IBOV 176,131 ▲ 0.22% IPSA 10,928 ▲ 0.16% IPC MEX 66,704 ▲ 1.11% MERVAL 3,236,862 ▲ 0.05% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL5.08▼ 1.13% USD/MXN17.43▼ 0.56% USD/CLP924.93▼ 0.85% USD/COP3,250▼ 0.40% USD/PEN3.39▼ 0.64% USD/ARS1,473▼ 0.71% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.31▲ 0.39% 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▼ 0.31% BRENT 85.34 ▲ 2.45% WTI 79.51 ▲ 1.75% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,071 ▲ 1.84% SILVER 59.15 ▲ 2.63% SOY 1,192 ▼ 0.85% CORN 460.00 ▲ 5.08% WHEAT 644.00 ▲ 2.71% COFFEE 340.20 ▼ 0.35% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 139.50 ▼ 2.14% COTTON 81.68 ▲ 2.32% COCOA 5,833 ▲ 2.41% BEEF 231.75 ▼ 1.27% CATTLE 348.83 ▼ 1.56% LITHIUM 71.38 ▲ 1.62% PETR4 40.65 ▼ 0.02% VALE3 74.00 ▲ 1.58% ITUB4 43.47 ▼ 0.11% BBDC4 18.60 ▼ 0.91% ABEV3 15.87 ▲ 0.25% BBAS3 20.44 ▲ 0.99% B3SA3 15.33 ▲ 1.39% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 40.98 ▼ 1.23% RENT3 40.35 ▲ 0.37% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.27 ▼ 3.30% USIM5 8.23 ▼ 1.79% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.03 ▲ 0.41% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.14 ▼ 0.07% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.64 ▲ 1.72% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 29.90 ▼ 3.33% VBBR3 33.00 ▲ 0.73% BBSE3 40.25 ▼ 0.07% BPAC11 58.10 ▲ 1.01% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.30 ▼ 0.26% ASAI3 8.67 ▼ 0.46% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.86 ▲ 3.21% FEMSA 233.00 ▲ 3.39% CEMEX 22.20 ▲ 1.93% GFNORTE 186.98 ▲ 2.70% BIMBO 56.30 ▲ 0.77% TELEVISA 9.46 ▼ 1.56% AMX 22.87 ▲ 1.24% GAP 386.45 ▼ 5.33% ASUR 276.97 ▼ 0.61% OMA 234.22 ▲ 0.39% KOF 181.49 ▼ 0.10% GRUMA 282.67 ▲ 0.46% KIMBER 38.44 ▲ 0.58% SQM-B 67,585 ▲ 0.56% COPEC 6,074 ▲ 0.28% BSANTANDER 78.98 ▲ 1.00% FALABELLA 5,911 ▲ 0.10% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.60 ▼ 1.20% YPF 77,100 ▼ 0.10% GGAL 8,065 ▼ 0.19% PAMPA 5,225 — 0.00% TXAR 665.00 ▲ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,700 ▲ 1.36% CEPU 2,309 ▼ 0.43% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,260 ▲ 0.24% ECOPETROL 15.89 ▲ 0.08% BANCOLOMBIA 81.90 ▲ 1.84% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 390.89 ▲ 0.43% SOUTHERN COPPER 180.31 ▲ 3.31% BUENAVENTURA 30.90 ▲ 3.61% MERCADOLIBRE 1,871 ▲ 0.22% NUBANK 13.92 ▲ 1.80% XP 16.66 ▲ 1.74% PAGSEGURO 9.18 ▼ 1.13% STONE 11.15 ▼ 0.04% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.50 ▼ 4.41% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.71 ▲ 1.49% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.88 ▲ 3.77% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.96 ▲ 0.45% VALE ADR 14.54 ▲ 2.50% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.11 ▲ 1.47% CSN 1.01 ▼ 1.94% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.25 ▼ 0.16% BTC 64,698 ▲ 3.95% ETH 1,871 ▲ 5.52% SOL 77.26 ▲ 3.20% XRP 1.11 ▲ 3.72% BNB 582.66 ▲ 2.83% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.27 ▲ 5.01% DOT 0.86 ▲ 2.45% LTC 44.74 ▲ 2.88% BCH 238.73 ▲ 1.06% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 2.26% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 5.96% ATOM 1.55 ▲ 1.24% AAVE 99.92 ▲ 5.89% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.32 ▲ 1.30% JBS 11.88 ▲ 0.64% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.65 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR16.37▼ 0.62% 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/JPY162.15▼ 0.18% USD/CNY6.76▼ 0.32% 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▲ 0.42% GBP/USD1.34▼ 0.03% SPX 7,536 ▲ 0.27% DJI 52,414 ▼ 0.16% NDX 29,580 ▲ 1.08% RUT 2,965 ▲ 0.39% TSX 35,317 ▲ 0.18% VIX 16.50 ▼ 3.85% USD/CAD1.41▼ 0.61% US10Y 4.5790 ▼ 0.65% IBOV 176,131 ▲ 0.22% IPSA 10,928 ▲ 0.16% IPC MEX 66,704 ▲ 1.11% MERVAL 3,236,862 ▲ 0.05% COLCAP 2,300.88 ▼ 0.29% BVL PERÚ 56,428.20 ▲ 2.18% USD/BRL 5.08 ▼ 1.13% USD/MXN 17.43 ▼ 0.56% USD/CLP 925.15 ▼ 0.83% USD/COP 3,250 ▼ 0.40% USD/PEN 3.39 ▼ 0.64% USD/ARS 1,473 ▼ 0.71% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.31 ▲ 0.39% 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 ▼ 0.31% BRENT 85.34 ▲ 2.45% WTI 79.51 ▲ 1.75% IRON ORE 161.91 — — COPPER 6.39 ▲ 2.44% GOLD 4,071 ▲ 1.84% SILVER 59.15 ▲ 2.63% SOY 1,192 ▼ 0.85% CORN 460.00 ▲ 5.08% WHEAT 644.00 ▲ 2.71% COFFEE 340.20 ▼ 0.35% SUGAR 14.91 ▲ 1.08% ORANGE JUICE 139.50 ▼ 2.14% COTTON 81.68 ▲ 2.32% COCOA 5,833 ▲ 2.41% BEEF 231.75 ▼ 1.27% CATTLE 348.83 ▼ 1.56% LITHIUM 71.38 ▲ 1.62% PETR4 40.65 ▼ 0.02% VALE3 74.00 ▲ 1.58% ITUB4 43.47 ▼ 0.11% BBDC4 18.60 ▼ 0.91% ABEV3 15.87 ▲ 0.25% BBAS3 20.44 ▲ 0.99% B3SA3 15.33 ▲ 1.39% WEGE3 44.22 ▼ 0.38% PRIO3 57.04 ▼ 0.28% SUZB3 40.98 ▼ 1.23% RENT3 40.35 ▲ 0.37% AZZA3 18.90 ▼ 1.66% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.96 ▲ 0.51% PSSA3 54.09 ▲ 0.09% CVCB3 1.27 ▲ 1.60% POSI3 3.95 ▼ 1.00% SLCE3 13.69 ▼ 1.30% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.27 ▼ 3.30% USIM5 8.23 ▼ 1.79% GGBR4 23.08 ▲ 1.14% ENEV3 26.95 ▲ 0.26% CPFE3 47.03 ▲ 0.41% CMIG4 11.10 ▲ 0.27% EQTL3 40.89 ▲ 1.69% LREN3 14.14 ▼ 0.07% VIVT3 35.22 ▲ 1.41% RAIL3 14.11 — 0.00% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.67 ▲ 0.31% HAPV3 10.64 ▲ 1.72% FLRY3 16.24 ▲ 0.56% SMTO3 16.14 ▼ 1.41% UGPA3 29.90 ▼ 3.33% VBBR3 33.00 ▲ 0.73% BBSE3 40.25 ▼ 0.07% BPAC11 58.10 ▲ 1.01% CURY3 32.79 ▼ 1.00% AERI3 2.09 ▲ 0.48% VIVARA 23.24 ▲ 0.56% COMPASS 25.15 ▲ 1.53% VAMOS 3.05 ▲ 0.99% SANB11 27.30 ▼ 0.26% ASAI3 8.67 ▼ 0.46% SBSP3 30.31 ▼ 0.20% WALMEX 49.64 ▼ 0.02% GMEXICO 201.86 ▲ 3.21% FEMSA 233.00 ▲ 3.39% CEMEX 22.20 ▲ 1.93% GFNORTE 186.98 ▲ 2.70% BIMBO 56.30 ▲ 0.77% TELEVISA 9.46 ▼ 1.56% AMX 22.87 ▲ 1.24% GAP 386.45 ▼ 5.33% ASUR 276.97 ▼ 0.61% OMA 234.22 ▲ 0.39% KOF 181.49 ▼ 0.10% GRUMA 282.67 ▲ 0.46% KIMBER 38.44 ▲ 0.58% SQM-B 67,585 ▲ 0.56% COPEC 6,074 ▲ 0.28% BSANTANDER 78.98 ▲ 1.00% FALABELLA 5,911 ▲ 0.10% ENELAM 84.80 ▲ 0.71% CENCOSUD 2,060 ▲ 0.98% CMPC 1,087 ▲ 0.84% BANCO CHILE 188.63 ▲ 1.96% LATAM AIR 24.60 ▼ 1.20% YPF 77,100 ▼ 0.10% GGAL 8,065 ▼ 0.19% PAMPA 5,225 — 0.00% TXAR 665.00 ▲ 0.08% ALUAR 960.00 ▼ 0.47% TGS 9,700 ▲ 1.36% CEPU 2,309 ▼ 0.43% MIRGOR 16,825 ▼ 1.03% COME 45.30 ▲ 1.16% LOMA NEGRA 3,538 ▲ 1.14% BYMA 305.50 ▼ 0.89% TELECOM ARG 4,260 ▲ 0.24% ECOPETROL 15.89 ▲ 0.08% BANCOLOMBIA 81.90 ▲ 1.84% GRUPO AVAL 4.90 ▼ 0.20% CREDICORP 390.89 ▲ 0.43% SOUTHERN COPPER 180.31 ▲ 3.31% BUENAVENTURA 30.90 ▲ 3.61% MERCADOLIBRE 1,871 ▲ 0.22% NUBANK 13.92 ▲ 1.80% XP 16.66 ▲ 1.74% PAGSEGURO 9.18 ▼ 1.13% STONE 11.15 ▼ 0.04% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.53 ▲ 1.61% GAP AIRPORT 222.50 ▼ 4.41% ASUR 276.97 ▼ 0.61% OMA AIRPORT 107.71 ▲ 1.49% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.88 ▲ 3.77% CEMEX ADR 12.73 ▲ 2.25% PETROBRAS ADR 17.96 ▲ 0.45% VALE ADR 14.54 ▲ 2.50% ITAU ADR 8.56 ▲ 1.00% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.11 ▲ 1.47% CSN 1.01 ▼ 1.94% GERDAU 4.56 ▲ 1.56% LATAM ADR 53.25 ▼ 0.16% BTC 64,698 ▲ 3.95% ETH 1,871 ▲ 5.52% SOL 77.26 ▲ 3.20% XRP 1.11 ▲ 3.72% BNB 582.66 ▲ 2.83% ADA 0.17 ▲ 5.70% DOGE 0.08 ▲ 4.59% AVAX 6.67 ▲ 3.50% LINK 8.27 ▲ 5.01% DOT 0.86 ▲ 2.45% LTC 44.74 ▲ 2.88% BCH 238.73 ▲ 1.06% TRX 0.33 ▲ 0.30% XLM 0.18 ▲ 2.26% HBAR 0.07 ▲ 0.60% NEAR 2.03 ▲ 5.96% ATOM 1.55 ▲ 1.24% AAVE 99.92 ▲ 5.89% SELIC 14.25% EMBRAER 82.76 ▼ 0.30% EMBRAER ADR 65.32 ▲ 1.30% JBS 11.88 ▲ 0.64% JBS BDR 60.23 ▼ 0.63% MBRF3 15.99 ▲ 1.72% MBRFY 3.10 ▲ 1.64% INTER 5.65 — 0.00% EGX 52,299 ▼ 0.59% USD/ZAR 16.38 ▼ 0.45% 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 162.14 ▼ 0.18% USD/CNY 6.7576 ▼ 0.20% 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 1.1431 ▲ 0.39% GBP/USD 1.3383 ▲ 0.25% SPX 7,536 ▲ 0.27% DJI 52,414 ▼ 0.16% NDX 29,580 ▲ 1.08% RUT 2,965 ▲ 0.39% TSX 35,317 ▲ 0.18% VIX 16.50 ▼ 3.85% USD/CAD 1.4067 ▼ 0.61% US10Y 4.5790 ▼ 0.65%
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Opinion: The Other Rose Among Brazil’s Thorns

By · May 29, 2018 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – The Curmudgeon, having paused for refreshment, will now deliver on his promise, contained at the end of his last post, to salute the other “Rose among thorns”, STF Presiding Justice Cármen Lúcia Antunes Rocha.

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Those who followed closely the courtroom haggling leading up to former President Lula’s unsuccessful attempt to escape prison, will recall that Cármen Lúcia (as she is uniformly known) made sure she scheduled the decision dealing only with Lula before scheduling decisions on two other, more general, cases that had come to the STF.

Both of those cases would decide, directly, the scope of the constitutional provision on the presumption of innocence, and the decision would be applicable to ALL pending cases, not just to Lula.

Cármen Lúcia knew well that fellow STF Justice Rosa Maria Weber was a stout supporter of the position that the STF should not overturn recent decisions, simply because of a change in membership or a change in the vote of an existing member.

So stout a defender of the principle of stare decisis is Justice Rosa, that she feels constrained to support the prior decision in related cases, even though her own vote did not prevail in the prior decision.

When other, more general cases arise, where the question is to be decided a priori, it is highly likely that Justice Rosa will, once again, vote to interpret the Constitutional provision as prohibiting any imprisonment until the judgement has become final. In such case, there will be a 6-5 majority in favor of overturning the 2016 decision.

Cármen Lúcia has long been determined not to permit that to happen while she is still Presiding Justice, so she has steadfastly refused calls from other Justices to put the more general case on the STF docket.

The position of Presiding Justice of the STF has a duration of only two years. After this period expires, the Justice with the most seniority assumes that position and the former Presiding Justice becomes simply a Justice.

In September 2018, Justice José Antonio Dias Toffoli, appointed to the STF by Lula in 2009, will inherit the mantle and the prerogatives of the Presiding Justice.

There is little doubt among STF followers that Toffoli’s very first action as Presiding Justice will be to revisit the question of the presumption of innocence, and schedule a plenary session to hear one of the more general cases Cármen Lúcia had avoided deciding.

Before his appointment to the STF, Toffoli’s chief distinction was that he was a lawyer for Lula’s governing party PT. During the Mensalão cases, Justice Toffoli slavishly adhered to a position that would have given all the PT defendants “get out of jail free” cards.

As Presiding Justice, Toffoli will have the opportunity to see his position vindicated, and to spring former President Lula and all his co-conspirators from the calaboose. This is likely to happen just before the Brazilian Presidential election, and it will be a black day in Brazilian history.

So, while we still have three or four more months left under Presiding Justice Cármen Lúcia, the Curmudgeon salutes her courage as a leader.

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