IBOV 176,945 ▲ 0.69% IPSA 10,928 ▲ 0.16% IPC MEX 66,603 ▲ 0.96% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,305.07 ▼ 0.11% BVL PERÚ 56,428.20 ▲ 2.35% USD/BRL5.08▼ 1.21% USD/MXN17.41▼ 0.66% USD/CLP923.31▼ 1.03% USD/COP3,247▼ 0.48% USD/PEN3.39▼ 0.58% USD/ARS1,476▼ 0.47% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.33▲ 0.42% 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/BRL5.82▼ 0.09% BRENT 85.44 ▲ 2.57% WTI 79.76 ▲ 2.07% IRON ORE 161.91 — — COPPER 6.41 ▲ 2.87% GOLD 4,082 ▲ 2.13% SILVER 59.34 ▲ 2.96% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 637.75 ▲ 1.71% COFFEE 333.05 ▼ 2.45% SUGAR 14.85 ▲ 0.68% ORANGE JUICE 135.90 ▼ 4.67% COTTON 81.07 ▲ 1.55% COCOA 5,541 ▼ 2.72% BEEF 229.03 ▼ 2.43% CATTLE 351.35 ▼ 0.85% LITHIUM 71.59 ▲ 1.92% PETR4 40.86 ▲ 0.49% VALE3 74.49 ▲ 2.25% ITUB4 43.80 ▲ 0.64% BBDC4 18.90 ▲ 0.69% ABEV3 15.98 ▲ 0.95% BBAS3 20.50 ▲ 1.28% B3SA3 15.38 ▲ 1.72% WEGE3 44.41 ▲ 0.05% PRIO3 57.25 ▲ 0.09% SUZB3 40.91 ▼ 1.40% RENT3 40.55 ▲ 0.87% AZZA3 18.99 ▼ 1.20% CSAN3 3.89 ▼ 0.26% RAIZ4 0.34 ▲ 3.03% PCAR3 2.50 ▼ 3.47% GMAT3 3.98 ▲ 1.02% PSSA3 54.63 ▲ 1.09% CVCB3 1.29 ▲ 3.20% POSI3 3.98 ▼ 0.25% SLCE3 13.89 ▲ 0.14% NATU3 8.49 ▼ 1.28% BRKM5 6.86 ▼ 1.15% RANI3 7.98 ▲ 0.38% CSNA3 5.19 ▼ 0.95% CMIN3 5.18 ▼ 4.95% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.87 ▼ 0.04% CPFE3 47.03 ▲ 0.41% CMIG4 11.13 ▲ 0.54% EQTL3 40.65 ▲ 1.09% LREN3 14.14 ▼ 0.07% VIVT3 35.16 ▲ 1.24% RAIL3 14.14 ▲ 0.21% KLABIN 17.38 ▼ 0.57% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 36.10 ▲ 1.52% HAPV3 10.67 ▲ 2.01% FLRY3 16.27 ▲ 0.74% SMTO3 16.44 ▲ 0.43% UGPA3 30.93 ▲ 0.72% VBBR3 32.27 ▼ 1.50% BBSE3 40.35 ▲ 0.17% BPAC11 58.14 ▲ 1.08% CURY3 33.16 ▲ 0.12% AERI3 2.09 ▲ 0.48% VIVARA 23.40 ▲ 1.25% COMPASS 24.93 ▲ 0.65% VAMOS 3.03 ▲ 0.33% SANB11 27.57 ▲ 0.73% ASAI3 8.66 ▼ 0.57% SBSP3 30.47 ▲ 0.33% WALMEX 49.56 ▼ 0.18% GMEXICO 203.15 ▲ 3.87% FEMSA 227.56 ▲ 0.98% CEMEX 22.75 ▲ 4.45% GFNORTE 184.45 ▲ 1.31% BIMBO 55.79 ▼ 0.14% TELEVISA 9.52 ▼ 0.94% AMX 22.75 ▲ 0.71% GAP 387.79 ▼ 5.00% ASUR 278.06 ▼ 0.22% OMA 233.21 ▼ 0.05% KOF 180.43 ▼ 0.69% GRUMA 281.50 ▲ 0.05% KIMBER 38.20 ▼ 0.05% SQM-B 68,600 ▲ 2.07% COPEC 6,057 — 0.00% BSANTANDER 78.18 ▼ 0.03% FALABELLA 5,905 ▲ 0.00% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 2.80% BANCO CHILE 186.40 ▲ 0.76% LATAM AIR 24.90 — 0.00% YPF 77,175 — 0.00% GGAL 8,080 — 0.00% PAMPA 5,225 — 0.00% TXAR 664.50 — 0.00% ALUAR 964.50 — 0.00% TGS 9,570 — 0.00% CEPU 2,319 — 0.00% MIRGOR 17,050 ▼ 1.16% COME 44.78 — 0.00% LOMA NEGRA 3,498 — 0.00% BYMA 308.25 — 0.00% TELECOM ARG 4,250 — 0.00% ECOPETROL 16.10 ▲ 1.39% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 393.88 ▲ 1.20% SOUTHERN COPPER 182.83 ▲ 4.75% BUENAVENTURA 31.18 ▲ 4.56% MERCADOLIBRE 1,871 ▲ 0.21% NUBANK 14.23 ▲ 4.06% XP 16.63 ▲ 1.56% PAGSEGURO 9.32 ▲ 0.43% STONE 11.31 ▲ 1.44% GLOBANT 32.17 ▲ 0.16% TECNOGLASS 43.46 ▲ 1.44% GAP AIRPORT 223.42 ▼ 4.02% ASUR 278.06 ▼ 0.22% OMA AIRPORT 107.07 ▲ 0.89% AMX ADR 26.07 ▲ 0.15% FEMSA ADR 130.67 ▲ 1.29% CEMEX ADR 13.08 ▲ 5.02% PETROBRAS ADR 18.08 ▲ 1.09% VALE ADR 14.65 ▲ 3.28% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.13 ▲ 2.12% CSN 1.03 ▼ 0.49% GERDAU 4.57 ▲ 1.67% LATAM ADR 52.96 ▼ 0.70% BTC 63,812 ▲ 2.53% ETH 1,867 ▲ 5.29% SOL 76.92 ▲ 2.75% XRP 1.10 ▲ 3.03% BNB 579.63 ▲ 2.29% ADA 0.16 ▲ 3.92% DOGE 0.07 ▲ 2.92% AVAX 6.64 ▲ 3.04% LINK 8.27 ▲ 5.08% DOT 0.85 ▲ 1.49% LTC 44.60 ▲ 2.56% BCH 238.57 ▲ 0.99% TRX 0.33 ▲ 0.31% XLM 0.18 ▲ 1.97% HBAR 0.07 ▲ 0.90% NEAR 2.02 ▲ 5.54% ATOM 1.55 ▲ 0.78% AAVE 98.84 ▲ 4.75% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.34 ▲ 1.33% JBS 11.83 ▲ 0.21% JBS BDR 59.91 ▼ 1.15% MBRF3 15.91 ▲ 1.21% MBRFY 3.05 — 0.00% INTER 5.76 ▲ 1.95% IBOV 176,945 ▲ 0.69% IPSA 10,928 ▲ 0.16% IPC MEX 66,603 ▲ 0.96% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,305.07 ▼ 0.11% BVL PERÚ 56,428.20 ▲ 2.35% USD/BRL 5.08 ▼ 1.21% USD/MXN 17.41 ▼ 0.66% USD/CLP 923.31 ▼ 1.03% USD/COP 3,247 ▼ 0.48% USD/PEN 3.39 ▼ 0.58% USD/ARS 1,476 ▼ 0.47% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.33 ▲ 0.42% 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 5.82 ▼ 0.09% BRENT 85.44 ▲ 2.57% WTI 79.76 ▲ 2.07% IRON ORE 161.91 — — COPPER 6.41 ▲ 2.87% GOLD 4,082 ▲ 2.13% SILVER 59.34 ▲ 2.96% SOY 1,193 ▼ 0.79% CORN 460.50 ▲ 5.20% WHEAT 637.75 ▲ 1.71% COFFEE 333.05 ▼ 2.45% SUGAR 14.85 ▲ 0.68% ORANGE JUICE 135.90 ▼ 4.67% COTTON 81.07 ▲ 1.55% COCOA 5,541 ▼ 2.72% BEEF 229.03 ▼ 2.43% CATTLE 351.35 ▼ 0.85% LITHIUM 71.59 ▲ 1.92% PETR4 40.86 ▲ 0.49% VALE3 74.49 ▲ 2.25% ITUB4 43.80 ▲ 0.64% BBDC4 18.90 ▲ 0.69% ABEV3 15.98 ▲ 0.95% BBAS3 20.50 ▲ 1.28% B3SA3 15.38 ▲ 1.72% WEGE3 44.41 ▲ 0.05% PRIO3 57.25 ▲ 0.09% SUZB3 40.91 ▼ 1.40% RENT3 40.55 ▲ 0.87% AZZA3 18.99 ▼ 1.20% CSAN3 3.89 ▼ 0.26% RAIZ4 0.34 ▲ 3.03% PCAR3 2.50 ▼ 3.47% GMAT3 3.98 ▲ 1.02% PSSA3 54.63 ▲ 1.09% CVCB3 1.29 ▲ 3.20% POSI3 3.98 ▼ 0.25% SLCE3 13.89 ▲ 0.14% NATU3 8.49 ▼ 1.28% BRKM5 6.86 ▼ 1.15% RANI3 7.98 ▲ 0.38% CSNA3 5.19 ▼ 0.95% CMIN3 5.18 ▼ 4.95% USIM5 8.29 ▼ 1.07% GGBR4 23.11 ▲ 1.27% ENEV3 26.87 ▼ 0.04% CPFE3 47.03 ▲ 0.41% CMIG4 11.13 ▲ 0.54% EQTL3 40.65 ▲ 1.09% LREN3 14.14 ▼ 0.07% VIVT3 35.16 ▲ 1.24% RAIL3 14.14 ▲ 0.21% KLABIN 17.38 ▼ 0.57% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 36.10 ▲ 1.52% HAPV3 10.67 ▲ 2.01% FLRY3 16.27 ▲ 0.74% SMTO3 16.44 ▲ 0.43% UGPA3 30.93 ▲ 0.72% VBBR3 32.27 ▼ 1.50% BBSE3 40.35 ▲ 0.17% BPAC11 58.14 ▲ 1.08% CURY3 33.16 ▲ 0.12% AERI3 2.09 ▲ 0.48% VIVARA 23.40 ▲ 1.25% COMPASS 24.93 ▲ 0.65% VAMOS 3.03 ▲ 0.33% SANB11 27.57 ▲ 0.73% ASAI3 8.66 ▼ 0.57% SBSP3 30.47 ▲ 0.33% WALMEX 49.56 ▼ 0.18% GMEXICO 203.15 ▲ 3.87% FEMSA 227.56 ▲ 0.98% CEMEX 22.75 ▲ 4.45% GFNORTE 184.45 ▲ 1.31% BIMBO 55.79 ▼ 0.14% TELEVISA 9.52 ▼ 0.94% AMX 22.75 ▲ 0.71% GAP 387.79 ▼ 5.00% ASUR 278.06 ▼ 0.22% OMA 233.21 ▼ 0.05% KOF 180.43 ▼ 0.69% GRUMA 281.50 ▲ 0.05% KIMBER 38.20 ▼ 0.05% SQM-B 68,600 ▲ 2.07% COPEC 6,057 — 0.00% BSANTANDER 78.18 ▼ 0.03% FALABELLA 5,905 ▲ 0.00% ENELAM 84.20 — 0.00% CENCOSUD 2,042 ▲ 0.08% CMPC 1,078 ▼ 2.80% BANCO CHILE 186.40 ▲ 0.76% LATAM AIR 24.90 — 0.00% YPF 77,175 — 0.00% GGAL 8,080 — 0.00% PAMPA 5,225 — 0.00% TXAR 664.50 — 0.00% ALUAR 964.50 — 0.00% TGS 9,570 — 0.00% CEPU 2,319 — 0.00% MIRGOR 17,050 ▼ 1.16% COME 44.78 — 0.00% LOMA NEGRA 3,498 — 0.00% BYMA 308.25 — 0.00% TELECOM ARG 4,250 — 0.00% ECOPETROL 16.10 ▲ 1.39% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 393.88 ▲ 1.20% SOUTHERN COPPER 182.83 ▲ 4.75% BUENAVENTURA 31.18 ▲ 4.56% MERCADOLIBRE 1,871 ▲ 0.21% NUBANK 14.23 ▲ 4.06% XP 16.63 ▲ 1.56% PAGSEGURO 9.32 ▲ 0.43% STONE 11.31 ▲ 1.44% GLOBANT 32.17 ▲ 0.16% TECNOGLASS 43.46 ▲ 1.44% GAP AIRPORT 223.42 ▼ 4.02% ASUR 278.06 ▼ 0.22% OMA AIRPORT 107.07 ▲ 0.89% AMX ADR 26.07 ▲ 0.15% FEMSA ADR 130.67 ▲ 1.29% CEMEX ADR 13.08 ▲ 5.02% PETROBRAS ADR 18.08 ▲ 1.09% VALE ADR 14.65 ▲ 3.28% ITAU ADR 8.63 ▲ 1.89% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.13 ▲ 2.12% CSN 1.03 ▼ 0.49% GERDAU 4.57 ▲ 1.67% LATAM ADR 52.96 ▼ 0.70% BTC 63,812 ▲ 2.53% ETH 1,867 ▲ 5.29% SOL 76.92 ▲ 2.75% XRP 1.10 ▲ 3.03% BNB 579.63 ▲ 2.29% ADA 0.16 ▲ 3.92% DOGE 0.07 ▲ 2.92% AVAX 6.64 ▲ 3.04% LINK 8.27 ▲ 5.08% DOT 0.85 ▲ 1.49% LTC 44.60 ▲ 2.56% BCH 238.57 ▲ 0.99% TRX 0.33 ▲ 0.31% XLM 0.18 ▲ 1.97% HBAR 0.07 ▲ 0.90% NEAR 2.02 ▲ 5.54% ATOM 1.55 ▲ 0.78% AAVE 98.84 ▲ 4.75% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.34 ▲ 1.33% JBS 11.83 ▲ 0.21% JBS BDR 59.91 ▼ 1.15% MBRF3 15.91 ▲ 1.21% MBRFY 3.05 — 0.00% INTER 5.76 ▲ 1.95%
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Opinion: Movers and Shakers, a Smidgen

By · March 20, 2015 · 2 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – One of the collateral effects of the Lava Jato investigation and the Petrolão scandal is that it has introduced arcane technical terms into our quotidian lives. Consider “delação premiada” and “ilação”, terms upon which the Curmudgeon expounded last September.

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The latest entrant into the attention-grabbing headline is “achacação”. The most common synonym in Portuguese is “extorsão” meaning “extorsion”. However, the best English definition for “achacação”, in the Curmudgeon’s opinion, is “shakedown”.

The person responsible for the term’s sudden popularity is Cid Gomes, until St Patrick’s Day the federal Minister of Education. On March 18, “Cid”, never known for discretion, stood up before Congress and confirmed something he had said almost a month earlier: “In this Congress, there are some 400, or 300, ‘achacadores’ (shakedown artists).”

This remark reminded many of Lula’s 1993 asseveration that there were 300 “picaretas” (slang for self-serving crooks) in Congress. Many observers now believe that Lula, as President, astutely enlisted all 300 as supporters, including former bitter opponents Paulo Maluf, José Sarney and Fernando Collor, none of whom is famous for probity.

The headlines haven’t said so, but the “shakedown” Cid was referring to has nothing to do with either the “mensalão” or the “petrolão”; rather, it concerns the federal budget and the annual appropriations bill. More specifically, it concerns the practice by which individual members of Congress attach riders to that bill, designed to benefit their electoral redoubts.

Budget appropriations created by riders have long been subject to Presidential discretion. Presidents decide to fund (or not fund) riders as a “carrot or stick” strategy to reward (or punish) Congressmen. Cid correctly pointed out that, the weaker the President, the more “shakedown artists” could expect to be rewarded.

Ironically, all this had become ancient history on March 17th, when the Senate promulgated Constitutional Amendment 86/2015, which removes presidential discretion from funding riders. The movers and “shakers” will now have their funds regardless of what the President wants.

The Curmudgeon will emit more Smidgens opportunely. Stay tuned.

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