IBOV 176,874 ▲ 0.65% IPSA 10,928 ▲ 0.16% IPC MEX 66,605 ▲ 0.96% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,313.36 ▲ 0.25% BVL PERÚ 56,428.20 ▲ 2.68% USD/BRL5.07▼ 1.22% USD/MXN17.41▼ 0.70% USD/CLP922.87▼ 1.08% USD/COP3,245▼ 0.53% USD/PEN3.40▼ 0.19% 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/BRL5.81▼ 0.13% BRENT 85.68 ▲ 2.86% WTI 79.91 ▲ 2.27% IRON ORE 161.91 — — COPPER 6.42 ▲ 2.97% GOLD 4,083 ▲ 2.15% SILVER 59.38 ▲ 3.03% SOY 1,193 ▼ 0.73% CORN 460.50 ▲ 5.20% WHEAT 638.75 ▲ 1.87% COFFEE 332.50 ▼ 2.61% SUGAR 14.84 ▲ 0.61% ORANGE JUICE 137.10 ▼ 3.82% COTTON 81.07 ▲ 1.55% COCOA 5,580 ▼ 2.04% BEEF 228.73 ▼ 2.56% CATTLE 350.58 ▼ 1.07% LITHIUM 71.65 ▲ 2.01% PETR4 40.85 ▲ 0.47% VALE3 74.49 ▲ 2.25% ITUB4 43.81 ▲ 0.67% BBDC4 18.90 ▲ 0.69% ABEV3 15.95 ▲ 0.76% BBAS3 20.49 ▲ 1.24% B3SA3 15.38 ▲ 1.72% WEGE3 44.47 ▲ 0.18% PRIO3 57.25 ▲ 0.09% SUZB3 41.03 ▼ 1.11% RENT3 40.47 ▲ 0.67% AZZA3 18.99 ▼ 1.20% CSAN3 3.90 — 0.00% RAIZ4 0.34 ▲ 3.03% PCAR3 2.52 ▼ 2.70% GMAT3 3.96 ▲ 0.51% PSSA3 54.63 ▲ 1.09% CVCB3 1.30 ▲ 4.00% POSI3 3.97 ▼ 0.50% SLCE3 13.83 ▼ 0.29% NATU3 8.49 ▼ 1.28% BRKM5 6.83 ▼ 1.59% RANI3 7.98 ▲ 0.38% CSNA3 5.13 ▼ 2.10% CMIN3 5.15 ▼ 5.50% USIM5 8.29 ▼ 1.07% GGBR4 23.10 ▲ 1.23% ENEV3 26.87 ▼ 0.04% CPFE3 47.02 ▲ 0.38% CMIG4 11.13 ▲ 0.54% EQTL3 40.65 ▲ 1.09% LREN3 14.17 ▲ 0.14% VIVT3 35.16 ▲ 1.24% RAIL3 14.14 ▲ 0.21% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 36.07 ▲ 1.43% HAPV3 10.61 ▲ 1.43% FLRY3 16.27 ▲ 0.74% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.18 ▼ 1.77% BBSE3 40.33 ▲ 0.12% BPAC11 57.82 ▲ 0.52% CURY3 33.16 ▲ 0.12% AERI3 2.09 ▲ 0.48% VIVARA 23.32 ▲ 0.91% COMPASS 24.93 ▲ 0.65% VAMOS 3.04 ▲ 0.66% SANB11 27.55 ▲ 0.66% ASAI3 8.65 ▼ 0.69% SBSP3 30.43 ▲ 0.20% WALMEX 49.54 ▼ 0.22% GMEXICO 203.65 ▲ 4.12% FEMSA 227.14 ▲ 0.79% CEMEX 22.67 ▲ 4.09% GFNORTE 184.85 ▲ 1.53% BIMBO 55.99 ▲ 0.21% TELEVISA 9.57 ▼ 0.42% AMX 22.73 ▲ 0.62% GAP 388.01 ▼ 4.94% ASUR 277.97 ▼ 0.25% OMA 233.21 ▼ 0.05% KOF 180.57 ▼ 0.61% GRUMA 282.47 ▲ 0.39% KIMBER 38.25 ▲ 0.08% SQM-B 67,900 ▲ 1.03% COPEC 6,057 — 0.00% BSANTANDER 78.00 ▼ 0.26% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 — 0.00% CMPC 1,078 — 0.00% BANCO CHILE 185.93 ▲ 0.50% 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 17,000 ▼ 1.45% 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 ▲ 1.36% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 393.25 ▲ 1.03% SOUTHERN COPPER 182.88 ▲ 4.78% BUENAVENTURA 31.32 ▲ 5.03% MERCADOLIBRE 1,863 ▼ 0.23% NUBANK 14.19 ▲ 3.77% XP 16.62 ▲ 1.53% PAGSEGURO 9.33 ▲ 0.54% STONE 11.33 ▲ 1.61% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.03 ▲ 0.44% GAP AIRPORT 223.75 ▼ 3.88% ASUR 277.97 ▼ 0.25% OMA AIRPORT 107.23 ▲ 1.04% AMX ADR 26.12 ▲ 0.33% FEMSA ADR 130.92 ▲ 1.48% CEMEX ADR 13.09 ▲ 5.14% PETROBRAS ADR 18.11 ▲ 1.29% VALE ADR 14.67 ▲ 3.42% ITAU ADR 8.64 ▲ 1.95% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.13 ▲ 2.12% CSN 1.02 ▼ 1.46% GERDAU 4.58 ▲ 1.89% LATAM ADR 52.99 ▼ 0.65% BTC 63,646 ▲ 2.26% ETH 1,863 ▲ 5.05% SOL 76.76 ▲ 2.54% XRP 1.10 ▲ 2.85% BNB 578.79 ▲ 2.15% ADA 0.16 ▲ 3.67% DOGE 0.07 ▲ 2.70% AVAX 6.63 ▲ 2.88% LINK 8.27 ▲ 5.07% DOT 0.85 ▲ 1.49% LTC 44.54 ▲ 2.42% BCH 238.48 ▲ 0.95% TRX 0.33 ▲ 0.34% XLM 0.18 ▲ 1.77% HBAR 0.07 ▲ 0.70% NEAR 2.02 ▲ 5.28% ATOM 1.54 ▲ 0.59% AAVE 98.68 ▲ 4.58% SELIC 14.25% EMBRAER 82.91 ▼ 0.12% EMBRAER ADR 65.38 ▲ 1.40% JBS 11.87 ▲ 0.55% JBS BDR 59.85 ▼ 1.25% MBRF3 15.91 ▲ 1.21% MBRFY 3.05 — 0.00% INTER 5.78 ▲ 2.30% EGX 52,299 ▼ 0.59% USD/ZAR16.33▼ 0.90% 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/JPY161.90▼ 0.33% USD/CNY6.76▼ 0.32% DAX 25,087 ▼ 0.11% CAC 8,366 ▲ 0.02% FTSE 10,537 ▲ 0.37% MIB 52,863 ▲ 0.10% IBEX 19,352 ▲ 0.09% STOXX 641.95 ▲ 0.15% EUR/USD1.15▲ 0.67% GBP/USD1.34▲ 0.25% SPX 7,540 ▲ 0.33% DJI 52,557 ▲ 0.11% NDX 29,575 ▲ 1.06% RUT 2,976 ▲ 0.78% TSX 35,404 ▲ 0.43% VIX 16.53 ▼ 3.67% USD/CAD1.41▼ 0.69% US10Y 4.5750 ▼ 0.74% IBOV 176,874 ▲ 0.65% IPSA 10,928 ▲ 0.16% IPC MEX 66,605 ▲ 0.96% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,313.36 ▲ 0.25% BVL PERÚ 56,428.20 ▲ 2.68% USD/BRL 5.07 ▼ 1.22% USD/MXN 17.41 ▼ 0.70% USD/CLP 922.87 ▼ 1.08% USD/COP 3,245 ▼ 0.53% USD/PEN 3.40 ▼ 0.19% 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 5.81 ▼ 0.13% BRENT 85.68 ▲ 2.86% WTI 79.91 ▲ 2.27% IRON ORE 161.91 — — COPPER 6.42 ▲ 2.97% GOLD 4,083 ▲ 2.15% SILVER 59.38 ▲ 3.03% SOY 1,193 ▼ 0.73% CORN 460.50 ▲ 5.20% WHEAT 638.75 ▲ 1.87% COFFEE 332.50 ▼ 2.61% SUGAR 14.84 ▲ 0.61% ORANGE JUICE 137.10 ▼ 3.82% COTTON 81.07 ▲ 1.55% COCOA 5,580 ▼ 2.04% BEEF 228.73 ▼ 2.56% CATTLE 350.58 ▼ 1.07% LITHIUM 71.65 ▲ 2.01% PETR4 40.85 ▲ 0.47% VALE3 74.49 ▲ 2.25% ITUB4 43.81 ▲ 0.67% BBDC4 18.90 ▲ 0.69% ABEV3 15.95 ▲ 0.76% BBAS3 20.49 ▲ 1.24% B3SA3 15.38 ▲ 1.72% WEGE3 44.47 ▲ 0.18% PRIO3 57.25 ▲ 0.09% SUZB3 41.03 ▼ 1.11% RENT3 40.47 ▲ 0.67% AZZA3 18.99 ▼ 1.20% CSAN3 3.90 — 0.00% RAIZ4 0.34 ▲ 3.03% PCAR3 2.52 ▼ 2.70% GMAT3 3.96 ▲ 0.51% PSSA3 54.63 ▲ 1.09% CVCB3 1.30 ▲ 4.00% POSI3 3.97 ▼ 0.50% SLCE3 13.83 ▼ 0.29% NATU3 8.49 ▼ 1.28% BRKM5 6.83 ▼ 1.59% RANI3 7.98 ▲ 0.38% CSNA3 5.13 ▼ 2.10% CMIN3 5.15 ▼ 5.50% USIM5 8.29 ▼ 1.07% GGBR4 23.10 ▲ 1.23% ENEV3 26.87 ▼ 0.04% CPFE3 47.02 ▲ 0.38% CMIG4 11.13 ▲ 0.54% EQTL3 40.65 ▲ 1.09% LREN3 14.17 ▲ 0.14% VIVT3 35.16 ▲ 1.24% RAIL3 14.14 ▲ 0.21% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.52 ▲ 1.76% RDOR3 36.07 ▲ 1.43% HAPV3 10.61 ▲ 1.43% FLRY3 16.27 ▲ 0.74% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.18 ▼ 1.77% BBSE3 40.33 ▲ 0.12% BPAC11 57.82 ▲ 0.52% CURY3 33.16 ▲ 0.12% AERI3 2.09 ▲ 0.48% VIVARA 23.32 ▲ 0.91% COMPASS 24.93 ▲ 0.65% VAMOS 3.04 ▲ 0.66% SANB11 27.55 ▲ 0.66% ASAI3 8.65 ▼ 0.69% SBSP3 30.43 ▲ 0.20% WALMEX 49.54 ▼ 0.22% GMEXICO 203.65 ▲ 4.12% FEMSA 227.14 ▲ 0.79% CEMEX 22.67 ▲ 4.09% GFNORTE 184.85 ▲ 1.53% BIMBO 55.99 ▲ 0.21% TELEVISA 9.57 ▼ 0.42% AMX 22.73 ▲ 0.62% GAP 388.01 ▼ 4.94% ASUR 277.97 ▼ 0.25% OMA 233.21 ▼ 0.05% KOF 180.57 ▼ 0.61% GRUMA 282.47 ▲ 0.39% KIMBER 38.25 ▲ 0.08% SQM-B 67,900 ▲ 1.03% COPEC 6,057 — 0.00% BSANTANDER 78.00 ▼ 0.26% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 — 0.00% CMPC 1,078 — 0.00% BANCO CHILE 185.93 ▲ 0.50% 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 17,000 ▼ 1.45% 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 ▲ 1.36% BANCOLOMBIA 82.40 ▲ 2.46% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 393.25 ▲ 1.03% SOUTHERN COPPER 182.88 ▲ 4.78% BUENAVENTURA 31.32 ▲ 5.03% MERCADOLIBRE 1,863 ▼ 0.23% NUBANK 14.19 ▲ 3.77% XP 16.62 ▲ 1.53% PAGSEGURO 9.33 ▲ 0.54% STONE 11.33 ▲ 1.61% GLOBANT 31.65 ▼ 1.48% TECNOGLASS 43.03 ▲ 0.44% GAP AIRPORT 223.75 ▼ 3.88% ASUR 277.97 ▼ 0.25% OMA AIRPORT 107.23 ▲ 1.04% AMX ADR 26.12 ▲ 0.33% FEMSA ADR 130.92 ▲ 1.48% CEMEX ADR 13.09 ▲ 5.14% PETROBRAS ADR 18.11 ▲ 1.29% VALE ADR 14.67 ▲ 3.42% ITAU ADR 8.64 ▲ 1.95% SANTANDER BR 5.47 ▲ 2.15% AMBEV ADR 3.13 ▲ 2.12% CSN 1.02 ▼ 1.46% GERDAU 4.58 ▲ 1.89% LATAM ADR 52.99 ▼ 0.65% BTC 63,646 ▲ 2.26% ETH 1,863 ▲ 5.05% SOL 76.76 ▲ 2.54% XRP 1.10 ▲ 2.85% BNB 578.79 ▲ 2.15% ADA 0.16 ▲ 3.67% DOGE 0.07 ▲ 2.70% AVAX 6.63 ▲ 2.88% LINK 8.27 ▲ 5.07% DOT 0.85 ▲ 1.49% LTC 44.54 ▲ 2.42% BCH 238.48 ▲ 0.95% TRX 0.33 ▲ 0.34% XLM 0.18 ▲ 1.77% HBAR 0.07 ▲ 0.70% NEAR 2.02 ▲ 5.28% ATOM 1.54 ▲ 0.59% AAVE 98.68 ▲ 4.58% SELIC 14.25% EMBRAER 82.91 ▼ 0.12% EMBRAER ADR 65.38 ▲ 1.40% JBS 11.87 ▲ 0.55% JBS BDR 59.85 ▼ 1.25% MBRF3 15.91 ▲ 1.21% MBRFY 3.05 — 0.00% INTER 5.78 ▲ 2.30% EGX 52,299 ▼ 0.59% USD/ZAR 16.33 ▼ 0.76% 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 161.94 ▼ 0.31% USD/CNY 6.7584 ▼ 0.18% DAX 25,087 ▼ 0.11% CAC 8,366 ▲ 0.02% FTSE 10,537 ▲ 0.37% MIB 52,863 ▲ 0.10% IBEX 19,352 ▲ 0.09% STOXX 641.95 ▲ 0.15% EUR/USD 1.1453 ▲ 0.58% GBP/USD 1.3415 ▲ 0.49% SPX 7,540 ▲ 0.33% DJI 52,557 ▲ 0.11% NDX 29,575 ▲ 1.06% RUT 2,976 ▲ 0.78% TSX 35,404 ▲ 0.43% VIX 16.53 ▼ 3.67% USD/CAD 1.4070 ▼ 0.59% US10Y 4.5750 ▼ 0.74%
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Tuesday, July 14, 2026

The Curmudgeon on Shame

By · August 13, 2013 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Capistrano de Abreu was a Brazilian historian who died 86 years ago on August 13, 1927. His fifteen minutes of fame arose from his having proposed a most concise Constitution: “Article 1: Every Brazilian shall have a sense of shame. Article 2: All provisions to the contrary are revoked.”*

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The Curmudgeon feels that, in addition to Lord Acton’s 150 year old dictum about power and corruption, Capistrano’s 200 year old proposal should be required reading for any and all who wish to understand Brazilian politics in the year 2013.

The past few weeks we have seen outstanding examples of how the authors of the 1988 Constitution, which has 250 “permanent” Articles and has been amended eighty times in its 25 year history, clearly failed to read, mark, learn and inwardly digest Capistrano’s succinct proposal.

Example: Ivo Cassol, currently a sitting Senator from Paraíba, was convicted by the Brazilian Supreme Court (STF) of price fixing in a government bid. He has said he will not resign from the Senate. He has no sense of shame.

Example: José Genuíno, one of the “mensaleiro” scheme ringleaders, convicted by the STF of several crimes, was a “suplente” or substitute for the federal Chamber of Deputies. He was hoisted into a seat when another deputy resigned. He accepted the seat and has said he will not resign. He has no sense of shame.

Example: Guilherme Afif, now the Vice-Mayor of the City of São Paulo, was appointed the Federal Minister of Small and Medium Businesses, a newly hatched bureaucracy (Dilma now has 39). He accepted the position and has refused to resign as Vice-Mayor, saying he has nothing to do there, so he need not resign. He has no sense of shame.

Example: Aldo Rebelo, now Brazil’s Minister of Sport, has publicly lobbied for a federal law that would amnesty Brazilian football (soccer) teams and unilaterally forgive ninety percent of the federal tax debt, including social security (estimated at R$4 billion) in exchange for their promising not to do it any more. He has no sense of shame.

Example: Henrique Alves, the President of the Chamber of Deputies, used an Air Force plane to fly himself and his family to Rio to attend the game between Brazil and Spain in Maracanã. He claimed he was on official Senate business. He has no sense of shame.

Example: Renan Calheiros, the President of the Senate, used an Air Force plane to fly to the posh resort of Trancoso, Bahia, to attend the wedding of the daughter of a fellow Senator. He claims he’s entitled to use that plane for anything he wants; it’s one of the perquisites of his office. He has no sense of shame.

Example: TSE, the electoral tribunal charged with enforcing the “Ficha Limpa” law that (theoretically) ensures that crooks and connivers (such as all those examples cited above) can’t be elected, sold personal data it holds on 140 million voters to SERASA, a privately owned credit risk company. They have no sense of shame.

Counter-Example: Carmen Lúcia, Presiding Judge of TSE and a STF Justice, canceled the SERASA contract within 24 hours after hearing about it. She does have a sense of shame.

——-
* Portuguese: “Artigo 1° – Todo Brasileiro deve ter vergonha na cara. Artigo 2° — Revogam-se as disposições em contrário.”

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Michael Royster, aka THE CURMUDGEON first saw Rio forty-plus years ago, fetched up on these shores exactly 36 years ago, still loves it, notwithstanding being a charter member of the most persecuted minority in (North) America today, the WASPs (google it!)(get over it!)

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