IBOV 176,131 ▲ 0.22% IPSA 10,928 ▲ 0.16% IPC MEX 66,704 ▲ 1.11% MERVAL 3,236,862 ▲ 0.05% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL5.08▼ 1.13% USD/MXN17.43▼ 0.56% USD/CLP924.93▼ 0.85% USD/COP3,250▼ 0.40% USD/PEN3.39▼ 0.64% USD/ARS1,473▼ 0.71% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.31▲ 0.39% 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/BRL5.80▼ 0.31% BRENT 85.34 ▲ 2.45% WTI 79.51 ▲ 1.75% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,071 ▲ 1.84% SILVER 59.15 ▲ 2.63% SOY 1,192 ▼ 0.85% CORN 460.00 ▲ 5.08% WHEAT 644.00 ▲ 2.71% COFFEE 340.20 ▼ 0.35% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 139.50 ▼ 2.14% COTTON 81.68 ▲ 2.32% COCOA 5,833 ▲ 2.41% BEEF 231.75 ▼ 1.27% CATTLE 348.83 ▼ 1.56% LITHIUM 71.38 ▲ 1.62% PETR4 40.65 ▼ 0.02% VALE3 74.00 ▲ 1.58% ITUB4 43.47 ▼ 0.11% BBDC4 18.60 ▼ 0.91% ABEV3 15.87 ▲ 0.25% BBAS3 20.44 ▲ 0.99% B3SA3 15.33 ▲ 1.39% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 40.98 ▼ 1.23% RENT3 40.35 ▲ 0.37% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.27 ▼ 3.30% USIM5 8.23 ▼ 1.79% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.03 ▲ 0.41% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.14 ▼ 0.07% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.64 ▲ 1.72% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 29.90 ▼ 3.33% VBBR3 33.00 ▲ 0.73% BBSE3 40.25 ▼ 0.07% BPAC11 58.10 ▲ 1.01% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.30 ▼ 0.26% ASAI3 8.67 ▼ 0.46% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.86 ▲ 3.21% FEMSA 233.00 ▲ 3.39% CEMEX 22.20 ▲ 1.93% GFNORTE 186.98 ▲ 2.70% BIMBO 56.30 ▲ 0.77% TELEVISA 9.46 ▼ 1.56% AMX 22.87 ▲ 1.24% GAP 386.45 ▼ 5.33% ASUR 276.97 ▼ 0.61% OMA 234.22 ▲ 0.39% KOF 181.49 ▼ 0.10% GRUMA 282.67 ▲ 0.46% KIMBER 38.44 ▲ 0.58% SQM-B 67,585 ▲ 0.56% COPEC 6,074 ▲ 0.28% BSANTANDER 78.98 ▲ 1.00% FALABELLA 5,911 ▲ 0.10% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.60 ▼ 1.20% YPF 77,100 ▼ 0.10% GGAL 8,065 ▼ 0.19% PAMPA 5,225 — 0.00% TXAR 665.00 ▲ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,700 ▲ 1.36% CEPU 2,309 ▼ 0.43% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,260 ▲ 0.24% ECOPETROL 15.89 ▲ 0.08% BANCOLOMBIA 81.90 ▲ 1.84% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 390.89 ▲ 0.43% SOUTHERN COPPER 180.31 ▲ 3.31% BUENAVENTURA 30.90 ▲ 3.61% MERCADOLIBRE 1,871 ▲ 0.22% NUBANK 13.92 ▲ 1.80% XP 16.66 ▲ 1.74% PAGSEGURO 9.18 ▼ 1.13% STONE 11.15 ▼ 0.04% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.50 ▼ 4.41% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.71 ▲ 1.49% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.88 ▲ 3.77% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.96 ▲ 0.45% VALE ADR 14.54 ▲ 2.50% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.11 ▲ 1.47% CSN 1.01 ▼ 1.94% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.25 ▼ 0.16% BTC 64,698 ▲ 3.95% ETH 1,871 ▲ 5.52% SOL 77.26 ▲ 3.20% XRP 1.11 ▲ 3.72% BNB 582.66 ▲ 2.83% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.27 ▲ 5.01% DOT 0.86 ▲ 2.45% LTC 44.74 ▲ 2.88% BCH 238.73 ▲ 1.06% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 2.26% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 5.96% ATOM 1.55 ▲ 1.24% AAVE 99.92 ▲ 5.89% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.32 ▲ 1.30% JBS 11.88 ▲ 0.64% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.65 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR16.37▼ 0.62% 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/JPY162.15▼ 0.18% USD/CNY6.76▼ 0.32% 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▲ 0.42% GBP/USD1.34▼ 0.03% SPX 7,536 ▲ 0.27% DJI 52,414 ▼ 0.16% NDX 29,580 ▲ 1.08% RUT 2,965 ▲ 0.39% TSX 35,317 ▲ 0.18% VIX 16.50 ▼ 3.85% USD/CAD1.41▼ 0.61% US10Y 4.5790 ▼ 0.65% IBOV 176,131 ▲ 0.22% IPSA 10,928 ▲ 0.16% IPC MEX 66,704 ▲ 1.11% MERVAL 3,236,862 ▲ 0.05% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL 5.08 ▼ 1.13% USD/MXN 17.43 ▼ 0.56% USD/CLP 925.15 ▼ 0.83% USD/COP 3,250 ▼ 0.40% USD/PEN 3.39 ▼ 0.64% USD/ARS 1,473 ▼ 0.71% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.31 ▲ 0.39% 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 5.80 ▼ 0.31% BRENT 85.34 ▲ 2.45% WTI 79.51 ▲ 1.75% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,071 ▲ 1.84% SILVER 59.15 ▲ 2.63% SOY 1,192 ▼ 0.85% CORN 460.00 ▲ 5.08% WHEAT 644.00 ▲ 2.71% COFFEE 340.20 ▼ 0.35% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 139.50 ▼ 2.14% COTTON 81.68 ▲ 2.32% COCOA 5,833 ▲ 2.41% BEEF 231.75 ▼ 1.27% CATTLE 348.83 ▼ 1.56% LITHIUM 71.38 ▲ 1.62% PETR4 40.65 ▼ 0.02% VALE3 74.00 ▲ 1.58% ITUB4 43.47 ▼ 0.11% BBDC4 18.60 ▼ 0.91% ABEV3 15.87 ▲ 0.25% BBAS3 20.44 ▲ 0.99% B3SA3 15.33 ▲ 1.39% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 40.98 ▼ 1.23% RENT3 40.35 ▲ 0.37% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.27 ▼ 3.30% USIM5 8.23 ▼ 1.79% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.03 ▲ 0.41% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.14 ▼ 0.07% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.64 ▲ 1.72% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 29.90 ▼ 3.33% VBBR3 33.00 ▲ 0.73% BBSE3 40.25 ▼ 0.07% BPAC11 58.10 ▲ 1.01% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.30 ▼ 0.26% ASAI3 8.67 ▼ 0.46% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.86 ▲ 3.21% FEMSA 233.00 ▲ 3.39% CEMEX 22.20 ▲ 1.93% GFNORTE 186.98 ▲ 2.70% BIMBO 56.30 ▲ 0.77% TELEVISA 9.46 ▼ 1.56% AMX 22.87 ▲ 1.24% GAP 386.45 ▼ 5.33% ASUR 276.97 ▼ 0.61% OMA 234.22 ▲ 0.39% KOF 181.49 ▼ 0.10% GRUMA 282.67 ▲ 0.46% KIMBER 38.44 ▲ 0.58% SQM-B 67,585 ▲ 0.56% COPEC 6,074 ▲ 0.28% BSANTANDER 78.98 ▲ 1.00% FALABELLA 5,911 ▲ 0.10% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.60 ▼ 1.20% YPF 77,100 ▼ 0.10% GGAL 8,065 ▼ 0.19% PAMPA 5,225 — 0.00% TXAR 665.00 ▲ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,700 ▲ 1.36% CEPU 2,309 ▼ 0.43% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,260 ▲ 0.24% ECOPETROL 15.89 ▲ 0.08% BANCOLOMBIA 81.90 ▲ 1.84% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 390.89 ▲ 0.43% SOUTHERN COPPER 180.31 ▲ 3.31% BUENAVENTURA 30.90 ▲ 3.61% MERCADOLIBRE 1,871 ▲ 0.22% NUBANK 13.92 ▲ 1.80% XP 16.66 ▲ 1.74% PAGSEGURO 9.18 ▼ 1.13% STONE 11.15 ▼ 0.04% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.50 ▼ 4.41% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.71 ▲ 1.49% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.88 ▲ 3.77% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.96 ▲ 0.45% VALE ADR 14.54 ▲ 2.50% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.11 ▲ 1.47% CSN 1.01 ▼ 1.94% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.25 ▼ 0.16% BTC 64,698 ▲ 3.95% ETH 1,871 ▲ 5.52% SOL 77.26 ▲ 3.20% XRP 1.11 ▲ 3.72% BNB 582.66 ▲ 2.83% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.27 ▲ 5.01% DOT 0.86 ▲ 2.45% LTC 44.74 ▲ 2.88% BCH 238.73 ▲ 1.06% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 2.26% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 5.96% ATOM 1.55 ▲ 1.24% AAVE 99.92 ▲ 5.89% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.32 ▲ 1.30% JBS 11.88 ▲ 0.64% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.65 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR 16.38 ▼ 0.45% 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 162.14 ▼ 0.18% USD/CNY 6.7576 ▼ 0.20% 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 1.1431 ▲ 0.39% GBP/USD 1.3383 ▲ 0.25% SPX 7,536 ▲ 0.27% DJI 52,414 ▼ 0.16% NDX 29,580 ▲ 1.08% RUT 2,965 ▲ 0.39% TSX 35,317 ▲ 0.18% VIX 16.50 ▼ 3.85% USD/CAD 1.4067 ▼ 0.61% US10Y 4.5790 ▼ 0.65%
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Opinion: Brazil’s Unique “Presumption of Innocence” Part III

By · March 22, 2018 · 3 min read

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Opinion by Michael Royster

RIO DE JANEIRO – Previous segments of this abstruse essay have dealt with the unusual nature of Brazil’s constitutional provision on presumption of innocence, and history of the decisions by STF, Brazil’s Supreme Court. Today’s essay will deal with the political reality staring Brazil in the face.

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Brazil’s best-known political reality is that crusading Judge Moro convicted former President Lula of corruption, and a three-judge panel of the TRT upheld the conviction. Under current STF case law, Lula would soon (perhaps next week) begin serving his sentence in prison, while filing his further appeals.

That presents a political problem of truly gigantic proportions, because Lula is openly running for President; worse yet, according to all polls, he is the front-runner by a very large margin over other candidates. You cannot conduct a presidential campaign if you are in jail, so Lula’s supporters are clamoring for the STF to keep him out of jail.

There are several cases now pending at the STF that would afford an opportunity for the full eleven-Justice STF to make a final determination about the presumption of innocence, applicable to all future cases. The political reality of any decision by the STF, however, is that any vote will inevitably be seen as a political vote—for or against Lula’s candidacy—rather than a vote interpreting the Constitution.

Yesterday, STF Presiding Justice Carmen Lúcia made that very clear. She had long resisted scheduling any of these cases for a full court decision, for several reasons. But yesterday, in an astonishing turnabout, she scheduled for today, March 22nd, a full court hearing on a habeas corpus motion filed by Lula’s lawyers.

The other pending cases did not specifically involve Lula, but were generic suits seeking to impose an across-the-board ruling on the question of the presumption of innocence.

Cármen Lúcia’s snap decision means that each of the eleven Justices will now have to decide whether they wish to keep Lula out of jail indefinitely — or not.

For almost all Justices, the answer is clear. Justices Toffoli and Lewandowski have always protected Lula. Justice Gilmar Mendes, who was part of the 6-5 majority, has loudly proclaimed his change of heart. Two other Justices scrupulously hew to the plain language of the Constitutional provision — no one is guilty until the judgment is final.

That makes five sure votes in favor of Lula. But another five Justices, including Cármen Lúcia, continue to support maintaining the 6-5 decision.

Only one Justice, Rosa Maria Weber, has kept radio silence on the question. No one is quite sure how she will vote.

There is a possibility that nothing will happen in today’s STF session. If any Justice desires to avoid a decision, they need only request a stay in order to review the record before them. STF practice is to defer to such requests.

Meanwhile, the 4th federal appeals court (TRF) has scheduled a decision on Lula’s appeal for this Monday, March 26th. Everyone believes the appeal will be denied; if so, Lula will be ordered to begin serving his sentence.

Unless, of course, the STF gives Lula a “get out of jail free” card today.

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