IBOV 176,247 ▲ 0.29% IPSA 10,928 ▲ 0.16% IPC MEX 66,680 ▲ 1.07% MERVAL 3,238,842 ▲ 0.11% COLCAP 2,298.85 ▼ 0.38% BVL PERÚ 56,428.20 ▲ 1.53% USD/BRL5.07▼ 1.25% USD/MXN17.42▼ 0.63% USD/CLP923.30▼ 1.03% USD/COP3,251▼ 0.35% USD/PEN3.39▼ 0.67% USD/ARS1,473▼ 0.67% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.34▲ 0.44% 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▼ 0.36% BRENT 85.03 ▲ 2.08% WTI 79.34 ▲ 1.54% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.33% GOLD 4,066 ▲ 1.73% SILVER 59.05 ▲ 2.45% SOY 1,193 ▼ 0.77% CORN 460.75 ▲ 5.25% WHEAT 646.75 ▲ 3.15% COFFEE 324.35 ▼ 4.99% SUGAR 14.88 ▲ 0.88% ORANGE JUICE 138.50 ▼ 2.84% COTTON 81.68 ▲ 2.32% COCOA 5,924 ▲ 4.00% BEEF 231.78 ▼ 1.26% CATTLE 349.65 ▼ 1.33% LITHIUM 71.40 ▲ 1.65% PETR4 40.76 ▲ 0.25% VALE3 74.10 ▲ 1.72% ITUB4 43.51 ▼ 0.02% BBDC4 18.59 ▼ 0.96% ABEV3 15.88 ▲ 0.32% BBAS3 20.53 ▲ 1.43% B3SA3 15.34 ▲ 1.46% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 41.15 ▼ 0.82% RENT3 40.36 ▲ 0.40% AZZA3 18.82 ▼ 2.08% CSAN3 3.91 ▲ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.96 ▲ 0.51% PSSA3 54.11 ▲ 0.13% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.75 ▼ 0.87% NATU3 8.50 ▼ 1.16% BRKM5 6.69 ▼ 3.60% RANI3 8.02 ▲ 0.88% CSNA3 5.23 ▼ 0.19% CMIN3 5.21 ▼ 4.40% USIM5 8.31 ▼ 0.84% GGBR4 23.13 ▲ 1.36% ENEV3 26.82 ▼ 0.22% CPFE3 47.16 ▲ 0.68% CMIG4 11.13 ▲ 0.54% EQTL3 40.48 ▲ 0.67% LREN3 14.14 ▼ 0.07% VIVT3 35.32 ▲ 1.70% RAIL3 14.14 ▲ 0.21% KLABIN 17.36 ▼ 0.69% RAIA DROGASIL 18.43 ▲ 1.26% RDOR3 35.60 ▲ 0.11% HAPV3 10.65 ▲ 1.82% FLRY3 16.31 ▲ 0.99% SMTO3 16.19 ▼ 1.10% UGPA3 30.22 ▼ 2.30% VBBR3 33.08 ▲ 0.98% BBSE3 40.15 ▼ 0.32% BPAC11 58.02 ▲ 0.87% CURY3 32.81 ▼ 0.94% AERI3 2.08 — 0.00% VIVARA 23.28 ▲ 0.74% COMPASS 25.15 ▲ 1.53% VAMOS 3.04 ▲ 0.66% SANB11 27.34 ▼ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.33 ▼ 0.13% WALMEX 49.65 — 0.00% GMEXICO 201.03 ▲ 2.78% FEMSA 233.18 ▲ 3.47% CEMEX 22.08 ▲ 1.38% GFNORTE 187.02 ▲ 2.72% BIMBO 56.59 ▲ 1.29% TELEVISA 9.47 ▼ 1.46% AMX 22.89 ▲ 1.33% GAP 387.15 ▼ 5.15% ASUR 278.30 ▼ 0.13% OMA 233.90 ▲ 0.25% KOF 182.20 ▲ 0.52% GRUMA 283.45 ▲ 0.74% KIMBER 38.47 ▲ 0.65% SQM-B 67,646 ▲ 0.65% COPEC 6,091 ▲ 0.55% BSANTANDER 78.80 ▲ 0.77% FALABELLA 5,904 ▼ 0.02% ENELAM 85.20 ▲ 1.19% CENCOSUD 2,060 ▲ 0.98% CMPC 1,081 ▲ 0.25% BANCO CHILE 188.25 ▲ 1.76% LATAM AIR 24.70 ▼ 0.80% YPF 77,300 ▲ 0.16% GGAL 8,025 ▼ 0.68% PAMPA 5,200 ▼ 0.48% TXAR 663.00 ▼ 0.23% ALUAR 959.50 ▼ 0.52% TGS 9,715 ▲ 1.52% CEPU 2,300 ▼ 0.82% MIRGOR 16,825 ▼ 1.03% COME 45.24 ▲ 1.03% LOMA NEGRA 3,563 ▲ 1.86% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 16.00 ▲ 0.76% BANCOLOMBIA 82.06 ▲ 2.04% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 391.40 ▲ 0.56% SOUTHERN COPPER 180.39 ▲ 3.36% BUENAVENTURA 30.73 ▲ 3.05% MERCADOLIBRE 1,874 ▲ 0.37% NUBANK 14.00 ▲ 2.38% XP 16.83 ▲ 2.81% PAGSEGURO 9.25 ▼ 0.32% STONE 11.22 ▲ 0.63% GLOBANT 31.78 ▼ 1.06% TECNOGLASS 43.41 ▲ 1.33% GAP AIRPORT 221.79 ▼ 4.72% ASUR 278.30 ▼ 0.13% OMA AIRPORT 107.37 ▲ 1.17% AMX ADR 26.22 ▲ 0.71% FEMSA ADR 133.96 ▲ 3.83% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 17.96 ▲ 0.42% VALE ADR 14.58 ▲ 2.79% ITAU ADR 8.58 ▲ 1.24% SANTANDER BR 5.41 ▲ 1.03% AMBEV ADR 3.11 ▲ 1.47% CSN 1.03 ▲ 0.11% GERDAU 4.57 ▲ 1.79% LATAM ADR 53.67 ▲ 0.64% BTC 64,689 ▲ 3.94% ETH 1,872 ▲ 5.58% SOL 77.23 ▲ 3.16% XRP 1.10 ▲ 3.62% BNB 581.27 ▲ 2.58% ADA 0.17 ▲ 5.00% DOGE 0.07 ▲ 3.72% AVAX 6.64 ▲ 3.04% LINK 8.26 ▲ 4.89% DOT 0.86 ▲ 2.33% LTC 44.59 ▲ 2.53% BCH 237.54 ▲ 0.55% TRX 0.32 ▲ 0.27% XLM 0.18 ▲ 2.15% HBAR 0.07 ▲ 0.26% NEAR 2.04 ▲ 6.12% ATOM 1.55 ▲ 1.04% AAVE 99.93 ▲ 5.90% SELIC 14.25% EMBRAER 83.04 ▲ 0.04% EMBRAER ADR 65.48 ▲ 1.55% JBS 11.85 ▲ 0.42% JBS BDR 60.05 ▼ 0.92% MBRF3 16.02 ▲ 1.91% MBRFY 3.10 ▲ 1.64% INTER 5.66 ▲ 0.18% EGX 52,299 ▼ 0.59% USD/ZAR16.36▼ 0.68% 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/JPY162.12▼ 0.20% 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▲ 0.46% GBP/USD1.34▲ 0.02% SPX 7,545 ▲ 0.39% DJI 52,423 ▼ 0.14% NDX 29,621 ▲ 1.22% RUT 2,968 ▲ 0.50% TSX 35,322 ▲ 0.20% VIX 16.50 ▼ 3.85% USD/CAD1.41▼ 0.68% US10Y 4.5830 ▼ 0.56% IBOV 176,247 ▲ 0.29% IPSA 10,928 ▲ 0.16% IPC MEX 66,680 ▲ 1.07% MERVAL 3,238,842 ▲ 0.11% COLCAP 2,298.85 ▼ 0.38% BVL PERÚ 56,428.20 ▲ 1.53% USD/BRL 5.07 ▼ 1.24% USD/MXN 17.42 ▼ 0.63% USD/CLP 923.30 ▼ 1.03% USD/COP 3,251 ▼ 0.35% USD/PEN 3.39 ▼ 0.67% USD/ARS 1,473 ▼ 0.67% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.34 ▲ 0.44% 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 ▼ 0.36% BRENT 85.03 ▲ 2.08% WTI 79.34 ▲ 1.54% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.33% GOLD 4,066 ▲ 1.73% SILVER 59.05 ▲ 2.45% SOY 1,193 ▼ 0.77% CORN 460.75 ▲ 5.25% WHEAT 646.75 ▲ 3.15% COFFEE 324.35 ▼ 4.99% SUGAR 14.88 ▲ 0.88% ORANGE JUICE 138.50 ▼ 2.84% COTTON 81.68 ▲ 2.32% COCOA 5,924 ▲ 4.00% BEEF 231.78 ▼ 1.26% CATTLE 349.65 ▼ 1.33% LITHIUM 71.40 ▲ 1.65% PETR4 40.76 ▲ 0.25% VALE3 74.10 ▲ 1.72% ITUB4 43.51 ▼ 0.02% BBDC4 18.59 ▼ 0.96% ABEV3 15.88 ▲ 0.32% BBAS3 20.53 ▲ 1.43% B3SA3 15.34 ▲ 1.46% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 41.15 ▼ 0.82% RENT3 40.36 ▲ 0.40% AZZA3 18.82 ▼ 2.08% CSAN3 3.91 ▲ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.48 ▼ 4.25% GMAT3 3.96 ▲ 0.51% PSSA3 54.11 ▲ 0.13% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.75 ▼ 0.87% NATU3 8.50 ▼ 1.16% BRKM5 6.69 ▼ 3.60% RANI3 8.02 ▲ 0.88% CSNA3 5.23 ▼ 0.19% CMIN3 5.21 ▼ 4.40% USIM5 8.31 ▼ 0.84% GGBR4 23.13 ▲ 1.36% ENEV3 26.82 ▼ 0.22% CPFE3 47.16 ▲ 0.68% CMIG4 11.13 ▲ 0.54% EQTL3 40.48 ▲ 0.67% LREN3 14.14 ▼ 0.07% VIVT3 35.32 ▲ 1.70% RAIL3 14.14 ▲ 0.21% KLABIN 17.36 ▼ 0.69% RAIA DROGASIL 18.43 ▲ 1.26% RDOR3 35.60 ▲ 0.11% HAPV3 10.65 ▲ 1.82% FLRY3 16.31 ▲ 0.99% SMTO3 16.19 ▼ 1.10% UGPA3 30.22 ▼ 2.30% VBBR3 33.08 ▲ 0.98% BBSE3 40.15 ▼ 0.32% BPAC11 58.02 ▲ 0.87% CURY3 32.81 ▼ 0.94% AERI3 2.08 — 0.00% VIVARA 23.28 ▲ 0.74% COMPASS 25.15 ▲ 1.53% VAMOS 3.04 ▲ 0.66% SANB11 27.34 ▼ 0.11% ASAI3 8.65 ▼ 0.69% SBSP3 30.33 ▼ 0.13% WALMEX 49.65 — 0.00% GMEXICO 201.03 ▲ 2.78% FEMSA 233.18 ▲ 3.47% CEMEX 22.08 ▲ 1.38% GFNORTE 187.02 ▲ 2.72% BIMBO 56.59 ▲ 1.29% TELEVISA 9.47 ▼ 1.46% AMX 22.89 ▲ 1.33% GAP 387.15 ▼ 5.15% ASUR 278.30 ▼ 0.13% OMA 233.90 ▲ 0.25% KOF 182.20 ▲ 0.52% GRUMA 283.45 ▲ 0.74% KIMBER 38.47 ▲ 0.65% SQM-B 67,646 ▲ 0.65% COPEC 6,091 ▲ 0.55% BSANTANDER 78.80 ▲ 0.77% FALABELLA 5,904 ▼ 0.02% ENELAM 85.20 ▲ 1.19% CENCOSUD 2,060 ▲ 0.98% CMPC 1,081 ▲ 0.25% BANCO CHILE 188.25 ▲ 1.76% LATAM AIR 24.70 ▼ 0.80% YPF 77,300 ▲ 0.16% GGAL 8,025 ▼ 0.68% PAMPA 5,200 ▼ 0.48% TXAR 663.00 ▼ 0.23% ALUAR 959.50 ▼ 0.52% TGS 9,715 ▲ 1.52% CEPU 2,300 ▼ 0.82% MIRGOR 16,825 ▼ 1.03% COME 45.24 ▲ 1.03% LOMA NEGRA 3,563 ▲ 1.86% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,263 ▲ 0.29% ECOPETROL 16.00 ▲ 0.76% BANCOLOMBIA 82.06 ▲ 2.04% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 391.40 ▲ 0.56% SOUTHERN COPPER 180.39 ▲ 3.36% BUENAVENTURA 30.73 ▲ 3.05% MERCADOLIBRE 1,874 ▲ 0.37% NUBANK 14.00 ▲ 2.38% XP 16.83 ▲ 2.81% PAGSEGURO 9.25 ▼ 0.32% STONE 11.22 ▲ 0.63% GLOBANT 31.78 ▼ 1.06% TECNOGLASS 43.41 ▲ 1.33% GAP AIRPORT 221.79 ▼ 4.72% ASUR 278.30 ▼ 0.13% OMA AIRPORT 107.37 ▲ 1.17% AMX ADR 26.22 ▲ 0.71% FEMSA ADR 133.96 ▲ 3.83% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 17.96 ▲ 0.42% VALE ADR 14.58 ▲ 2.79% ITAU ADR 8.58 ▲ 1.24% SANTANDER BR 5.41 ▲ 1.03% AMBEV ADR 3.11 ▲ 1.47% CSN 1.03 ▲ 0.11% GERDAU 4.57 ▲ 1.79% LATAM ADR 53.67 ▲ 0.64% BTC 64,689 ▲ 3.94% ETH 1,872 ▲ 5.58% SOL 77.23 ▲ 3.16% XRP 1.10 ▲ 3.62% BNB 581.27 ▲ 2.58% ADA 0.17 ▲ 5.00% DOGE 0.07 ▲ 3.72% AVAX 6.64 ▲ 3.04% LINK 8.26 ▲ 4.89% DOT 0.86 ▲ 2.33% LTC 44.59 ▲ 2.53% BCH 237.54 ▲ 0.55% TRX 0.32 ▲ 0.27% XLM 0.18 ▲ 2.15% HBAR 0.07 ▲ 0.26% NEAR 2.04 ▲ 6.12% ATOM 1.55 ▲ 1.04% AAVE 99.93 ▲ 5.90% 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Opinion: Rio’s Transported Politicians

By · November 17, 2017 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Those of us who have lived long in Rio have always suspected, based on very little evidence other than what we could deduce from our woes in getting around town, that the city and state politicians were feeding out of the hands of the local bus company owners.

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As our prime example, let us consider the Rio Metro, which opened in the early 1980’s, and was supposed to have been extended to Ipanema by 1998; it didn’t even reach Copacabana until then, and took another decade to get to Ipanema.

The Metro was supposed to have serviced the ferryboat station at Praça XV, so commuters from Niteroi would have access; needless to say, that never happened.

The Metro never had any connection with Rio’s airports, nor (crucially) with any of the city bus terminals. When you arrived in Rio from out of town, or if you wanted to leave town without driving your car, you either took a taxi or, if you couldn’t afford that (and most Rio residents can’t afford that), you took a city bus.

That is insane.

Even more insane was that the city buses had no air conditioning, no pollution controls, no safety equipment, no maintenance, no training of drivers, and (crucially) no form of payment other than cash. That’s right: cold, hard cash. All buses had “cobradores” or collectors, seated near the driver, who took your money and gave you change—when they had it—before you could pass through the turnstiles.

The bus companies raked in huge amounts of cash, and never, ever, had to tell anyone at all what their income was, or what their expenses were. They were never subject to any audits, no one ever checked to see if the turnstiles had been reversed, like odometers on used cars.

No bus companies were ever fined for violations committed by their drivers, such as speeding, weaving in and out of lanes, running red lights, refusing to stop to pick up passengers, etc. When the traffic department tried to get bus companies to tell them who the drivers were, when their cameras caught them in violations, the bus companies simply stonewalled them.

But every year there was an automatic rise in the bus fares, usually more than the official inflation rate.

All this was done with the complicity of the governors, the mayors, the state assemblies and the municipal councils. The reason, of course, was that the bus companies used the huge amounts of unreported cash they had skimmed off passengers to bribe local politicians into forgetting about administrative oversight.

The politicians, honorable thieves one and all, lined their pockets and duly pretended the bus companies were doing nothing wrong, that they were upstanding citizens, that they needed the fare increases to ensure better service, that air conditioning would be installed, blah, blah, blah.

As Lava Jato has now shown, the people’s “representatives” represented only themselves and their political cronies. The hope now is that these crooks will themselves be publicly transported—preferably to a prison in Rio that is only reachable by bus.

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