IBOV 175,948 ▲ 0.12% IPSA 10,928 ▲ 0.16% IPC MEX 66,674 ▲ 1.06% MERVAL 3,226,478 ▼ 0.27% COLCAP 2,293.58 ▼ 0.61% BVL PERÚ 56,428.20 ▲ 1.55% USD/BRL5.07▼ 1.22% USD/MXN17.43▼ 0.56% USD/CLP926.40▼ 0.70% USD/COP3,247▼ 0.48% USD/PEN3.39▼ 0.62% USD/ARS1,470▼ 0.88% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.25▲ 0.29% 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/JMD156.98▲ 0.25% USD/TTD6.75▲ 1.19% EUR/BRL5.80▼ 0.40% BRENT 84.46 ▲ 1.39% WTI 79.03 ▲ 1.14% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.18% GOLD 4,068 ▲ 1.78% SILVER 59.13 ▲ 2.59% SOY 1,191 ▼ 0.94% CORN 460.75 ▲ 5.25% WHEAT 644.50 ▲ 2.79% COFFEE 327.00 ▼ 4.22% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.68 ▲ 2.32% COCOA 5,936 ▲ 4.21% BEEF 231.58 ▼ 1.34% CATTLE 349.63 ▼ 1.33% LITHIUM 71.40 ▲ 1.65% PETR4 40.54 ▼ 0.30% VALE3 74.16 ▲ 1.80% ITUB4 43.28 ▼ 0.55% BBDC4 18.41 ▼ 1.92% ABEV3 15.83 — 0.00% BBAS3 20.45 ▲ 1.04% B3SA3 15.38 ▲ 1.72% WEGE3 44.44 ▲ 0.11% PRIO3 56.91 ▼ 0.51% SUZB3 41.37 ▼ 0.29% RENT3 40.29 ▲ 0.22% AZZA3 18.79 ▼ 2.24% CSAN3 3.86 ▼ 1.03% RAIZ4 0.31 ▼ 6.06% PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.15 ▲ 0.20% CVCB3 1.35 ▲ 8.00% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.66 ▼ 4.03% RANI3 8.03 ▲ 1.01% CSNA3 5.14 ▼ 1.91% CMIN3 5.10 ▼ 6.42% USIM5 8.26 ▼ 1.43% GGBR4 23.14 ▲ 1.40% ENEV3 26.77 ▼ 0.41% CPFE3 47.17 ▲ 0.70% CMIG4 11.12 ▲ 0.45% EQTL3 41.01 ▲ 1.99% LREN3 14.15 — 0.00% VIVT3 35.47 ▲ 2.13% RAIL3 14.10 ▼ 0.07% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.37 ▲ 0.93% RDOR3 35.89 ▲ 0.93% HAPV3 10.67 ▲ 2.01% FLRY3 16.38 ▲ 1.42% SMTO3 16.16 ▼ 1.28% UGPA3 29.82 ▼ 3.59% VBBR3 32.93 ▲ 0.52% BBSE3 40.21 ▼ 0.17% BPAC11 57.74 ▲ 0.38% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.30 ▲ 0.82% COMPASS 25.26 ▲ 1.98% VAMOS 3.04 ▲ 0.66% SANB11 27.26 ▼ 0.40% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.54 ▼ 0.22% GMEXICO 200.56 ▲ 2.54% FEMSA 233.24 ▲ 3.50% CEMEX 22.19 ▲ 1.88% GFNORTE 186.84 ▲ 2.62% BIMBO 56.71 ▲ 1.50% TELEVISA 9.53 ▼ 0.83% AMX 22.89 ▲ 1.33% GAP 389.99 ▼ 4.46% ASUR 277.85 ▼ 0.29% OMA 235.03 ▲ 0.73% KOF 181.58 ▼ 0.06% GRUMA 280.72 ▼ 0.23% KIMBER 38.41 ▲ 0.50% SQM-B 67,402 ▲ 0.28% COPEC 6,075 ▲ 0.29% BSANTANDER 78.50 ▲ 0.38% FALABELLA 5,903 ▼ 0.04% ENELAM 84.99 ▲ 0.94% CENCOSUD 2,044 ▲ 0.20% CMPC 1,076 ▼ 0.19% BANCO CHILE 188.01 ▲ 1.63% LATAM AIR 24.86 ▼ 0.16% YPF 77,075 ▼ 0.13% GGAL 7,975 ▼ 1.30% PAMPA 5,185 ▼ 0.77% TXAR 662.00 ▼ 0.38% ALUAR 950.00 ▼ 1.50% TGS 9,655 ▲ 0.89% CEPU 2,319 — 0.00% MIRGOR 16,725 ▼ 1.62% COME 45.30 ▲ 1.16% LOMA NEGRA 3,530 ▲ 0.93% BYMA 301.50 ▼ 2.19% TELECOM ARG 4,288 ▲ 0.88% ECOPETROL 16.02 ▲ 0.88% BANCOLOMBIA 81.53 ▲ 1.38% GRUPO AVAL 4.91 — 0.00% CREDICORP 389.80 ▲ 0.15% SOUTHERN COPPER 180.38 ▲ 3.35% BUENAVENTURA 30.84 ▲ 3.42% MERCADOLIBRE 1,854 ▼ 0.72% NUBANK 13.85 ▲ 1.33% XP 16.72 ▲ 2.11% PAGSEGURO 9.17 ▼ 1.24% STONE 11.13 ▼ 0.22% GLOBANT 31.48 ▼ 1.99% TECNOGLASS 43.71 ▲ 2.03% GAP AIRPORT 223.62 ▼ 3.93% ASUR 277.85 ▼ 0.29% OMA AIRPORT 107.55 ▲ 1.34% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 133.87 ▲ 3.76% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 17.87 ▼ 0.08% VALE ADR 14.58 ▲ 2.79% ITAU ADR 8.51 ▲ 0.41% SANTANDER BR 5.39 ▲ 0.65% AMBEV ADR 3.10 ▲ 1.14% CSN 1.02 ▼ 1.46% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.58 ▲ 0.47% BTC 64,451 ▲ 3.55% ETH 1,869 ▲ 5.39% SOL 76.95 ▲ 2.79% XRP 1.10 ▲ 3.49% BNB 579.85 ▲ 2.33% ADA 0.16 ▲ 3.73% DOGE 0.07 ▲ 3.40% AVAX 6.65 ▲ 3.19% LINK 8.24 ▲ 4.63% DOT 0.85 ▲ 1.61% LTC 44.49 ▲ 2.30% BCH 237.06 ▲ 0.35% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.23% HBAR 0.07 ▼ 0.13% NEAR 2.03 ▲ 5.80% ATOM 1.56 ▲ 1.30% AAVE 98.82 ▲ 4.73% SELIC 14.25% EMBRAER 82.86 ▼ 0.18% EMBRAER ADR 65.28 ▲ 1.24% JBS 11.84 ▲ 0.30% JBS BDR 59.94 ▼ 1.11% MBRF3 16.10 ▲ 2.42% MBRFY 3.10 ▲ 1.64% INTER 5.64 ▼ 0.27% 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/JPY162.18▼ 0.16% 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▲ 0.39% GBP/USD1.34▼ 0.03% SPX 7,549 ▲ 0.45% DJI 52,432 ▼ 0.13% NDX 29,661 ▲ 1.36% RUT 2,963 ▲ 0.35% TSX 35,303 ▲ 0.14% VIX 16.48 ▼ 3.96% USD/CAD1.41▼ 0.60% US10Y 4.5810 ▼ 0.61% IBOV 175,948 ▲ 0.12% IPSA 10,928 ▲ 0.16% IPC MEX 66,674 ▲ 1.06% MERVAL 3,226,478 ▼ 0.27% COLCAP 2,293.58 ▼ 0.61% BVL PERÚ 56,428.20 ▲ 1.55% USD/BRL 5.07 ▼ 1.22% USD/MXN 17.43 ▼ 0.56% USD/CLP 926.40 ▼ 0.70% USD/COP 3,247 ▼ 0.48% USD/PEN 3.39 ▼ 0.62% USD/ARS 1,470 ▼ 0.88% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.25 ▲ 0.29% 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 156.98 ▲ 0.25% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.80 ▼ 0.40% BRENT 84.46 ▲ 1.39% WTI 79.03 ▲ 1.14% IRON ORE 161.91 — — COPPER 6.37 ▲ 2.18% GOLD 4,068 ▲ 1.78% SILVER 59.13 ▲ 2.59% SOY 1,191 ▼ 0.94% CORN 460.75 ▲ 5.25% WHEAT 644.50 ▲ 2.79% COFFEE 327.00 ▼ 4.22% SUGAR 14.92 ▲ 1.15% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.68 ▲ 2.32% COCOA 5,936 ▲ 4.21% BEEF 231.58 ▼ 1.34% CATTLE 349.63 ▼ 1.33% LITHIUM 71.40 ▲ 1.65% PETR4 40.54 ▼ 0.30% VALE3 74.16 ▲ 1.80% ITUB4 43.28 ▼ 0.55% BBDC4 18.41 ▼ 1.92% ABEV3 15.83 — 0.00% BBAS3 20.45 ▲ 1.04% B3SA3 15.38 ▲ 1.72% WEGE3 44.44 ▲ 0.11% PRIO3 56.91 ▼ 0.51% SUZB3 41.37 ▼ 0.29% RENT3 40.29 ▲ 0.22% AZZA3 18.79 ▼ 2.24% CSAN3 3.86 ▼ 1.03% RAIZ4 0.31 ▼ 6.06% PCAR3 2.46 ▼ 5.02% GMAT3 3.96 ▲ 0.51% PSSA3 54.15 ▲ 0.20% CVCB3 1.35 ▲ 8.00% POSI3 3.94 ▼ 1.25% SLCE3 13.68 ▼ 1.37% NATU3 8.51 ▼ 1.05% BRKM5 6.66 ▼ 4.03% RANI3 8.03 ▲ 1.01% CSNA3 5.14 ▼ 1.91% CMIN3 5.10 ▼ 6.42% USIM5 8.26 ▼ 1.43% GGBR4 23.14 ▲ 1.40% ENEV3 26.77 ▼ 0.41% CPFE3 47.17 ▲ 0.70% CMIG4 11.12 ▲ 0.45% EQTL3 41.01 ▲ 1.99% LREN3 14.15 — 0.00% VIVT3 35.47 ▲ 2.13% RAIL3 14.10 ▼ 0.07% KLABIN 17.40 ▼ 0.46% RAIA DROGASIL 18.37 ▲ 0.93% RDOR3 35.89 ▲ 0.93% HAPV3 10.67 ▲ 2.01% FLRY3 16.38 ▲ 1.42% SMTO3 16.16 ▼ 1.28% UGPA3 29.82 ▼ 3.59% VBBR3 32.93 ▲ 0.52% BBSE3 40.21 ▼ 0.17% BPAC11 57.74 ▲ 0.38% CURY3 32.78 ▼ 1.03% AERI3 2.08 — 0.00% VIVARA 23.30 ▲ 0.82% COMPASS 25.26 ▲ 1.98% VAMOS 3.04 ▲ 0.66% SANB11 27.26 ▼ 0.40% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.54 ▼ 0.22% GMEXICO 200.56 ▲ 2.54% FEMSA 233.24 ▲ 3.50% CEMEX 22.19 ▲ 1.88% GFNORTE 186.84 ▲ 2.62% BIMBO 56.71 ▲ 1.50% TELEVISA 9.53 ▼ 0.83% AMX 22.89 ▲ 1.33% GAP 389.99 ▼ 4.46% ASUR 277.85 ▼ 0.29% OMA 235.03 ▲ 0.73% KOF 181.58 ▼ 0.06% GRUMA 280.72 ▼ 0.23% KIMBER 38.41 ▲ 0.50% SQM-B 67,402 ▲ 0.28% COPEC 6,075 ▲ 0.29% BSANTANDER 78.50 ▲ 0.38% FALABELLA 5,903 ▼ 0.04% ENELAM 84.99 ▲ 0.94% CENCOSUD 2,044 ▲ 0.20% CMPC 1,076 ▼ 0.19% BANCO CHILE 188.01 ▲ 1.63% LATAM AIR 24.86 ▼ 0.16% YPF 77,075 ▼ 0.13% GGAL 7,975 ▼ 1.30% PAMPA 5,185 ▼ 0.77% TXAR 662.00 ▼ 0.38% ALUAR 950.00 ▼ 1.50% TGS 9,655 ▲ 0.89% CEPU 2,319 — 0.00% MIRGOR 16,725 ▼ 1.62% COME 45.30 ▲ 1.16% LOMA NEGRA 3,530 ▲ 0.93% BYMA 301.50 ▼ 2.19% TELECOM ARG 4,288 ▲ 0.88% ECOPETROL 16.02 ▲ 0.88% BANCOLOMBIA 81.53 ▲ 1.38% GRUPO AVAL 4.91 — 0.00% CREDICORP 389.80 ▲ 0.15% SOUTHERN COPPER 180.38 ▲ 3.35% BUENAVENTURA 30.84 ▲ 3.42% MERCADOLIBRE 1,854 ▼ 0.72% NUBANK 13.85 ▲ 1.33% XP 16.72 ▲ 2.11% PAGSEGURO 9.17 ▼ 1.24% STONE 11.13 ▼ 0.22% GLOBANT 31.48 ▼ 1.99% TECNOGLASS 43.71 ▲ 2.03% GAP AIRPORT 223.62 ▼ 3.93% ASUR 277.85 ▼ 0.29% OMA AIRPORT 107.55 ▲ 1.34% AMX ADR 26.20 ▲ 0.65% FEMSA ADR 133.87 ▲ 3.76% CEMEX ADR 12.70 ▲ 2.01% PETROBRAS ADR 17.87 ▼ 0.08% VALE ADR 14.58 ▲ 2.79% ITAU ADR 8.51 ▲ 0.41% SANTANDER BR 5.39 ▲ 0.65% AMBEV ADR 3.10 ▲ 1.14% CSN 1.02 ▼ 1.46% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.58 ▲ 0.47% BTC 64,451 ▲ 3.55% ETH 1,869 ▲ 5.39% SOL 76.95 ▲ 2.79% XRP 1.10 ▲ 3.49% BNB 579.85 ▲ 2.33% ADA 0.16 ▲ 3.73% DOGE 0.07 ▲ 3.40% AVAX 6.65 ▲ 3.19% LINK 8.24 ▲ 4.63% DOT 0.85 ▲ 1.61% LTC 44.49 ▲ 2.30% BCH 237.06 ▲ 0.35% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.23% HBAR 0.07 ▼ 0.13% NEAR 2.03 ▲ 5.80% ATOM 1.56 ▲ 1.30% AAVE 98.82 ▲ 4.73% SELIC 14.25% EMBRAER 82.86 ▼ 0.18% EMBRAER ADR 65.28 ▲ 1.24% JBS 11.84 ▲ 0.30% JBS BDR 59.94 ▼ 1.11% MBRF3 16.10 ▲ 2.42% MBRFY 3.10 ▲ 1.64% INTER 5.64 ▼ 0.27% EGX 52,299 ▼ 0.59% USD/ZAR 16.37 ▼ 0.52% 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 162.18 ▼ 0.15% USD/CNY 6.7595 ▼ 0.17% 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 1.1427 ▲ 0.35% GBP/USD 1.3377 ▲ 0.21% SPX 7,549 ▲ 0.45% DJI 52,432 ▼ 0.13% NDX 29,661 ▲ 1.36% RUT 2,963 ▲ 0.35% TSX 35,303 ▲ 0.14% VIX 16.48 ▼ 3.96% USD/CAD 1.4069 ▼ 0.59% US10Y 4.5810 ▼ 0.61%
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The Curmudgeon on The Gang of Four (Part II)

By · August 21, 2012 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – This week’s news continues to be concerned with the “mensalão” scandal and the way the Brazilian Supreme Court (“STF”) conducts the trial. Since there were no decisions reached by the time The Curmudgeon readied his pen (ok, his cursor), he will once again resort to questions.

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The Curmudgeon, also known as Michael Royster.
The Curmudgeon, also known as Michael Royster.
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Q: Who are these guys?
A: The eleven guys in togas comprise Brazil’s highest court, which (usually) only hears appeals of cases decided by lower courts, particularly those involving questions of constitutional interpretation. The STF has Justices appointed by the President for life or until they turn seventy, whichever comes first. [SPOILER ALERT! DON’T SKIP DOWN TO THE LAST PARAGRAPH!]

Q: Why are they hearing these cases?
A: The Brazilian Constitution has provisions which grant a “privileged” forum to, well, people with privileges. In the case of federal senators and deputies, the only court which is competent to try them is the STF. Several of the defendants are (or were) federal deputies.

Q: So, why are all those other guys being tried by the STF?
A: Good question, one that one of the Justices has asked several times. The answer is that when the crime allegedly involves the participation of more than one person, all of those persons are “necessary” parties and must be joined as defendants in the same trial. Here, all but one of the non-elected officials received the dubious “privilege” of having the STF try their cases because of allegations of their mutual criminal involvement.

Q: Back to the STF, how do the Justices get involved?
A: The Presiding Justice appoints one Justice to be the “Relator” and another to be the “Revisor”.

Q: Thanks a lot! Care to translate that?
A: In UN proceedings a “Relator” is usually called a “Rapporteur” from the French word for (you guessed it!) reporter. His job is to prepare a report of the case, which details its history from day one, setting out the allegations, the evidence produced, the defenses and other evidence, the meandering procedural nuances, etc. This report is to be used by the other Justices as the foundation for their analysis of the facts and the law.

Q: What if the Relator gets it wrong?
A: Enter the “Revisor”! His job is to review the entire report and to “revise” or edit it, poking holes in it or suggesting changes where the report is not supported by the record or the law. Thus the remaining Justices can pick and choose whose version of the report they prefer, when casting their votes.

Q: Where are we now?
A: The Relator called for a vote on each of five main counts, covering all of the defendants charged under that count. The Revisor called for a separate vote on each of the defendants in alphabetical order. So far, the Relator’s position has been supported by all the other Justices. The Relator has cast his vote on the first count and is now casting his vote on the other counts. He’ll be at it for a couple more days. Then the Revisor gets to cast his vote on each of the five counts.

Q: What happens then?
A: The remaining Justices all vote, one by one, count by count. As it happens, on September 3rd, one of the Justices turns seventy years old and must retire. So, depending upon how long-winded his brethren are, he may have voted on some counts, but not all.

Q: What happens then?
A: Don’t ask, don’t tell.


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Michael Royster, aka THE CURMUDGEON first saw Rio forty-plus years ago, fetched up on these shores exactly 35 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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