IBOV 176,130 ▲ 0.22% IPSA 10,928 ▲ 0.16% IPC MEX 66,632 ▲ 1.00% MERVAL 3,226,184 ▼ 0.28% COLCAP 2,293.67 ▼ 0.61% BVL PERÚ 56,428.20 ▲ 1.57% USD/BRL5.07▼ 1.23% USD/MXN17.44▼ 0.53% USD/CLP926.02▼ 0.74% USD/COP3,247▼ 0.48% USD/PEN3.39▼ 0.65% 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/BRL5.80▼ 0.43% BRENT 84.61 ▲ 1.57% WTI 79.16 ▲ 1.31% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.12% GOLD 4,064 ▲ 1.67% SILVER 59.06 ▲ 2.47% 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 71.39 ▲ 1.63% PETR4 40.55 ▼ 0.27% VALE3 74.23 ▲ 1.89% ITUB4 43.30 ▼ 0.51% BBDC4 18.46 ▼ 1.65% ABEV3 15.85 ▲ 0.13% BBAS3 20.45 ▲ 1.04% B3SA3 15.38 ▲ 1.72% WEGE3 44.51 ▲ 0.27% PRIO3 56.96 ▼ 0.42% SUZB3 41.50 ▲ 0.02% RENT3 40.29 ▲ 0.22% AZZA3 18.80 ▼ 2.19% CSAN3 3.86 ▼ 1.03% RAIZ4 0.31 ▼ 6.06% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.19 ▲ 0.28% CVCB3 1.36 ▲ 8.80% POSI3 3.94 ▼ 1.25% SLCE3 13.72 ▼ 1.08% NATU3 8.51 ▼ 1.05% BRKM5 6.67 ▼ 3.89% RANI3 8.03 ▲ 1.01% CSNA3 5.15 ▼ 1.72% CMIN3 5.11 ▼ 6.24% USIM5 8.28 ▼ 1.19% GGBR4 23.20 ▲ 1.67% ENEV3 26.86 ▼ 0.07% CPFE3 47.22 ▲ 0.81% CMIG4 11.14 ▲ 0.63% EQTL3 40.80 ▲ 1.47% LREN3 14.17 ▲ 0.14% VIVT3 35.47 ▲ 2.13% RAIL3 14.08 ▼ 0.21% KLABIN 17.44 ▼ 0.23% RAIA DROGASIL 18.48 ▲ 1.54% RDOR3 35.90 ▲ 0.96% HAPV3 10.82 ▲ 3.44% FLRY3 16.41 ▲ 1.61% SMTO3 16.12 ▼ 1.53% UGPA3 29.72 ▼ 3.91% VBBR3 32.95 ▲ 0.58% BBSE3 40.29 ▲ 0.02% BPAC11 57.78 ▲ 0.45% CURY3 32.80 ▼ 0.97% AERI3 2.08 — 0.00% VIVARA 23.34 ▲ 1.00% COMPASS 25.18 ▲ 1.66% VAMOS 3.05 ▲ 0.99% SANB11 27.27 ▼ 0.37% ASAI3 8.67 ▼ 0.46% SBSP3 30.30 ▼ 0.23% WALMEX 49.50 ▼ 0.30% GMEXICO 201.33 ▲ 2.93% FEMSA 232.71 ▲ 3.26% CEMEX 22.17 ▲ 1.79% GFNORTE 186.33 ▲ 2.34% BIMBO 56.68 ▲ 1.45% TELEVISA 9.56 ▼ 0.52% AMX 22.89 ▲ 1.33% GAP 389.51 ▼ 4.58% ASUR 277.44 ▼ 0.44% OMA 235.11 ▲ 0.77% KOF 180.85 ▼ 0.46% GRUMA 281.00 ▼ 0.13% KIMBER 38.53 ▲ 0.81% SQM-B 67,563 ▲ 0.52% COPEC 6,093 ▲ 0.58% BSANTANDER 78.57 ▲ 0.47% FALABELLA 5,920 ▲ 0.25% ENELAM 84.84 ▲ 0.76% CENCOSUD 2,051 ▲ 0.56% CMPC 1,081 ▲ 0.26% BANCO CHILE 188.03 ▲ 1.64% LATAM AIR 24.75 ▼ 0.60% YPF 77,200 ▲ 0.03% GGAL 7,985 ▼ 1.18% PAMPA 5,200 ▼ 0.48% TXAR 662.50 ▼ 0.30% ALUAR 949.50 ▼ 1.56% TGS 9,670 ▲ 1.04% CEPU 2,315 ▼ 0.17% MIRGOR 16,725 ▼ 1.62% COME 45.28 ▲ 1.12% LOMA NEGRA 3,528 ▲ 0.86% BYMA 302.75 ▼ 1.78% TELECOM ARG 4,295 ▲ 1.06% ECOPETROL 16.04 ▲ 1.01% BANCOLOMBIA 81.43 ▲ 1.26% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 390.80 ▲ 0.40% SOUTHERN COPPER 180.83 ▲ 3.61% BUENAVENTURA 30.78 ▲ 3.20% MERCADOLIBRE 1,857 ▼ 0.53% NUBANK 13.85 ▲ 1.32% XP 16.71 ▲ 2.08% PAGSEGURO 9.15 ▼ 1.45% STONE 11.12 ▼ 0.27% GLOBANT 31.40 ▼ 2.24% TECNOGLASS 43.79 ▲ 2.21% GAP AIRPORT 223.62 ▼ 3.93% ASUR 277.44 ▼ 0.44% OMA AIRPORT 107.76 ▲ 1.53% AMX ADR 26.20 ▲ 0.63% FEMSA ADR 133.56 ▲ 3.53% CEMEX ADR 12.71 ▲ 2.09% PETROBRAS ADR 17.90 ▲ 0.08% VALE ADR 14.59 ▲ 2.89% ITAU ADR 8.52 ▲ 0.53% SANTANDER BR 5.38 ▲ 0.47% AMBEV ADR 3.10 ▲ 1.14% CSN 1.03 ▼ 0.49% GERDAU 4.59 ▲ 2.23% LATAM ADR 53.52 ▲ 0.36% BTC 64,523 ▲ 3.67% ETH 1,872 ▲ 5.55% SOL 77.14 ▲ 3.04% XRP 1.10 ▲ 3.70% BNB 579.90 ▲ 2.34% ADA 0.16 ▲ 3.67% DOGE 0.07 ▲ 3.30% AVAX 6.65 ▲ 3.19% LINK 8.25 ▲ 4.80% DOT 0.85 ▲ 1.73% LTC 44.61 ▲ 2.58% BCH 236.95 ▲ 0.30% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.20% HBAR 0.07 ▼ 0.34% NEAR 2.03 ▲ 5.65% ATOM 1.56 ▲ 1.37% AAVE 98.99 ▲ 4.91% SELIC 14.25% EMBRAER 82.87 ▼ 0.17% EMBRAER ADR 65.36 ▲ 1.36% JBS 11.84 ▲ 0.30% JBS BDR 59.98 ▼ 1.04% MBRF3 16.12 ▲ 2.54% MBRFY 3.11 ▲ 1.97% INTER 5.63 ▼ 0.35% EGX 52,299 ▼ 0.59% USD/ZAR16.36▼ 0.67% 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/JPY162.21▼ 0.14% USD/CNY6.76▼ 0.31% 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▲ 0.37% GBP/USD1.34▼ 0.04% SPX 7,551 ▲ 0.48% DJI 52,478 ▼ 0.04% NDX 29,662 ▲ 1.36% RUT 2,967 ▲ 0.47% TSX 35,342 ▲ 0.25% VIX 16.36 ▼ 4.66% USD/CAD1.41▼ 0.59% US10Y 4.5790 ▼ 0.65% IBOV 176,130 ▲ 0.22% IPSA 10,928 ▲ 0.16% IPC MEX 66,632 ▲ 1.00% MERVAL 3,226,184 ▼ 0.28% COLCAP 2,293.67 ▼ 0.61% BVL PERÚ 56,428.20 ▲ 1.57% USD/BRL 5.07 ▼ 1.25% USD/MXN 17.44 ▼ 0.51% USD/CLP 926.40 ▼ 0.70% USD/COP 3,247 ▼ 0.48% USD/PEN 3.39 ▼ 0.60% 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 ▲ 0.25% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.79 ▼ 0.45% BRENT 84.61 ▲ 1.57% WTI 79.16 ▲ 1.31% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.12% GOLD 4,064 ▲ 1.67% SILVER 59.06 ▲ 2.47% 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 71.39 ▲ 1.63% PETR4 40.55 ▼ 0.27% VALE3 74.23 ▲ 1.89% ITUB4 43.30 ▼ 0.51% BBDC4 18.46 ▼ 1.65% ABEV3 15.85 ▲ 0.13% BBAS3 20.45 ▲ 1.04% B3SA3 15.38 ▲ 1.72% WEGE3 44.51 ▲ 0.27% PRIO3 56.96 ▼ 0.42% SUZB3 41.50 ▲ 0.02% RENT3 40.29 ▲ 0.22% AZZA3 18.80 ▼ 2.19% CSAN3 3.86 ▼ 1.03% RAIZ4 0.31 ▼ 6.06% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.19 ▲ 0.28% CVCB3 1.36 ▲ 8.80% POSI3 3.94 ▼ 1.25% SLCE3 13.72 ▼ 1.08% NATU3 8.51 ▼ 1.05% BRKM5 6.67 ▼ 3.89% RANI3 8.03 ▲ 1.01% CSNA3 5.15 ▼ 1.72% CMIN3 5.11 ▼ 6.24% USIM5 8.28 ▼ 1.19% GGBR4 23.20 ▲ 1.67% ENEV3 26.86 ▼ 0.07% CPFE3 47.22 ▲ 0.81% CMIG4 11.14 ▲ 0.63% EQTL3 40.80 ▲ 1.47% LREN3 14.17 ▲ 0.14% VIVT3 35.47 ▲ 2.13% RAIL3 14.08 ▼ 0.21% KLABIN 17.44 ▼ 0.23% RAIA DROGASIL 18.48 ▲ 1.54% RDOR3 35.90 ▲ 0.96% HAPV3 10.82 ▲ 3.44% FLRY3 16.41 ▲ 1.61% SMTO3 16.12 ▼ 1.53% UGPA3 29.72 ▼ 3.91% VBBR3 32.95 ▲ 0.58% BBSE3 40.29 ▲ 0.02% BPAC11 57.78 ▲ 0.45% CURY3 32.80 ▼ 0.97% AERI3 2.08 — 0.00% VIVARA 23.34 ▲ 1.00% COMPASS 25.18 ▲ 1.66% VAMOS 3.05 ▲ 0.99% SANB11 27.27 ▼ 0.37% ASAI3 8.67 ▼ 0.46% SBSP3 30.30 ▼ 0.23% WALMEX 49.50 ▼ 0.30% GMEXICO 201.33 ▲ 2.93% FEMSA 232.71 ▲ 3.26% CEMEX 22.17 ▲ 1.79% GFNORTE 186.33 ▲ 2.34% BIMBO 56.68 ▲ 1.45% TELEVISA 9.56 ▼ 0.52% AMX 22.89 ▲ 1.33% GAP 389.51 ▼ 4.58% ASUR 277.44 ▼ 0.44% OMA 235.11 ▲ 0.77% KOF 180.85 ▼ 0.46% GRUMA 281.00 ▼ 0.13% KIMBER 38.53 ▲ 0.81% SQM-B 67,563 ▲ 0.52% COPEC 6,093 ▲ 0.58% BSANTANDER 78.57 ▲ 0.47% FALABELLA 5,920 ▲ 0.25% ENELAM 84.84 ▲ 0.76% CENCOSUD 2,051 ▲ 0.56% CMPC 1,081 ▲ 0.26% BANCO CHILE 188.03 ▲ 1.64% LATAM AIR 24.75 ▼ 0.60% YPF 77,200 ▲ 0.03% GGAL 7,985 ▼ 1.18% PAMPA 5,200 ▼ 0.48% TXAR 662.50 ▼ 0.30% ALUAR 949.50 ▼ 1.56% TGS 9,670 ▲ 1.04% CEPU 2,315 ▼ 0.17% MIRGOR 16,725 ▼ 1.62% COME 45.28 ▲ 1.12% LOMA NEGRA 3,528 ▲ 0.86% BYMA 302.75 ▼ 1.78% TELECOM ARG 4,295 ▲ 1.06% ECOPETROL 16.04 ▲ 1.01% BANCOLOMBIA 81.43 ▲ 1.26% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 390.80 ▲ 0.40% SOUTHERN COPPER 180.83 ▲ 3.61% BUENAVENTURA 30.78 ▲ 3.20% MERCADOLIBRE 1,857 ▼ 0.53% NUBANK 13.85 ▲ 1.32% XP 16.71 ▲ 2.08% PAGSEGURO 9.15 ▼ 1.45% STONE 11.12 ▼ 0.27% GLOBANT 31.40 ▼ 2.24% TECNOGLASS 43.79 ▲ 2.21% GAP AIRPORT 223.62 ▼ 3.93% ASUR 277.44 ▼ 0.44% OMA AIRPORT 107.76 ▲ 1.53% AMX ADR 26.20 ▲ 0.63% FEMSA ADR 133.56 ▲ 3.53% CEMEX ADR 12.71 ▲ 2.09% PETROBRAS ADR 17.90 ▲ 0.08% VALE ADR 14.59 ▲ 2.89% ITAU ADR 8.52 ▲ 0.53% SANTANDER BR 5.38 ▲ 0.47% AMBEV ADR 3.10 ▲ 1.14% CSN 1.03 ▼ 0.49% GERDAU 4.59 ▲ 2.23% LATAM ADR 53.52 ▲ 0.36% BTC 64,523 ▲ 3.67% ETH 1,872 ▲ 5.55% SOL 77.14 ▲ 3.04% XRP 1.10 ▲ 3.70% BNB 579.90 ▲ 2.34% ADA 0.16 ▲ 3.67% DOGE 0.07 ▲ 3.30% AVAX 6.65 ▲ 3.19% LINK 8.25 ▲ 4.80% DOT 0.85 ▲ 1.73% LTC 44.61 ▲ 2.58% BCH 236.95 ▲ 0.30% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.20% HBAR 0.07 ▼ 0.34% NEAR 2.03 ▲ 5.65% ATOM 1.56 ▲ 1.37% AAVE 98.99 ▲ 4.91% SELIC 14.25% EMBRAER 82.87 ▼ 0.17% EMBRAER ADR 65.36 ▲ 1.36% JBS 11.84 ▲ 0.30% JBS BDR 59.98 ▼ 1.04% MBRF3 16.12 ▲ 2.54% MBRFY 3.11 ▲ 1.97% INTER 5.63 ▼ 0.35% EGX 52,299 ▼ 0.59% USD/ZAR 16.37 ▼ 0.52% 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 ▼ 0.14% USD/CNY 6.7595 ▼ 0.17% 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 1.1426 ▲ 0.34% GBP/USD 1.3382 ▲ 0.25% SPX 7,551 ▲ 0.48% DJI 52,478 ▼ 0.04% NDX 29,662 ▲ 1.36% RUT 2,967 ▲ 0.47% TSX 35,342 ▲ 0.25% VIX 16.36 ▼ 4.66% USD/CAD 1.4068 ▼ 0.60% US10Y 4.5790 ▼ 0.65%
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Opinion: Cui Bono? The Death of Justice Zavascki “Explained”

By · January 20, 2017 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Yesterday, a light aircraft carrying Supreme Federal Court (STF) Justice Zavascki crashed into the bay in front of Angra dos Reis, killing all four people on board.

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The conspiracy theorists are out in force, claiming that the “accident” (to use President Temer’s word describing the slaughter of 56 prisoners in Manaus) was no accident, but rather a murder, designed to hide the evidence in the Lava-Jato case and prevent the guilty from being brought to justice.

The Curmudgeon is not given to conspiracy theories, but there are certainly past precedents that the incident was no accident. Lots of powerful Brazilians have died in “accidents” that very likely were not accidents. Senators Ulysses Guimarães and Eduardo Campos, candidates for President, died in suspicious plane crashes. Former President JK died in an automobile crash.

Add to this the current fact that Justice Zavascki was the “Relator”, or Reporting Justice, in some 77 Lava-Jato cases involving federal deputies and senators and cabinet ministers. He had just spent the annual end-of-year leave period from December 20th to January 6th working, studying the case files created by plea-bargaining defendants. Word had it that, in mid-February, he would remove the “secret” designation, which would permit the names of those accused to be known to all.

With Zavascki’s death, the case against the bigwigs comes to a crashing halt, while the STF and others debate how the STF should continue the investigations and who should replace Zavascki as “Relator”. Opinions vary, but they all mean there will be delay, delay, and more delay.

That is dangerous, because Brazilian criminal law has an absurd statute of limitations law which says that if defendants have been convicted, but their convictions have not been affirmed on appeal, then within a certain period they are legally permitted to go free. That occurred in several of the Mensalão cases, and would have occurred in more if then Chief Justice Joaquim Barbosa had not sped up the proceedings.

Appeals always take time, and even if the appointment of Zavascki’s successor happens soon, the new Justice must familiarize him or herself with thousands of pages of testimony. With the passage of time, the risk is that several defendants will not even be convicted, much less have their convictions confirmed on appeal.

In other words, the Lava-Jato investigations of Congressmen and Ministers will come to a screeching halt and the crooks may well go free.

In Latin, “cui bono?” means “who stands to gain?” The answer is obvious: all the rich and powerful miscreants now populating the Brazilian Congress and Cabinet stand to gain from Mr Zavascki’s death.

Maybe the above is only a conspiracy theory, but one is tempted to say, along with the Spanish, that “I don’t believe in witches, but … they do exist.” (“Yo no creo en brujas, pero que las hay, las hay!”)

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