IBOV 177,776 ▼ 0.05% 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/BRL5.13▲ 0.35% USD/MXN17.48▲ 0.05% USD/CLP925.56▲ 0.08% USD/COP3,237▼ 0.27% USD/PEN3.41▲ 0.50% USD/ARS1,490▲ 0.17% USD/UYU 40.22 — 0.00% USD/PYG6,045▼ 0.17% USD/BOB10.35▲ 2.07% USD/DOP58.37▼ 0.19% USD/CRC448.53▼ 0.06% USD/GTQ7.62▼ 0.10% USD/HNL26.73▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES719.54▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▼ 0.25% USD/TTD6.74▼ 0.12% EUR/BRL5.85▲ 0.48% BRENT 78.71 ▲ 3.55% WTI 73.90 ▲ 3.49% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.48% GOLD 4,071 ▼ 0.80% SILVER 58.85 ▼ 1.60% SOY 1,195 ▼ 0.17% CORN 466.25 ▲ 6.45% WHEAT 637.00 ▲ 0.79% COFFEE 339.05 ▼ 1.15% SUGAR 14.82 ▼ 0.40% ORANGE JUICE 142.80 ▼ 3.42% COTTON 82.94 ▲ 3.78% COCOA 5,789 ▼ 2.20% BEEF 230.55 ▼ 2.00% CATTLE 354.60 ▼ 0.44% LITHIUM 72.32 ▼ 0.69% PETR4 39.65 ▲ 1.12% VALE3 73.93 ▼ 0.34% ITUB4 44.20 ▼ 0.23% BBDC4 18.83 ▼ 0.16% ABEV3 15.74 ▼ 0.51% BBAS3 20.54 ▼ 0.19% B3SA3 15.42 ▲ 4.26% WEGE3 46.24 ▼ 0.58% PRIO3 55.45 ▼ 0.29% SUZB3 41.77 ▲ 0.53% RENT3 41.02 ▼ 0.19% AZZA3 19.05 ▼ 0.26% CSAN3 4.06 ▼ 0.25% RAIZ4 0.36 ▲ 2.86% PCAR3 2.71 ▼ 0.73% GMAT3 3.97 — 0.00% PSSA3 54.77 ▼ 0.36% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.91 ▼ 0.78% NATU3 8.62 ▼ 0.69% BRKM5 6.63 ▲ 4.25% RANI3 8.01 — 0.00% CSNA3 5.18 ▲ 7.92% CMIN3 5.23 ▲ 8.28% USIM5 8.43 ▼ 0.24% GGBR4 22.95 ▼ 0.26% ENEV3 27.47 ▼ 0.29% CPFE3 47.78 ▼ 0.19% CMIG4 11.36 ▼ 0.18% EQTL3 40.81 ▼ 0.24% LREN3 14.52 ▼ 0.68% VIVT3 35.67 ▼ 0.22% RAIL3 14.36 ▲ 4.44% KLABIN 17.58 ▲ 0.23% RAIA DROGASIL 18.73 ▼ 0.21% RDOR3 36.02 ▲ 2.48% HAPV3 10.53 ▼ 0.66% FLRY3 16.40 ▼ 0.12% SMTO3 16.37 — 0.00% UGPA3 30.87 ▲ 0.52% VBBR3 32.99 ▼ 0.03% BBSE3 40.21 ▼ 0.35% BPAC11 58.73 ▲ 5.48% CURY3 34.05 ▼ 0.47% AERI3 2.09 — 0.00% VIVARA 23.47 ▼ 0.26% COMPASS 25.46 ▼ 0.16% VAMOS 3.06 ▲ 3.38% SANB11 27.64 ▲ 0.07% ASAI3 8.83 ▼ 0.45% SBSP3 31.09 ▼ 0.06% WALMEX 49.31 ▲ 0.59% GMEXICO 198.62 ▲ 1.68% FEMSA 223.20 ▲ 0.37% CEMEX 21.82 ▲ 0.51% GFNORTE 186.51 ▲ 0.63% BIMBO 56.06 ▲ 0.23% TELEVISA 9.74 ▲ 2.63% AMX 22.70 ▲ 0.27% GAP 412.01 ▼ 0.41% ASUR 285.12 ▲ 0.53% OMA 235.73 ▼ 0.95% KOF 182.08 ▲ 0.65% GRUMA 282.99 ▲ 0.14% KIMBER 38.13 ▼ 0.81% 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 26.26 ▼ 0.53% YPF 74,450 ▼ 1.75% GGAL 8,350 ▲ 5.96% PAMPA 5,185 ▼ 0.38% TXAR 671.00 ▲ 0.98% 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 15.59 ▲ 1.27% BANCOLOMBIA 82.95 ▲ 2.50% GRUPO AVAL 5.08 ▲ 1.20% 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 108.09 ▼ 0.22% AMX ADR 26.04 ▲ 0.77% FEMSA ADR 127.70 ▲ 0.55% 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 ▲ 5.79% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.45 ▼ 1.03% BTC 62,417 ▼ 2.10% ETH 1,767 ▼ 2.17% SOL 75.55 ▼ 1.72% XRP 1.07 ▼ 1.54% BNB 567.00 ▼ 1.21% ADA 0.16 ▼ 2.44% DOGE 0.07 ▼ 0.97% AVAX 6.66 ▲ 4.03% LINK 7.87 ▼ 1.49% DOT 0.83 ▼ 2.04% LTC 43.22 ▼ 1.71% BCH 236.64 ▼ 1.38% TRX 0.33 ▼ 1.50% XLM 0.18 ▼ 2.43% HBAR 0.07 ▼ 1.17% NEAR 1.89 ▲ 0.07% ATOM 1.54 ▼ 1.73% AAVE 94.42 ▼ 2.72% SELIC 14.25% EMBRAER 83.97 ▼ 0.74% EMBRAER ADR 66.01 ▲ 0.72% JBS 11.91 ▲ 1.53% JBS BDR 60.25 ▼ 0.87% MBRF3 15.23 ▼ 2.06% MBRFY 2.97 ▼ 1.00% INTER 5.82 ▲ 1.93% EGX 52,608 ▲ 0.67% USD/ZAR16.36▲ 0.21% USD/NGN1,378▼ 0.05% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,211 ▲ 0.02% KOSPI 6,807 ▼ 8.95% JCI 6,038 ▲ 1.92% USD/JPY162.13▲ 0.25% USD/CNY6.77▼ 0.18% DAX 25,064 ▼ 0.01% CAC 8,335 ▼ 0.05% FTSE 10,469 ▼ 0.27% MIB 52,669 ▲ 0.10% IBEX 19,365 ▼ 0.10% STOXX 639.36 ▼ 0.27% EUR/USD1.14▲ 0.25% GBP/USD 1.3398 — 0.00% SPX 7,575 ▲ 0.42% DJI 52,637 ▲ 0.29% NDX 29,825 ▲ 0.33% RUT 2,978 ▼ 0.49% TSX 35,305 ▲ 0.30% VIX 16.47 ▲ 9.58% USD/CAD1.41▼ 0.16% US10Y 4.5930 ▲ 0.53% IBOV 177,776 ▼ 0.05% 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 5.12 ▲ 0.33% USD/MXN 17.48 ▲ 0.05% USD/CLP 926.06 ▲ 0.13% USD/COP 3,237 ▼ 0.27% USD/PEN 3.41 ▲ 0.50% USD/ARS 1,490 ▲ 0.17% USD/UYU 40.22 — 0.00% USD/PYG 6,045 ▼ 0.17% USD/BOB 10.35 ▲ 2.07% USD/DOP 58.37 ▼ 0.19% USD/CRC 448.53 ▼ 0.06% USD/GTQ 7.62 ▼ 0.10% USD/HNL 26.73 ▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES 719.54 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 0.15% USD/TTD 6.74 ▲ 1.31% EUR/BRL 5.85 ▲ 0.48% BRENT 78.71 ▲ 3.55% WTI 73.90 ▲ 3.49% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.48% GOLD 4,071 ▼ 0.80% SILVER 58.85 ▼ 1.60% SOY 1,195 ▼ 0.17% CORN 466.25 ▲ 6.45% WHEAT 637.00 ▲ 0.79% COFFEE 339.05 ▼ 1.15% SUGAR 14.82 ▼ 0.40% ORANGE JUICE 142.80 ▼ 3.42% COTTON 82.94 ▲ 3.78% COCOA 5,789 ▼ 2.20% BEEF 230.55 ▼ 2.00% CATTLE 354.60 ▼ 0.44% LITHIUM 72.32 ▼ 0.69% PETR4 39.65 ▲ 1.12% VALE3 73.93 ▼ 0.34% ITUB4 44.20 ▼ 0.23% BBDC4 18.83 ▼ 0.16% ABEV3 15.74 ▼ 0.51% BBAS3 20.54 ▼ 0.19% B3SA3 15.42 ▲ 4.26% WEGE3 46.24 ▼ 0.58% PRIO3 55.45 ▼ 0.29% SUZB3 41.77 ▲ 0.53% RENT3 41.02 ▼ 0.19% AZZA3 19.05 ▼ 0.26% CSAN3 4.06 ▼ 0.25% RAIZ4 0.36 ▲ 2.86% PCAR3 2.71 ▼ 0.73% GMAT3 3.97 — 0.00% PSSA3 54.77 ▼ 0.36% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.91 ▼ 0.78% NATU3 8.62 ▼ 0.69% BRKM5 6.63 ▲ 4.25% RANI3 8.01 — 0.00% CSNA3 5.18 ▲ 7.92% CMIN3 5.23 ▲ 8.28% USIM5 8.43 ▼ 0.24% GGBR4 22.95 ▼ 0.26% ENEV3 27.47 ▼ 0.29% CPFE3 47.78 ▼ 0.19% CMIG4 11.36 ▼ 0.18% EQTL3 40.81 ▼ 0.24% LREN3 14.52 ▼ 0.68% VIVT3 35.67 ▼ 0.22% RAIL3 14.36 ▲ 4.44% KLABIN 17.58 ▲ 0.23% RAIA DROGASIL 18.73 ▼ 0.21% RDOR3 36.02 ▲ 2.48% HAPV3 10.53 ▼ 0.66% FLRY3 16.40 ▼ 0.12% SMTO3 16.37 — 0.00% UGPA3 30.87 ▲ 0.52% VBBR3 32.99 ▼ 0.03% BBSE3 40.21 ▼ 0.35% BPAC11 58.73 ▲ 5.48% CURY3 34.05 ▼ 0.47% AERI3 2.09 — 0.00% VIVARA 23.47 ▼ 0.26% COMPASS 25.46 ▼ 0.16% VAMOS 3.06 ▲ 3.38% SANB11 27.64 ▲ 0.07% ASAI3 8.83 ▼ 0.45% SBSP3 31.09 ▼ 0.06% WALMEX 49.31 ▲ 0.59% GMEXICO 198.62 ▲ 1.68% FEMSA 223.20 ▲ 0.37% CEMEX 21.82 ▲ 0.51% GFNORTE 186.51 ▲ 0.63% BIMBO 56.06 ▲ 0.23% TELEVISA 9.74 ▲ 2.63% AMX 22.70 ▲ 0.27% GAP 412.01 ▼ 0.41% ASUR 285.12 ▲ 0.53% OMA 235.73 ▼ 0.95% KOF 182.08 ▲ 0.65% GRUMA 282.99 ▲ 0.14% KIMBER 38.13 ▼ 0.81% 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 26.26 ▼ 0.53% YPF 74,450 ▼ 1.75% GGAL 8,350 ▲ 5.96% PAMPA 5,185 ▼ 0.38% TXAR 671.00 ▲ 0.98% 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 15.59 ▲ 1.27% BANCOLOMBIA 82.95 ▲ 2.50% GRUPO AVAL 5.08 ▲ 1.20% 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 108.09 ▼ 0.22% AMX ADR 26.04 ▲ 0.77% FEMSA ADR 127.70 ▲ 0.55% 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 ▲ 5.79% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.45 ▼ 1.03% BTC 62,417 ▼ 2.10% ETH 1,767 ▼ 2.17% SOL 75.55 ▼ 1.72% XRP 1.07 ▼ 1.54% BNB 567.00 ▼ 1.21% ADA 0.16 ▼ 2.44% DOGE 0.07 ▼ 0.97% AVAX 6.66 ▲ 4.03% LINK 7.87 ▼ 1.49% DOT 0.83 ▼ 2.04% LTC 43.22 ▼ 1.71% BCH 236.64 ▼ 1.38% TRX 0.33 ▼ 1.50% XLM 0.18 ▼ 2.43% HBAR 0.07 ▼ 1.17% NEAR 1.89 ▲ 0.07% ATOM 1.54 ▼ 1.73% AAVE 94.42 ▼ 2.72% SELIC 14.25% EMBRAER 83.97 ▼ 0.74% EMBRAER ADR 66.01 ▲ 0.72% JBS 11.91 ▲ 1.53% JBS BDR 60.25 ▼ 0.87% MBRF3 15.23 ▼ 2.06% MBRFY 2.97 ▼ 1.00% INTER 5.82 ▲ 1.93% EGX 52,608 ▲ 0.67% USD/ZAR 16.34 ▼ 0.04% USD/NGN 1,378 ▲ 0.15% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,211 ▲ 0.02% KOSPI 6,807 ▼ 8.95% JCI 6,038 ▲ 1.92% USD/JPY 162.09 ▲ 0.26% USD/CNY 6.7761 ▲ 0.14% DAX 25,064 ▼ 0.01% CAC 8,335 ▼ 0.05% FTSE 10,469 ▼ 0.27% MIB 52,669 ▲ 0.10% IBEX 19,365 ▼ 0.10% STOXX 639.36 ▼ 0.27% EUR/USD 1.1432 ▲ 0.11% GBP/USD 1.3398 — 0.00% SPX 7,575 ▲ 0.42% DJI 52,637 ▲ 0.29% NDX 29,825 ▲ 0.33% RUT 2,978 ▼ 0.49% TSX 35,305 ▲ 0.30% VIX 16.47 ▲ 9.58% USD/CAD 1.4134 ▼ 0.13% US10Y 4.5930 ▲ 0.53%
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Opinion: ‘Operation Varginha’ – From Halloween to All Souls’ Day

By · November 2, 2021 · 3 min read

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RIO DE JANEIRO, BRAZIL – (Opinion). Today, November 2, is All Souls’ Day (“Finados”), a legal holiday in Brazil, when most Brazilians are mourning their dead. Today, on the other hand, “law and order” supporters in Brazil are celebrating the fact that the country has 25 more “finados” than it had on Halloween.

Late Saturday night, in a rural area outside Varginha, Minas Gerais, the State Police “Special Ops” force known as “Bope” joined the Federal Highway Police in an “operation” designed to capture a gang of criminals suspected of planning to commit a large-scale bank robbery on Sunday.

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Brazil has lately seen a surge of bank robberies carried out by large gangs, using armored vehicles, drones, explosives and high-caliber firearms. The modus operandi is to shut down an entire town after midnight, then assault a bank that holds a reserve of banknotes for distribution to regional banks.

The most recent such assault was in Araçatuba, São Paulo state. Hostages were taken, some even tied to the roofs of getaway cars, and three deaths occurred. Well over 30 “bandidos” are believed to have taken part.

But let us return to Halloween in Varginha.

The State Police say they received an anonymous tip that a large group of men had gathered, with many stolen cars, in two farmhouses outside town.

The police further state that their task force (apparently at least 50 agents) went to the two hideouts, intending only to arrest the suspects, but were fired upon by guards, whereupon an intense gun battle ensued.

According to the official police narrative, during the firefights, there were 18 suspects killed at one location; 7 at the other. No suspect offered to surrender. No suspect survived. Some had been wounded and were attended to, and taken to a hospital, but did not survive their wounds.

The best news, according to the police? Not one agent engaged in the action had been killed or even wounded. Not a scratch among all of them.

To prove the dead suspects were “bandidos”, the police have published an array of photographs, some of walls with bullet holes, others of heavy weaponry recovered among the dead suspects, and some 10 cars, all reportedly stolen.

Do you find this official narrative as hard to believe as I do?

A different hypothetical narrative follows.

The police were tipped off about the hiding place, and decided to invade before the suspects could flee, without requesting approval of their raid. They arrived at the hideouts, surrounded them, wiped out any lookouts and then attacked en masse, mowing down everyone they found in front of them – all 25 “bandidos”. They even killed the farm’s nightwatchman, thus not leaving any survivors who could talk.  They mopped up the crime scene, removed the corpses, took a lot of pictures, and called a press conference to celebrate a great victory.”

This hypothetical narrative closely resembles that of the actual event in Rio de Janeiro’s Jacarezinho community last May, when dozens of civil police, acting without approval, raided the favela, guns blazing, and massacred 29 “bandidos”, executing many in cold blood. They too cleaned up the crime scenes before permitting any investigations. Unlike in Varginha, though, the Rio police left survivors.

It is fair to question the hypothetical narrative: Why would the police simply execute everyone? The answer is deterrence. PCC drug gangs recruit local criminals in towns far from their favela redoubts, to carry out the bank robberies. Local police believe the prospect of certain death will deter locals from getting involved.

There can be no doubt that the “suspects” in Varginha were definitely planning to attack a bank by controlling a town, à la Araçatuba.  In short, all 25 “suspects” were highly dangerous “bandidos”.

“The only good bandido is a dead bandido.” Perhaps 4 out of every 5 Brazilians agree with that phrase, and fully support “law enforcement” agents summarily imposing the death penalty on “bandidos” without bothering with a trial.

The police in Varginha know that; they also know no one will challenge or investigate the official narrative of what happened. No one will seriously consider the hypothetical narrative set out above, nor any other narrative that does not celebrate the death of 25 “bandidos”.

I will not join any such celebration.

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