because of allegations of criminal behavior against him connected to the Lava Jato scandal. After much protesting of his innocence, Cunha resigned the Presidency in July 2016. However, notwithstanding his efforts to the contrary, the investigations have continued, and the vote today will be to remove him from office entirely.

Cunha is uniformly loathed by the supporters of former President Dilma, who claim that he was the creator and artificer of the impeachment process. He has long been supported by Congressional backbenchers, many of whom belong to small satellite “parties for hire”. These parties have managed to stay alive through the practice of “fisiologismo” or the trading of favors among political cronies.

Cunha was the unrivaled master of this procedure, and because so many people owe him favors, he was able to postpone today’s vote for almost a year. There were even federal Deputies who threatened not to vote for impeachment if the efforts to unseat Cunha were allowed to proceed.

But, in the fullness of time, the day of reckoning has arrived, and many of his long-time sycophants and cronies have now deserted him, in the face of the overwhelming evidence that, not only did he commit any number of crimes, he hid all his ill-gotten gains in offshore accounts, which are no longer secret.

Assuming the vote goes as predicted, by tomorrow Eduardo Cunha will be a private citizen, not an elected member of the legislative branch of government. That constitutes his worst fear, because it means the criminal proceedings against him from the Lava Jato scheme will be heard by crusading Judge Sergio Moro in Curitiba, rather than by the overburdened federal Supreme Court.

There is still a possibility that the Chamber will not vote to remove Cunha; he has occasionally hinted that if he goes, he will bring down the entire house of cards he built up during his tenure. That is the worst fear of dozens of federal deputies. Fortunately, the vote in the Chamber will not be secret — if it were, Cunha would still be President of the Chamber.

The Curmudgeon isn’t sure that newly elected Chamber President Rodrigo Maia will be much of an improvement, but he could hardly be worse.

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