IBOV 177,284 ▼ 0.61% IPSA 10,421 ▼ 0.58% IPC MEX 67,977 ▼ 1.78% MERVAL 2,707,869 ▼ 1.44% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.05 ▼ 0.01% USD/MXN 17.33 ▲ 0.10% USD/CLP 908.88 ▲ 1.38% USD/COP 3,791 ▲ 0.09% USD/PEN 3.43 ▼ 0.01% USD/ARS 1,395 ▲ 0.20% USD/UYU 40.07 ▲ 1.92% USD/PYG 6,066 ▲ 1.38% USD/BOB 6.86 ▲ 1.77% USD/DOP 59.15 ▼ 0.50% USD/CRC 451.24 ▲ 1.96% USD/GTQ 7.62 ▲ 2.19% USD/HNL 26.61 ▲ 0.29% USD/NIO 36.62 ▲ 0.26% USD/VES 513.89 ▼ 0.13% USD/PAB 1.00 ▲ 2.16% USD/BZD 2.00 ▲ 1.59% USD/JMD 157.28 ▲ 0.43% USD/TTD 6.74 ▲ 1.22% EUR/BRL 5.89 ▲ 0.19% BRENT 109.26 ▲ 3.35% WTI 101.02 ▼ 0.15% IRON ORE 161.91 — — COPPER 6.30 ▼ 4.15% GOLD 4,562 ▼ 2.48% SILVER 77.55 ▼ 8.67% SOY 1,177 ▲ 0.21% CORN 455.75 ▲ 0.94% WHEAT 635.75 ▼ 1.74% COFFEE 258.75 ▼ 12.12% SUGAR 14.78 ▼ 1.40% ORANGE JUICE 170.05 ▼ 6.21% COTTON 80.33 ▼ 4.30% COCOA 4,109 ▼ 1.91% BEEF 247.93 ▼ 1.65% CATTLE 361.45 ▼ 1.67% LITHIUM 84.08 ▼ 3.30% PETR4 45.47 ▲ 1.04% VALE3 83.50 ▲ 0.76% ITUB4 39.70 ▼ 1.73% BBDC4 17.69 ▼ 0.84% ABEV3 15.69 ▼ 0.51% BBAS3 20.70 ▼ 0.29% B3SA3 16.70 ▼ 1.36% WEGE3 43.13 ▼ 1.35% PRIO3 68.80 ▲ 2.24% SUZB3 41.70 ▼ 2.16% RENT3 42.98 ▼ 2.18% AZZA3 19.05 ▲ 1.06% CSAN3 4.41 ▼ 5.16% RAIZ4 0.45 ▲ 2.27% PCAR3 2.26 ▼ 1.74% GMAT3 4.34 ▲ 1.17% PSSA3 47.92 ▼ 1.60% CVCB3 1.81 ▼ 4.23% POSI3 3.88 ▼ 2.27% SLCE3 17.19 ▼ 0.87% NATU3 9.94 ▲ 1.53% BRKM5 12.21 ▲ 0.49% RANI3 7.85 ▼ 0.25% CSNA3 6.42 ▼ 3.75% CMIN3 4.72 ▼ 1.05% USIM5 9.12 ▼ 7.79% GGBR4 23.34 ▼ 1.02% ENEV3 25.06 ▼ 3.43% NEOE3 33.80 — 0.00% CPFE3 44.52 ▼ 1.53% CMIG4 11.27 ▼ 0.09% EQTL3 38.59 ▼ 0.54% LREN3 13.55 ▼ 1.24% VIVT3 35.52 ▼ 0.20% RAIL3 14.97 ▼ 1.96% KLABIN 16.43 ▼ 2.55% RAIA DROGASIL 19.59 ▼ 0.25% RDOR3 34.84 ▲ 0.26% HAPV3 12.45 ▼ 6.11% FLRY3 15.60 ▼ 2.26% SMTO3 18.25 ▼ 0.82% UGPA3 29.13 ▼ 1.42% VBBR3 33.12 ▼ 0.81% BBSE3 34.12 ▼ 1.04% BPAC11 54.50 ▼ 1.61% CURY3 30.37 ▼ 0.75% AERI3 2.42 ▼ 0.41% VIVARA 22.94 ▼ 0.26% COMPASS 25.90 ▼ 1.89% VAMOS 3.41 ▼ 2.29% SANB11 26.92 ▼ 0.81% ASAI3 8.50 ▼ 1.05% SBSP3 29.03 ▼ 1.66% WALMEX 54.82 ▲ 0.53% GMEXICO 202.10 ▼ 4.45% FEMSA 210.39 ▼ 0.01% CEMEX 21.82 ▼ 3.71% GFNORTE 184.04 ▼ 0.98% BIMBO 59.19 ▲ 0.27% TELEVISA 9.94 ▲ 1.43% AMX 23.13 ▼ 1.11% GAP 413.32 ▼ 1.41% ASUR 296.14 ▼ 1.66% OMA 222.96 ▼ 0.70% KOF 180.84 ▼ 0.13% GRUMA 298.23 ▲ 0.12% KIMBER 38.28 ▼ 0.55% SQM-B 76,590 ▼ 2.06% COPEC 6,145 ▼ 0.08% BSANTANDER 68.99 ▼ 0.16% FALABELLA 5,500 ▲ 1.08% ENELAM 75.75 ▼ 0.89% CENCOSUD 2,060 ▼ 3.06% CMPC 1,055 ▼ 0.94% BANCO CHILE 163.70 ▲ 0.13% LATAM AIR 21.54 ▼ 2.53% YPF 65,000 ▼ 0.46% GGAL 6,060 ▼ 2.02% PAMPA 4,720 ▼ 0.26% TXAR 615.00 ▲ 0.49% ALUAR 940.50 ▼ 0.42% TGS 8,750 ▼ 0.62% CEPU 2,049 ▼ 3.17% MIRGOR 17,225 ▼ 3.23% COME 42.52 ▼ 1.51% LOMA NEGRA 3,105 ▼ 1.82% BYMA 272.25 ▼ 2.77% TELECOM ARG 3,505 ▼ 4.24% ECOPETROL 13.11 ▼ 0.87% BANCOLOMBIA 63.16 ▼ 1.83% GRUPO AVAL 4.01 ▼ 5.20% CREDICORP 316.31 ▼ 3.47% SOUTHERN COPPER 176.78 ▼ 6.22% BUENAVENTURA 34.29 ▼ 7.70% MERCADOLIBRE 1,547 ▼ 3.77% NUBANK 12.19 ▼ 5.72% XP 17.47 ▼ 0.74% PAGSEGURO 8.86 ▼ 1.66% STONE 9.61 ▼ 0.93% GLOBANT 38.87 ▲ 14.06% TECNOGLASS 38.61 ▼ 5.90% GAP AIRPORT 238.45 ▼ 2.15% ASUR 296.14 ▼ 1.66% OMA AIRPORT 102.84 ▼ 1.57% AMX ADR 26.59 ▼ 1.85% FEMSA ADR 121.38 ▼ 0.70% CEMEX ADR 12.56 ▼ 4.60% PETROBRAS ADR 19.93 ▲ 0.76% VALE ADR 16.32 ▼ 1.57% ITAU ADR 7.84 ▼ 3.21% SANTANDER BR 5.34 ▼ 2.11% AMBEV ADR 3.07 — 0.00% CSN 1.26 ▼ 6.67% GERDAU 4.61 ▼ 2.12% LATAM ADR 46.91 ▼ 4.79% BTC 77,785 ▼ 1.62% ETH 2,171 ▼ 2.37% SOL 85.82 ▼ 3.79% XRP 1.41 ▼ 1.95% BNB 651.41 ▼ 3.08% ADA 0.25 ▼ 3.17% DOGE 0.11 ▼ 4.41% AVAX 9.21 ▼ 3.43% LINK 9.64 ▼ 4.19% DOT 1.26 ▼ 4.66% LTC 55.87 ▼ 2.82% BCH 413.80 ▼ 2.98% TRX 0.35 ▲ 0.44% XLM 0.15 ▼ 2.59% HBAR 0.09 ▼ 1.91% NEAR 1.48 ▼ 3.99% ATOM 2.01 ▲ 4.25% AAVE 89.30 ▼ 3.82% SELIC 14.50% EMBRAER 71.25 ▼ 1.76% EMBRAER ADR 55.76 ▼ 5.04% JBS 13.48 ▼ 3.58% JBS BDR 68.50 ▼ 1.72% MBRF3 17.42 — 0.00% MBRFY 3.43 ▼ 2.83% INTER 5.85 ▼ 3.47% EGX 53,155 ▼ 0.49% USD/ZAR 16.67 ▲ 1.27% USD/NGN 1,367 ▼ 0.04% NIKKEI 61,409 ▼ 1.99% CSI300 4,860 ▼ 1.12% HSI 25,963 ▼ 1.62% NIFTY 23,644 ▼ 0.19% KOSPI 7,493 ▼ 6.12% JCI 6,723 ▼ 1.98% USD/JPY 158.73 ▲ 0.24% USD/CNY 6.8087 ▲ 0.36% DAX 23,951 ▼ 2.07% CAC 7,953 ▼ 1.60% FTSE 10,195 ▼ 1.71% MIB 49,116 ▼ 1.87% IBEX 17,623 ▼ 1.05% STOXX 606.92 ▼ 1.48% EUR/USD 1.1631 ▼ 0.34% GBP/USD 1.3326 ▼ 0.57% SPX 7,409 ▼ 1.24% DJI 49,526 ▼ 1.07% NDX 29,125 ▼ 1.54% RUT 2,793 ▼ 2.44% TSX 33,833 ▼ 1.27% VIX 18.43 ▲ 6.78% USD/CAD 1.3749 ▲ 0.24% US10Y 4.5950 ▲ 3.00% IBOV 177,284 ▼ 0.61% IPSA 10,421 ▼ 0.58% IPC MEX 67,977 ▼ 1.78% MERVAL 2,707,869 ▼ 1.44% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.05 ▼ 0.01% USD/MXN 17.33 ▲ 0.10% USD/CLP 908.88 ▲ 1.38% USD/COP 3,791 ▲ 0.09% USD/PEN 3.43 ▼ 0.01% USD/ARS 1,395 ▲ 0.20% USD/UYU 40.07 ▲ 1.92% USD/PYG 6,066 ▲ 1.38% USD/BOB 6.86 ▲ 1.77% USD/DOP 59.15 ▼ 0.50% USD/CRC 451.24 ▲ 1.96% USD/GTQ 7.62 ▲ 2.19% USD/HNL 26.61 ▲ 0.29% USD/NIO 36.62 ▲ 0.26% USD/VES 513.89 ▼ 0.13% USD/PAB 1.00 ▲ 2.16% USD/BZD 2.00 ▲ 1.59% USD/JMD 157.28 ▲ 0.43% USD/TTD 6.74 ▲ 1.22% EUR/BRL 5.89 ▲ 0.19% BRENT 109.26 ▲ 3.35% WTI 101.02 ▼ 0.15% IRON ORE 161.91 — — COPPER 6.30 ▼ 4.15% GOLD 4,562 ▼ 2.48% SILVER 77.55 ▼ 8.67% SOY 1,177 ▲ 0.21% CORN 455.75 ▲ 0.94% WHEAT 635.75 ▼ 1.74% COFFEE 258.75 ▼ 12.12% SUGAR 14.78 ▼ 1.40% ORANGE JUICE 170.05 ▼ 6.21% COTTON 80.33 ▼ 4.30% COCOA 4,109 ▼ 1.91% BEEF 247.93 ▼ 1.65% CATTLE 361.45 ▼ 1.67% LITHIUM 84.08 ▼ 3.30% PETR4 45.47 ▲ 1.04% VALE3 83.50 ▲ 0.76% ITUB4 39.70 ▼ 1.73% BBDC4 17.69 ▼ 0.84% ABEV3 15.69 ▼ 0.51% BBAS3 20.70 ▼ 0.29% B3SA3 16.70 ▼ 1.36% WEGE3 43.13 ▼ 1.35% PRIO3 68.80 ▲ 2.24% SUZB3 41.70 ▼ 2.16% RENT3 42.98 ▼ 2.18% AZZA3 19.05 ▲ 1.06% CSAN3 4.41 ▼ 5.16% RAIZ4 0.45 ▲ 2.27% PCAR3 2.26 ▼ 1.74% GMAT3 4.34 ▲ 1.17% PSSA3 47.92 ▼ 1.60% CVCB3 1.81 ▼ 4.23% POSI3 3.88 ▼ 2.27% SLCE3 17.19 ▼ 0.87% NATU3 9.94 ▲ 1.53% BRKM5 12.21 ▲ 0.49% RANI3 7.85 ▼ 0.25% CSNA3 6.42 ▼ 3.75% CMIN3 4.72 ▼ 1.05% USIM5 9.12 ▼ 7.79% GGBR4 23.34 ▼ 1.02% ENEV3 25.06 ▼ 3.43% NEOE3 33.80 — 0.00% CPFE3 44.52 ▼ 1.53% CMIG4 11.27 ▼ 0.09% EQTL3 38.59 ▼ 0.54% LREN3 13.55 ▼ 1.24% VIVT3 35.52 ▼ 0.20% RAIL3 14.97 ▼ 1.96% KLABIN 16.43 ▼ 2.55% RAIA DROGASIL 19.59 ▼ 0.25% RDOR3 34.84 ▲ 0.26% HAPV3 12.45 ▼ 6.11% FLRY3 15.60 ▼ 2.26% SMTO3 18.25 ▼ 0.82% UGPA3 29.13 ▼ 1.42% VBBR3 33.12 ▼ 0.81% BBSE3 34.12 ▼ 1.04% BPAC11 54.50 ▼ 1.61% CURY3 30.37 ▼ 0.75% AERI3 2.42 ▼ 0.41% VIVARA 22.94 ▼ 0.26% COMPASS 25.90 ▼ 1.89% VAMOS 3.41 ▼ 2.29% SANB11 26.92 ▼ 0.81% ASAI3 8.50 ▼ 1.05% SBSP3 29.03 ▼ 1.66% WALMEX 54.82 ▲ 0.53% GMEXICO 202.10 ▼ 4.45% FEMSA 210.39 ▼ 0.01% CEMEX 21.82 ▼ 3.71% GFNORTE 184.04 ▼ 0.98% BIMBO 59.19 ▲ 0.27% TELEVISA 9.94 ▲ 1.43% AMX 23.13 ▼ 1.11% GAP 413.32 ▼ 1.41% ASUR 296.14 ▼ 1.66% OMA 222.96 ▼ 0.70% KOF 180.84 ▼ 0.13% GRUMA 298.23 ▲ 0.12% KIMBER 38.28 ▼ 0.55% SQM-B 76,590 ▼ 2.06% COPEC 6,145 ▼ 0.08% BSANTANDER 68.99 ▼ 0.16% FALABELLA 5,500 ▲ 1.08% ENELAM 75.75 ▼ 0.89% CENCOSUD 2,060 ▼ 3.06% CMPC 1,055 ▼ 0.94% BANCO CHILE 163.70 ▲ 0.13% LATAM AIR 21.54 ▼ 2.53% YPF 65,000 ▼ 0.46% GGAL 6,060 ▼ 2.02% PAMPA 4,720 ▼ 0.26% TXAR 615.00 ▲ 0.49% ALUAR 940.50 ▼ 0.42% TGS 8,750 ▼ 0.62% CEPU 2,049 ▼ 3.17% MIRGOR 17,225 ▼ 3.23% COME 42.52 ▼ 1.51% LOMA NEGRA 3,105 ▼ 1.82% BYMA 272.25 ▼ 2.77% TELECOM ARG 3,505 ▼ 4.24% ECOPETROL 13.11 ▼ 0.87% BANCOLOMBIA 63.16 ▼ 1.83% GRUPO AVAL 4.01 ▼ 5.20% CREDICORP 316.31 ▼ 3.47% SOUTHERN COPPER 176.78 ▼ 6.22% BUENAVENTURA 34.29 ▼ 7.70% MERCADOLIBRE 1,547 ▼ 3.77% NUBANK 12.19 ▼ 5.72% XP 17.47 ▼ 0.74% PAGSEGURO 8.86 ▼ 1.66% STONE 9.61 ▼ 0.93% GLOBANT 38.87 ▲ 14.06% TECNOGLASS 38.61 ▼ 5.90% GAP AIRPORT 238.45 ▼ 2.15% ASUR 296.14 ▼ 1.66% OMA AIRPORT 102.84 ▼ 1.57% AMX ADR 26.59 ▼ 1.85% FEMSA ADR 121.38 ▼ 0.70% CEMEX ADR 12.56 ▼ 4.60% PETROBRAS ADR 19.93 ▲ 0.76% VALE ADR 16.32 ▼ 1.57% ITAU ADR 7.84 ▼ 3.21% SANTANDER BR 5.34 ▼ 2.11% AMBEV ADR 3.07 — 0.00% CSN 1.26 ▼ 6.67% GERDAU 4.61 ▼ 2.12% LATAM ADR 46.91 ▼ 4.79% BTC 77,785 ▼ 1.62% ETH 2,171 ▼ 2.37% SOL 85.82 ▼ 3.79% XRP 1.41 ▼ 1.95% BNB 651.41 ▼ 3.08% ADA 0.25 ▼ 3.17% DOGE 0.11 ▼ 4.41% AVAX 9.21 ▼ 3.43% LINK 9.64 ▼ 4.19% DOT 1.26 ▼ 4.66% LTC 55.87 ▼ 2.82% BCH 413.80 ▼ 2.98% TRX 0.35 ▲ 0.44% XLM 0.15 ▼ 2.59% HBAR 0.09 ▼ 1.91% NEAR 1.48 ▼ 3.99% ATOM 2.01 ▲ 4.25% AAVE 89.30 ▼ 3.82% SELIC 14.50% EMBRAER 71.25 ▼ 1.76% EMBRAER ADR 55.76 ▼ 5.04% JBS 13.48 ▼ 3.58% JBS BDR 68.50 ▼ 1.72% MBRF3 17.42 — 0.00% MBRFY 3.43 ▼ 2.83% INTER 5.85 ▼ 3.47% EGX 53,155 ▼ 0.49% USD/ZAR 16.67 ▲ 1.27% USD/NGN 1,367 ▼ 0.04% NIKKEI 61,409 ▼ 1.99% CSI300 4,860 ▼ 1.12% HSI 25,963 ▼ 1.62% NIFTY 23,644 ▼ 0.19% KOSPI 7,493 ▼ 6.12% JCI 6,723 ▼ 1.98% USD/JPY 158.73 ▲ 0.24% USD/CNY 6.8087 ▲ 0.36% DAX 23,951 ▼ 2.07% CAC 7,953 ▼ 1.60% FTSE 10,195 ▼ 1.71% MIB 49,116 ▼ 1.87% IBEX 17,623 ▼ 1.05% STOXX 606.92 ▼ 1.48% EUR/USD 1.1631 ▼ 0.34% GBP/USD 1.3326 ▼ 0.57% SPX 7,409 ▼ 1.24% DJI 49,526 ▼ 1.07% NDX 29,125 ▼ 1.54% RUT 2,793 ▼ 2.44% TSX 33,833 ▼ 1.27% VIX 18.43 ▲ 6.78% USD/CAD 1.3749 ▲ 0.24% US10Y 4.5950 ▲ 3.00%
since 2009
Sunday, May 17, 2026

Opinion: Brazil’s Other “Criminal Masterminds”

By · June 30, 2017 · 2 min read

Opinion by Michael Royster

RIO DE JANEIRO, BRAZIL – Last September, a federal prosecutor accused former President Lula of being the mastermind and supreme leader of the Mensalão and Petrolão schemes. Nevertheless, there are still people in Brazil who truly believe Lula is an innocent victim of a plot by Brazil’s entrenched elite to tarnish his reputation and to undo his good works as President.

Michael Royster, aka The Curmudgeon.
Michael Royster, aka The Curmudgeon.

These true believers have just been given some ammunition. In his deposition to federal prosecutors, given in exchange for a “get out of jail free” card, Joesley Batista, co-owner of JBS foods, claimed that the true mastermind of the corruption scheme he participated in was none other than Brazil’s current President Michel Temer.

Conspiracy theorists, among them most Temer supporters, claim that Joesley’s testimony was bought and paid for by true mastermind Lula, in grateful thanks for his having shown JBS the shortest way along the golden brick road leading to a vast accumulation of wealth.

There are others who, just to be contrary, claim to see the fine hand of former President José Sarney behind most of the widespread corruption schemes involving PMDB, his political party, and in particular those involving Minas Gerais and most of Brazil’s Northeast.

The Curmudgeon is not good at conspiracy theories, nor is he a true believer in anything political other than its value as a spectator sport. He knows that Sarney, Brazil’s first civilian president after 21 years of military rule, quickly reinstated a corruption scheme the military had largely wiped out. He knows that Sarney still exercises political influence over Brazil’s Northeast region from his base in Maranhão.

But he also knows that both Lula and Temer were more than familiar with the scheme, and that both managed to use it to their own electoral ends. Lula ran it, and when he decided to put Dilma in as President, he insisted on having Temer as Vice President, to ensure the scheme would continue, as Dilma threatened to upset the applecart.

The Curmudgeon happens to believe that Dilma is the lone Brasília politician who is not personally corrupt. As Lula’s Chief of Staff and Chair of the Petrobras Board of Directors, of course she knew about Lula’s scheme; however, soon after her election in 2010 she tried to sweep out several of the worst offenders.

Within six months, though, Lula and Temer and the 300 scoundrels in Congress, with Sarney prompting from the sidelines, had forced her to backtrack and reinstate them, and the Petrolão scheme once again became “business as usual.”

As the latest squalid chapters in the Lava Jato investigation prove, corruption in government continues unabated to this very day, and the serial masterminds remain free to continue their scurrilous behavior.

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