IBOV 175,707.73 ▼ 0.53% IPSA 10,945.86 ▼ 0.71% IPC MEX 66,529.27 ▲ 0.85% MERVAL 3,251,266 ▲ 0.68% COLCAP 2,294.60 ▼ 0.18% BVL PERÚ 57,174.37 — — USD/BRL5.07▲ 0.05% USD/MXN17.36▼ 0.39% USD/CLP924.13▼ 0.26% USD/COP3,216▼ 0.62% USD/PEN 3.39 — 0.00% USD/ARS1,476▲ 0.34% USD/UYU40.15▲ 1.04% USD/PYG6,039▲ 1.28% USD/BOB10.65▲ 5.99% USD/DOP58.36▲ 0.10% USD/CRC447.49▲ 0.88% USD/GTQ7.62▲ 2.09% USD/HNL26.73▼ 0.01% USD/NIO36.62▲ 0.31% USD/VES723.93▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▲ 0.12% USD/TTD6.76▲ 1.32% EUR/BRL5.82▼ 0.52% BRENT 84.40 ▼ 0.39% WTI 79.00 ▼ 0.43% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.73% GOLD 4,070 ▲ 0.23% SILVER 57.98 ▼ 1.36% SOY 1,200 ▼ 0.58% CORN 469.25 ▲ 8.18% WHEAT 678.50 ▲ 7.49% COFFEE 324.50 ▼ 3.77% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 140.00 ▼ 0.18% COTTON 82.13 ▲ 3.18% COCOA 5,917 ▲ 4.54% BEEF 230.10 ▼ 0.57% CATTLE 344.60 ▼ 1.20% LITHIUM 71.05 ▼ 0.74% PETR4 40.39 ▼ 0.66% VALE3 74.77 ▲ 1.03% ITUB4 43.25 ▼ 0.87% BBDC4 18.63 — 0.00% ABEV3 15.54 ▼ 1.71% BBAS3 20.65 ▲ 0.29% B3SA3 15.83 ▲ 3.26% WEGE3 44.00 ▼ 0.45% PRIO3 57.39 ▼ 0.31% SUZB3 41.51 ▲ 0.97% RENT3 40.44 ▼ 0.25% AZZA3 18.76 ▼ 0.48% CSAN3 3.97 ▲ 2.06% RAIZ4 0.31 — 0.00% PCAR3 2.46 ▲ 0.41% GMAT3 3.97 ▲ 0.25% PSSA3 55.26 ▲ 1.79% CVCB3 1.35 ▼ 2.17% POSI3 3.91 ▼ 2.01% SLCE3 13.44 ▼ 2.68% NATU3 8.69 ▲ 1.64% BRKM5 6.41 ▼ 6.15% RANI3 8.01 — 0.00% CSNA3 5.18 ▼ 0.38% CMIN3 5.18 ▲ 1.57% USIM5 8.12 ▼ 1.34% GGBR4 23.98 ▲ 2.83% ENEV3 27.10 ▼ 0.26% CPFE3 46.99 ▼ 0.44% CMIG4 11.16 ▼ 0.36% EQTL3 40.58 ▼ 0.90% LREN3 14.13 ▼ 1.12% VIVT3 35.53 ▲ 0.03% RAIL3 14.02 ▼ 0.78% KLABIN 17.43 ▲ 0.64% RAIA DROGASIL 18.64 ▲ 0.22% RDOR3 36.08 ▲ 0.08% HAPV3 10.94 ▼ 2.23% FLRY3 16.46 ▲ 0.30% SMTO3 15.43 ▼ 4.28% UGPA3 30.79 ▲ 2.26% VBBR3 33.57 ▲ 0.81% BBSE3 40.63 ▲ 0.59% BPAC11 57.37 ▼ 1.00% CURY3 33.08 ▼ 1.52% AERI3 2.03 ▼ 1.93% VIVARA 23.36 ▼ 0.30% COMPASS 25.00 ▼ 0.79% VAMOS 3.10 ▼ 1.59% ASAI3 8.73 ▲ 0.81% SBSP3 30.09 ▼ 0.82% WALMEX 49.98 ▲ 1.44% GMEXICO 200.64 ▲ 0.54% FEMSA 224.58 ▼ 2.07% CEMEX 22.71 ▲ 2.30% GFNORTE 185.06 ▼ 0.61% BIMBO 57.53 ▲ 2.08% TELEVISA 9.60 ▲ 0.73% AMX 22.78 ▼ 0.31% GAP 398.29 ▲ 0.77% ASUR 284.31 ▲ 3.16% OMA 237.30 ▲ 0.97% KOF 178.30 ▼ 0.88% GRUMA 280.92 ▲ 0.54% KIMBER 38.81 ▲ 0.96% SQM-B 65,750 ▼ 3.17% COPEC 6,212 ▲ 0.04% BSANTANDER 77.68 ▼ 1.22% FALABELLA 5,890 ▲ 0.26% ENELAM 84.87 ▼ 1.03% CENCOSUD 2,005 ▼ 1.72% CMPC 1,081 ▼ 1.99% BANCO CHILE 187.28 ▼ 1.17% LATAM AIR 25.38 ▲ 1.93% YPF 77,800 ▲ 0.03% GGAL 8,160 ▲ 3.16% PAMPA 5,195 ▼ 0.67% TXAR 667.50 ▲ 0.83% ALUAR 960.50 ▲ 1.21% TGS 9,750 ▲ 0.41% CEPU 2,347 ▲ 0.86% MIRGOR 16,750 — 0.00% COME 45.70 ▼ 0.11% LOMA NEGRA 3,580 ▲ 1.34% BYMA 301.50 ▲ 0.17% TELECOM ARG 4,363 ▲ 0.69% ECOPETROL 16.11 ▼ 0.31% BANCOLOMBIA 82.00 ▼ 0.12% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 399.25 ▲ 1.79% SOUTHERN COPPER 180.60 ▼ 0.98% BUENAVENTURA 30.99 ▼ 0.13% MERCADOLIBRE 1,848 ▼ 1.41% NUBANK 14.14 ▲ 1.04% XP 17.11 ▲ 1.39% PAGSEGURO 9.23 ▼ 0.59% STONE 11.33 ▲ 0.22% GLOBANT 31.87 ▲ 3.07% TECNOGLASS 45.58 ▲ 3.05% GAP AIRPORT 229.51 ▲ 1.58% ASUR 284.31 ▲ 3.16% OMA AIRPORT 109.20 ▲ 1.44% AMX ADR 26.25 ▲ 0.27% FEMSA ADR 129.32 ▼ 2.89% CEMEX ADR 13.15 ▲ 2.70% PETROBRAS ADR 17.74 ▼ 1.03% VALE ADR 14.71 ▲ 0.79% ITAU ADR 8.51 ▼ 0.47% SANTANDER BR 5.41 ▲ 0.28% AMBEV ADR 3.04 ▼ 1.62% CSN 1.02 ▼ 0.97% GERDAU 4.75 ▲ 3.04% LATAM ADR 55.18 ▲ 3.12% BTC 64,949 ▼ 0.01% ETH 1,927 ▲ 2.00% SOL 77.77 ▲ 0.01% XRP 1.12 ▲ 0.45% BNB 579.66 ▼ 0.36% ADA 0.16 ▼ 0.38% DOGE 0.07 ▼ 0.38% AVAX 6.71 ▲ 0.19% LINK 8.54 ▲ 2.39% DOT 0.85 ▲ 0.15% LTC 45.24 ▼ 0.43% BCH 228.13 ▼ 3.54% TRX 0.32 ▼ 0.28% XLM 0.19 ▲ 2.07% HBAR 0.07 — 0.00% NEAR 2.07 ▲ 2.93% ATOM 1.56 ▲ 0.13% AAVE 96.84 ▼ 2.07% SELIC 14.25% EMBRAER 81.72 ▼ 0.93% EMBRAER ADR 64.33 ▼ 0.89% JBS 12.06 ▲ 1.90% JBS BDR 61.02 ▲ 2.13% MBRF3 15.16 ▼ 5.78% MBRFY 3.02 ▼ 3.82% INTER 5.66 ▼ 0.70% SANB11 27.23 ▼ 0.40% IBOV 175,707.73 ▼ 0.53% IPSA 10,945.86 ▼ 0.71% IPC MEX 66,529.27 ▲ 0.85% MERVAL 3,251,266 ▲ 0.68% COLCAP 2,294.60 ▼ 0.18% BVL PERÚ 57,174.37 — — USD/BRL 5.07 ▲ 0.05% USD/MXN 17.36 ▼ 0.39% USD/CLP 924.08 ▼ 0.27% USD/COP 3,217 ▼ 0.59% USD/PEN 3.39 — 0.00% USD/ARS 1,476 ▲ 0.34% USD/UYU 40.15 ▲ 1.04% USD/PYG 6,039 ▲ 1.28% USD/BOB 10.65 ▲ 5.99% USD/DOP 58.36 ▲ 0.10% USD/CRC 447.49 ▲ 0.88% USD/GTQ 7.62 ▲ 2.09% USD/HNL 26.73 ▼ 0.01% USD/NIO 36.62 ▲ 0.31% USD/VES 723.93 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 0.12% USD/TTD 6.76 ▲ 1.32% EUR/BRL 5.82 ▼ 0.52% BRENT 84.40 ▼ 0.39% WTI 79.00 ▼ 0.43% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.73% GOLD 4,070 ▲ 0.23% SILVER 57.98 ▼ 1.36% SOY 1,200 ▼ 0.58% CORN 469.25 ▲ 8.18% WHEAT 678.50 ▲ 7.49% COFFEE 324.50 ▼ 3.77% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 140.00 ▼ 0.18% COTTON 82.13 ▲ 3.18% COCOA 5,917 ▲ 4.54% BEEF 230.10 ▼ 0.57% CATTLE 344.60 ▼ 1.20% LITHIUM 71.05 ▼ 0.74% PETR4 40.39 ▼ 0.66% VALE3 74.77 ▲ 1.03% ITUB4 43.25 ▼ 0.87% BBDC4 18.63 — 0.00% ABEV3 15.54 ▼ 1.71% BBAS3 20.65 ▲ 0.29% B3SA3 15.83 ▲ 3.26% WEGE3 44.00 ▼ 0.45% PRIO3 57.39 ▼ 0.31% SUZB3 41.51 ▲ 0.97% RENT3 40.44 ▼ 0.25% AZZA3 18.76 ▼ 0.48% CSAN3 3.97 ▲ 2.06% RAIZ4 0.31 — 0.00% PCAR3 2.46 ▲ 0.41% GMAT3 3.97 ▲ 0.25% PSSA3 55.26 ▲ 1.79% CVCB3 1.35 ▼ 2.17% POSI3 3.91 ▼ 2.01% SLCE3 13.44 ▼ 2.68% NATU3 8.69 ▲ 1.64% BRKM5 6.41 ▼ 6.15% RANI3 8.01 — 0.00% CSNA3 5.18 ▼ 0.38% CMIN3 5.18 ▲ 1.57% USIM5 8.12 ▼ 1.34% GGBR4 23.98 ▲ 2.83% ENEV3 27.10 ▼ 0.26% CPFE3 46.99 ▼ 0.44% CMIG4 11.16 ▼ 0.36% EQTL3 40.58 ▼ 0.90% LREN3 14.13 ▼ 1.12% VIVT3 35.53 ▲ 0.03% RAIL3 14.02 ▼ 0.78% KLABIN 17.43 ▲ 0.64% RAIA DROGASIL 18.64 ▲ 0.22% RDOR3 36.08 ▲ 0.08% HAPV3 10.94 ▼ 2.23% FLRY3 16.46 ▲ 0.30% SMTO3 15.43 ▼ 4.28% UGPA3 30.79 ▲ 2.26% VBBR3 33.57 ▲ 0.81% BBSE3 40.63 ▲ 0.59% BPAC11 57.37 ▼ 1.00% CURY3 33.08 ▼ 1.52% AERI3 2.03 ▼ 1.93% VIVARA 23.36 ▼ 0.30% COMPASS 25.00 ▼ 0.79% VAMOS 3.10 ▼ 1.59% ASAI3 8.73 ▲ 0.81% SBSP3 30.09 ▼ 0.82% WALMEX 49.98 ▲ 1.44% GMEXICO 200.64 ▲ 0.54% FEMSA 224.58 ▼ 2.07% CEMEX 22.71 ▲ 2.30% GFNORTE 185.06 ▼ 0.61% BIMBO 57.53 ▲ 2.08% TELEVISA 9.60 ▲ 0.73% AMX 22.78 ▼ 0.31% GAP 398.29 ▲ 0.77% ASUR 284.31 ▲ 3.16% OMA 237.30 ▲ 0.97% KOF 178.30 ▼ 0.88% GRUMA 280.92 ▲ 0.54% KIMBER 38.81 ▲ 0.96% SQM-B 65,750 ▼ 3.17% COPEC 6,212 ▲ 0.04% BSANTANDER 77.68 ▼ 1.22% FALABELLA 5,890 ▲ 0.26% ENELAM 84.87 ▼ 1.03% CENCOSUD 2,005 ▼ 1.72% CMPC 1,081 ▼ 1.99% BANCO CHILE 187.28 ▼ 1.17% LATAM AIR 25.38 ▲ 1.93% YPF 77,800 ▲ 0.03% GGAL 8,160 ▲ 3.16% PAMPA 5,195 ▼ 0.67% TXAR 667.50 ▲ 0.83% ALUAR 960.50 ▲ 1.21% TGS 9,750 ▲ 0.41% CEPU 2,347 ▲ 0.86% MIRGOR 16,750 — 0.00% COME 45.70 ▼ 0.11% LOMA NEGRA 3,580 ▲ 1.34% BYMA 301.50 ▲ 0.17% TELECOM ARG 4,363 ▲ 0.69% ECOPETROL 16.11 ▼ 0.31% BANCOLOMBIA 82.00 ▼ 0.12% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 399.25 ▲ 1.79% SOUTHERN COPPER 180.60 ▼ 0.98% BUENAVENTURA 30.99 ▼ 0.13% MERCADOLIBRE 1,848 ▼ 1.41% NUBANK 14.14 ▲ 1.04% XP 17.11 ▲ 1.39% PAGSEGURO 9.23 ▼ 0.59% STONE 11.33 ▲ 0.22% GLOBANT 31.87 ▲ 3.07% TECNOGLASS 45.58 ▲ 3.05% GAP AIRPORT 229.51 ▲ 1.58% ASUR 284.31 ▲ 3.16% OMA AIRPORT 109.20 ▲ 1.44% AMX ADR 26.25 ▲ 0.27% FEMSA ADR 129.32 ▼ 2.89% CEMEX ADR 13.15 ▲ 2.70% PETROBRAS ADR 17.74 ▼ 1.03% VALE ADR 14.71 ▲ 0.79% ITAU ADR 8.51 ▼ 0.47% SANTANDER BR 5.41 ▲ 0.28% AMBEV ADR 3.04 ▼ 1.62% CSN 1.02 ▼ 0.97% GERDAU 4.75 ▲ 3.04% LATAM ADR 55.18 ▲ 3.12% BTC 64,949 ▼ 0.01% ETH 1,927 ▲ 2.00% SOL 77.77 ▲ 0.01% XRP 1.12 ▲ 0.45% BNB 579.66 ▼ 0.36% ADA 0.16 ▼ 0.38% DOGE 0.07 ▼ 0.38% AVAX 6.71 ▲ 0.19% LINK 8.54 ▲ 2.39% DOT 0.85 ▲ 0.15% LTC 45.24 ▼ 0.43% BCH 228.13 ▼ 3.54% TRX 0.32 ▼ 0.28% XLM 0.19 ▲ 2.07% HBAR 0.07 — 0.00% NEAR 2.07 ▲ 2.93% ATOM 1.56 ▲ 0.13% AAVE 96.84 ▼ 2.07% SELIC 14.25% EMBRAER 81.72 ▼ 0.93% EMBRAER ADR 64.33 ▼ 0.89% JBS 12.06 ▲ 1.90% JBS BDR 61.02 ▲ 2.13% MBRF3 15.16 ▼ 5.78% MBRFY 3.02 ▼ 3.82% INTER 5.66 ▼ 0.70% SANB11 27.23 ▼ 0.40%
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Wednesday, July 15, 2026

Opinion: Packing the Court, Chapter 2

By · May 4, 2015 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – This week or next, the Federal Senate will begin hearings to decide whether or not to confirm the appointment to the Brazilian Supreme Court (STF) of one Luiz Edson Fachin, replacing retired Justice Barbosa, the hero of the Mensalão cases.

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The nominee, a law professor in the state of Paraná, appears to have the appropriate academic credentials, although he’s never been a judge. But there’s one potentially troubling part of his political history: in 2010, at an election campaign rally, he read a manifesto, signed by many judges, exhorting the audience to vote for candidate Dilma.

What’s worrying many people is the question of whether or not the nominee will be the latest in a line of STF Justices who have become subservient to the interests of PT, to the detriment of justice. The appointments of Justices Toffoli, Zavascki and Barroso have now given the court a bias it did not have before.

The particular worry is how the STF will vote over the Petrolão scandal. Lula, Dilma and PT in general are deathly afraid that the investigations now being carried out by the Public Prosecutor will eventually reach back to them as the instigators of the corruption.

Back in March, the Curmudgeon warned his readers that the Second Panel of the Brazilian Supreme Court (STF) was going to hear cases concerning the Petrolão scandal, because in a successful political machination, Justice Toffoli was transferred into that Panel.

The Second Panel has now heard its first case, and by a 3-2 vote (Zavascki and Toffoli in the majority) it has decided to release the ringleader of the Gang of Nine accused of corrupting Petrobras directors in order to win contracts. Almost as an afterthought, the Panel also released the other eight members of the Gang. They are now enjoying the luxury of “home prison” and are wearing the electronic anklets that track their whereabouts.

This decision has forced a change in strategy by the crusading public prosecutors, who had relied on the psychological pressure of imprisonment to “convince” (detractors say “coerce”) the defendants to confess and implicate others, in exchange for leniency. Many had indeed done so, and the ringleader was scheduled for another round of examinations next week.

Query whether, now that they’re comfortably ensconced in their palatial mansions, with unlimited and unmonitored access to telephone, internet, visits from friends and business colleagues, they will still feel inclined to cooperate (detractors say “to rat”). With the stool pigeons now silenced, the trail back to the crooked Petrolão politicos will grow cold, and all stand a much better chance of going scot free.

Dilma will deny, if asked, that her recent appointments of STF Justices had anything to do with packing the STF to cover up PT involvement in the Mensalão and Petrolão scandals. She will deny that, in order to be nominated by her, Mr. Fachin had to pass a litmus test, agreeing that PT can do no wrong.

The Curmudgeon would like to believe her, but he doesn’t.

The Curmudgeon came to Rio many long years ago, and has been waspishly observing Brazilian politics in this space for a few years now. The scandals have supplied him with lots of material, and they don’t seem like going away. Stay tuned.

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