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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The Curmudgeon on the Bull in the China Shop

By · June 5, 2012 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Weekly news magazine “Veja” recently published an interview with Gilmar Mendes, one of the Justices of the Brazilian Supreme Court (STF). In that interview, Mr. Mendes affirms categorically that former President Lula met him, in the presence of Nelson Jobim (himself a former STF Justice and Government minister) and suggested to him that it would be in his (Mendes’s) best interests if he could delay the STF deciding the corruption case commonly referred to as the “mensalão” (“big allowance”) paid to legislators during Lula’s term as President.

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The Curmudgeon, also known as Michael Royster.
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Lula denies having said any such thing. Mendes sticks by his story. Jobim is trying hard to downplay the incident. According to some sources, Jobim and Mendes were very good friends, and were collaborating on a soon-to-be-published book. That friendship seems to have been fatally gored by the Bull in the China Shop.

Imagine, if you will, that there was a case pending before the U.S. Supreme Court, where important Congresspersons of the Republican Party had been accused of participating in a scheme which funneled slush fund money, every month, into their personal pockets, while George W. Bush was President.

Imagine that, while this hypothetical case was pending before the U.S. Supreme Court, former President Bush went to visit one of the Supreme Court Justices to discuss the case, in the presence of a former Attorney General and Supreme Court Justice, who had intermediated the meeting.

Imagine the feeding frenzy the U.S. media would be having.

The “mensalão” cases involve corruption charges against dozens of Lula’s former Congressional henchmen, including several important leaders from the Workers Party. The charges allege slush funds were provided to support election campaigns. Most of the slush fund recipients deny liability, but no one in Brazil (save Lula?) believes them.

This case has been pending in the Brazilian court system for some ten years. And, because of some twisted interpretation of the statute of limitations, if the STF doesn’t decide the case in 2012, all the defendants will walk. Moreover, 2012 is an election year, where some of the slush fundees may be running for municipal office.

In this context, Lula’s suggestion to Mendes (if he made it) that this was not a convenient time for a decision by the STF, is duplicitous at best and criminal at worst. Moreover, Mendes reported that Lula offered him, in return, armor-plating against any investigation by the Cachoeira CPI. Mendes may need this armor because he once flew to Berlin with Senator Demosthenes Torres, currently the principal target in the CPI.

This raises many questions. How can Lula guarantee anything at all in a Parliamentary Inquiry Committee, if he’s not in Congress? Did Lula handpick the members of the Committee? Does Lula have the power to focus the Committee’s investigation elsewhere? Can Lula make the CPI “wind up in pizza?”

And, finally, the Curmudgeon wonders how Dilma feels these days about her patron and mentor having become the Bull in the China Shop?


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Michael Royster, aka THE CURMUDGEON first saw Rio forty-plus years ago, moved here thirty-plus 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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