IBOV 177,866 ▲ 2.97% IPSA 11,057 ▲ 0.28% IPC MEX 66,496 ▲ 0.59% MERVAL 3,280,224 ▲ 2.43% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,194.27 ▲ 1.29% USD/BRL5.11— 0.00% USD/MXN17.47▼ 0.01% USD/CLP923.90▼ 0.41% USD/COP3,237▼ 0.27% USD/PEN3.41▲ 0.44% USD/ARS1,487▼ 0.03% USD/UYU40.22▲ 1.37% USD/PYG6,055▲ 1.45% USD/BOB10.14▲ 4.01% USD/DOP58.61▲ 0.22% USD/CRC448.82▲ 1.41% USD/GTQ7.63▲ 2.31% USD/HNL26.72▲ 0.09% USD/NIO36.62— 0.00% USD/VES719.54▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD158.09▲ 0.40% USD/TTD6.75▲ 1.44% EUR/BRL5.84▲ 0.33% BRENT 77.51 ▲ 1.97% WTI 72.83 ▲ 1.99% IRON ORE 161.91 — — COPPER 6.27 ▲ 0.52% GOLD 4,081 ▼ 0.56% SILVER 58.99 ▼ 1.38% SOY 1,196 ▼ 0.06% CORN 465.25 ▲ 6.22% WHEAT 636.50 ▲ 0.71% COFFEE 328.50 ▼ 4.23% SUGAR 14.71 ▼ 1.14% ORANGE JUICE 143.25 ▼ 4.44% COTTON 81.35 ▲ 1.79% COCOA 5,648 ▼ 4.58% BEEF 230.55 ▼ 2.00% CATTLE 354.60 ▼ 0.44% LITHIUM 72.32 ▼ 0.69% PETR4 39.65 ▲ 1.12% VALE3 74.18 ▲ 1.41% ITUB4 44.30 ▲ 4.02% BBDC4 18.86 ▲ 4.78% ABEV3 15.82 ▲ 0.64% BBAS3 20.58 ▲ 2.90% B3SA3 15.42 ▲ 4.26% WEGE3 46.51 ▲ 1.68% PRIO3 55.45 ▼ 0.29% SUZB3 41.55 ▲ 1.27% RENT3 41.10 ▲ 4.31% AZZA3 19.10 ▲ 3.47% CSAN3 4.07 ▲ 5.44% RAIZ4 0.35 ▼ 5.41% PCAR3 2.73 ▼ 1.09% GMAT3 3.97 ▲ 1.02% PSSA3 54.97 ▲ 3.04% CVCB3 1.25 — 0.00% POSI3 3.97 ▲ 3.12% SLCE3 14.02 ▲ 1.67% NATU3 8.68 ▲ 2.60% BRKM5 6.63 ▲ 4.25% RANI3 8.01 ▲ 1.91% CSNA3 5.18 ▲ 7.92% CMIN3 5.23 ▲ 8.28% USIM5 8.45 ▲ 1.20% GGBR4 23.01 ▲ 2.36% ENEV3 27.55 ▲ 5.15% CPFE3 47.87 ▲ 3.41% CMIG4 11.38 ▲ 2.71% EQTL3 40.91 ▲ 3.54% LREN3 14.62 ▲ 3.32% VIVT3 35.75 ▲ 3.62% RAIL3 14.36 ▲ 4.44% KLABIN 17.54 ▲ 0.80% RAIA DROGASIL 18.77 ▲ 3.53% RDOR3 36.02 ▲ 2.48% HAPV3 10.60 ▲ 5.26% FLRY3 16.42 ▲ 4.25% SMTO3 16.37 ▲ 1.99% UGPA3 30.71 ▲ 2.03% VBBR3 33.00 ▲ 2.80% BBSE3 40.35 ▲ 2.72% BPAC11 58.73 ▲ 5.48% CURY3 34.21 ▲ 4.62% AERI3 2.09 ▲ 1.46% VIVARA 23.53 ▲ 4.21% COMPASS 25.50 ▲ 3.32% VAMOS 3.06 ▲ 3.38% SANB11 27.62 ▲ 5.22% ASAI3 8.87 ▲ 4.85% SBSP3 31.11 ▲ 3.70% WALMEX 49.31 ▲ 0.51% GMEXICO 198.62 ▲ 1.39% FEMSA 223.20 ▲ 0.21% CEMEX 21.82 ▲ 0.74% GFNORTE 186.51 ▲ 0.54% BIMBO 56.06 ▼ 0.07% TELEVISA 9.74 ▲ 2.53% AMX 22.70 — 0.00% GAP 412.01 ▼ 0.03% ASUR 497.71 ▲ 0.34% OMA 235.73 ▼ 1.17% KOF 182.08 ▲ 0.70% GRUMA 282.99 ▲ 0.25% KIMBER 38.13 ▼ 0.94% SQM-B 67,750 ▼ 1.95% COPEC 6,139 ▲ 1.98% BSANTANDER 79.00 ▲ 1.94% FALABELLA 5,905 ▲ 0.92% ENELAM 85.40 ▲ 1.47% CENCOSUD 2,045 ▼ 0.55% CMPC 1,109 ▲ 1.32% BANCO CHILE 188.88 ▲ 1.01% LATAM AIR 26.37 ▼ 0.11% YPF 74,450 ▼ 1.75% GGAL 8,350 ▲ 5.96% PAMPA 5,185 ▼ 0.38% TXAR 669.50 ▲ 0.75% ALUAR 978.00 ▲ 0.98% TGS 9,610 ▲ 3.22% CEPU 2,405 ▲ 3.89% MIRGOR 17,375 ▲ 1.02% COME 45.90 ▲ 1.06% LOMA NEGRA 3,583 ▲ 2.43% BYMA 314.00 ▲ 1.37% TELECOM ARG 4,248 ▲ 3.09% ECOPETROL 15.58 ▲ 1.23% BANCOLOMBIA 82.95 ▲ 2.50% GRUPO AVAL 5.07 ▲ 1.00% CREDICORP 400.81 ▲ 2.27% SOUTHERN COPPER 175.83 ▲ 0.80% BUENAVENTURA 30.00 ▲ 1.52% MERCADOLIBRE 1,852 ▲ 2.46% NUBANK 13.76 ▲ 0.66% XP 16.92 ▲ 3.11% PAGSEGURO 9.25 ▲ 2.78% STONE 11.21 ▲ 2.28% GLOBANT 29.96 ▼ 4.25% TECNOGLASS 43.90 ▲ 1.76% GAP AIRPORT 235.64 ▲ 0.50% ASUR 285.12 ▲ 0.53% OMA AIRPORT 108.04 ▼ 0.27% AMX ADR 26.01 ▲ 0.66% FEMSA ADR 127.66 ▲ 0.52% CEMEX ADR 12.48 ▲ 0.89% PETROBRAS ADR 17.32 ▲ 1.70% VALE ADR 14.46 ▲ 1.69% ITAU ADR 8.62 ▲ 4.11% SANTANDER BR 5.39 ▲ 4.86% AMBEV ADR 3.07 ▲ 0.99% CSN 1.01 ▲ 6.32% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.45 ▼ 1.03% BTC 63,039 ▼ 1.13% ETH 1,784 ▼ 1.20% SOL 76.55 ▼ 0.42% XRP 1.08 ▼ 0.73% BNB 569.15 ▼ 0.84% ADA 0.16 ▼ 1.33% DOGE 0.07 ▼ 0.51% AVAX 6.63 ▲ 3.56% LINK 7.99 ▼ 0.04% DOT 0.83 ▼ 1.45% LTC 43.83 ▼ 0.32% BCH 238.11 ▼ 0.77% TRX 0.33 ▼ 0.40% XLM 0.18 ▼ 1.46% HBAR 0.07 ▼ 0.21% NEAR 1.91 ▲ 1.24% ATOM 1.55 ▼ 1.28% AAVE 95.21 ▼ 1.91% SELIC 14.25% IBOV 177,866 ▲ 2.97% IPSA 11,057 ▲ 0.28% IPC MEX 66,496 ▲ 0.59% MERVAL 3,280,224 ▲ 2.43% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,194.27 ▲ 1.29% USD/BRL 5.11 ▼ 0.51% USD/MXN 17.48 ▼ 0.36% USD/CLP 923.90 ▼ 0.33% USD/COP 3,237 ▼ 1.73% USD/PEN 3.41 ▲ 0.23% USD/ARS 1,487 ▼ 0.03% USD/UYU 40.22 ▲ 1.37% USD/PYG 6,055 ▲ 1.45% USD/BOB 10.14 ▲ 4.01% USD/DOP 58.61 ▲ 0.19% USD/CRC 448.82 ▲ 1.41% USD/GTQ 7.63 ▲ 2.31% USD/HNL 26.72 ▲ 0.09% USD/NIO 36.62 ▲ 0.23% USD/VES 719.54 ▲ 5.16% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 158.09 ▲ 0.40% USD/TTD 6.75 ▲ 1.44% EUR/BRL 5.84 ▼ 0.46% BRENT 77.51 ▲ 1.97% WTI 72.83 ▲ 1.99% IRON ORE 161.91 — — COPPER 6.27 ▲ 0.52% GOLD 4,081 ▼ 0.56% SILVER 58.99 ▼ 1.38% SOY 1,196 ▼ 0.06% CORN 465.25 ▲ 6.22% WHEAT 636.50 ▲ 0.71% COFFEE 328.50 ▼ 4.23% SUGAR 14.71 ▼ 1.14% ORANGE JUICE 143.25 ▼ 4.44% COTTON 81.35 ▲ 1.79% COCOA 5,648 ▼ 4.58% BEEF 230.55 ▼ 2.00% CATTLE 354.60 ▼ 0.44% LITHIUM 72.32 ▼ 0.69% PETR4 39.65 ▲ 1.12% VALE3 74.18 ▲ 1.41% ITUB4 44.30 ▲ 4.02% BBDC4 18.86 ▲ 4.78% ABEV3 15.82 ▲ 0.64% BBAS3 20.58 ▲ 2.90% B3SA3 15.42 ▲ 4.26% WEGE3 46.51 ▲ 1.68% PRIO3 55.45 ▼ 0.29% SUZB3 41.55 ▲ 1.27% RENT3 41.10 ▲ 4.31% AZZA3 19.10 ▲ 3.47% CSAN3 4.07 ▲ 5.44% RAIZ4 0.35 ▼ 5.41% PCAR3 2.73 ▼ 1.09% GMAT3 3.97 ▲ 1.02% PSSA3 54.97 ▲ 3.04% CVCB3 1.25 — 0.00% POSI3 3.97 ▲ 3.12% SLCE3 14.02 ▲ 1.67% NATU3 8.68 ▲ 2.60% BRKM5 6.63 ▲ 4.25% RANI3 8.01 ▲ 1.91% CSNA3 5.18 ▲ 7.92% CMIN3 5.23 ▲ 8.28% USIM5 8.45 ▲ 1.20% GGBR4 23.01 ▲ 2.36% ENEV3 27.55 ▲ 5.15% CPFE3 47.87 ▲ 3.41% CMIG4 11.38 ▲ 2.71% EQTL3 40.91 ▲ 3.54% LREN3 14.62 ▲ 3.32% VIVT3 35.75 ▲ 3.62% RAIL3 14.36 ▲ 4.44% KLABIN 17.54 ▲ 0.80% RAIA DROGASIL 18.77 ▲ 3.53% RDOR3 36.02 ▲ 2.48% HAPV3 10.60 ▲ 5.26% FLRY3 16.42 ▲ 4.25% SMTO3 16.37 ▲ 1.99% UGPA3 30.71 ▲ 2.03% VBBR3 33.00 ▲ 2.80% BBSE3 40.35 ▲ 2.72% BPAC11 58.73 ▲ 5.48% CURY3 34.21 ▲ 4.62% AERI3 2.09 ▲ 1.46% VIVARA 23.53 ▲ 4.21% COMPASS 25.50 ▲ 3.32% VAMOS 3.06 ▲ 3.38% SANB11 27.62 ▲ 5.22% ASAI3 8.87 ▲ 4.85% SBSP3 31.11 ▲ 3.70% WALMEX 49.31 ▲ 0.51% GMEXICO 198.62 ▲ 1.39% FEMSA 223.20 ▲ 0.21% CEMEX 21.82 ▲ 0.74% GFNORTE 186.51 ▲ 0.54% BIMBO 56.06 ▼ 0.07% TELEVISA 9.74 ▲ 2.53% AMX 22.70 — 0.00% GAP 412.01 ▼ 0.03% ASUR 497.71 ▲ 0.34% OMA 235.73 ▼ 1.17% KOF 182.08 ▲ 0.70% GRUMA 282.99 ▲ 0.25% KIMBER 38.13 ▼ 0.94% SQM-B 67,750 ▼ 1.95% COPEC 6,139 ▲ 1.98% BSANTANDER 79.00 ▲ 1.94% FALABELLA 5,905 ▲ 0.92% ENELAM 85.40 ▲ 1.47% CENCOSUD 2,045 ▼ 0.55% CMPC 1,109 ▲ 1.32% BANCO CHILE 188.88 ▲ 1.01% LATAM AIR 26.37 ▼ 0.11% YPF 74,450 ▼ 1.75% GGAL 8,350 ▲ 5.96% PAMPA 5,185 ▼ 0.38% TXAR 669.50 ▲ 0.75% ALUAR 978.00 ▲ 0.98% TGS 9,610 ▲ 3.22% CEPU 2,405 ▲ 3.89% MIRGOR 17,375 ▲ 1.02% COME 45.90 ▲ 1.06% LOMA NEGRA 3,583 ▲ 2.43% BYMA 314.00 ▲ 1.37% TELECOM ARG 4,248 ▲ 3.09% ECOPETROL 15.58 ▲ 1.23% BANCOLOMBIA 82.95 ▲ 2.50% GRUPO AVAL 5.07 ▲ 1.00% CREDICORP 400.81 ▲ 2.27% SOUTHERN COPPER 175.83 ▲ 0.80% BUENAVENTURA 30.00 ▲ 1.52% MERCADOLIBRE 1,852 ▲ 2.46% NUBANK 13.76 ▲ 0.66% XP 16.92 ▲ 3.11% PAGSEGURO 9.25 ▲ 2.78% STONE 11.21 ▲ 2.28% GLOBANT 29.96 ▼ 4.25% TECNOGLASS 43.90 ▲ 1.76% GAP AIRPORT 235.64 ▲ 0.50% ASUR 285.12 ▲ 0.53% OMA AIRPORT 108.04 ▼ 0.27% AMX ADR 26.01 ▲ 0.66% FEMSA ADR 127.66 ▲ 0.52% CEMEX ADR 12.48 ▲ 0.89% PETROBRAS ADR 17.32 ▲ 1.70% VALE ADR 14.46 ▲ 1.69% ITAU ADR 8.62 ▲ 4.11% SANTANDER BR 5.39 ▲ 4.86% AMBEV ADR 3.07 ▲ 0.99% CSN 1.01 ▲ 6.32% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.45 ▼ 1.03% BTC 63,039 ▼ 1.13% ETH 1,784 ▼ 1.20% SOL 76.55 ▼ 0.42% XRP 1.08 ▼ 0.73% BNB 569.15 ▼ 0.84% ADA 0.16 ▼ 1.33% DOGE 0.07 ▼ 0.51% AVAX 6.63 ▲ 3.56% LINK 7.99 ▼ 0.04% DOT 0.83 ▼ 1.45% LTC 43.83 ▼ 0.32% BCH 238.11 ▼ 0.77% TRX 0.33 ▼ 0.40% XLM 0.18 ▼ 1.46% HBAR 0.07 ▼ 0.21% NEAR 1.91 ▲ 1.24% ATOM 1.55 ▼ 1.28% AAVE 95.21 ▼ 1.91% SELIC 14.25%
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Opinion: Brazil’s Lava Jato: Chronicle of a Death Foretold

By · March 25, 2018 · 3 min read

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Opinion by Michael Royster

RIO DE JANEIRO, BRAZIL – On Thursday, March 22nd Brazil’s Supreme Court (STF) held a vote on a petition for habeas corpus filed by former President Lula. The close vote (6-5) technically only frees Lula from prison until April 4th when STF will debate the merits of Lula’s motion.

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In practice, however, the decision presages the death of the Lava Jato investigations and the return of impunity for corrupt politicians.

From 1889 until 2009, Brazilian criminal law statutes determined that, upon conviction, criminals went to jail. They could still appeal, or seek a writ of habeas corpus, while serving their time.

In 2009, the STF held that Article 5 – LVII of the 1988 Constitution (“no one shall be deemed guilty until the judgment of conviction has become final”) necessarily meant that if you were appealing your conviction, you should not be in jail until you could make no further appeals.

In 2016, however, the STF overruled its prior holding and (by another 6-5 vote) permitted jailing convicted criminals, after their convictions had been affirmed by a federal Appellate Court (TRF).

This decision has been crucial to the success of the Lava Jato investigations, because it means that even rich and powerful criminals cannot avoid prison while appealing their convictions. Appeals beyond the TRF always take years, creating a risk that the statute of limitations will apply and the convicted criminal, even though guilty, will never have to serve any jail time.

By April 4th when the STF reconvenes to consider the case, the 4th TRF will have unanimously confirmed Lula’s conviction; under the 2016 STF decision, he should go to jail.

The current STF majority seeks at all costs to avoid that happening, but they want to avoid the appearance of it only applying to Lula. Therefore, on April 4th, the STF will likely expand its docket and consider two other pending cases that are generally applicable to all defendants.

In those cases, as well as that of Lula, a 6-5 majority will hold that no jail is possible until the sentence has become final.

When the decision is announced, there will be rejoicing in the halls of Congress, and in Executive and Legislative branches throughout Brazil, for it means the return of impunity for the rich and powerful.

Let the crusading judges of Lava-Jato do their worst” the corrupt will exult, “because they can’t touch me! My lawyers will drag proceedings out for years and years, and I’ll never see the inside of a jail cell.

Secure in the knowledge they can now avoid jail, the corrupt will no longer be tempted to plea bargain in exchange for shorter jail terms. The absence of plea bargaining will, for obvious reasons, inevitably lead to the failure of the Lava Jato investigations.

The six STF Justices who have protected Lula know full well that, by doing so, they have foretold the death of Lava Jato, just four years after its birth.

The Curmudgeon, along with the vast majority of Brazilians, deeply regrets that premature death.

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