Professor Elam

Wed April 8, 2015

Just a few years ago, the perennial country for the next century, Brazil, appeared poised to finally become just that. 

Whoa, Back to the Future as the biggest corruption scandal yet unfolds. Perhaps it will have a bit different outcome this time. South America is notorious for bribery and corruption. this time nine young prosecutors are taking on the establishment, and there is a lot to take on. 

Petrobas, a state owned petroleum company, made deals with construction companies. The companies themselves decided which would win each bid, at inflated prices. Money from the inflated prices for contracts of course found its way back to the pockets of Petrobras executives. The current President of Brazil was then Chairman of the Company but of c course she knew nothing of any of this, so much for the tone at the top and executive governance. 

The Decline is Well Underway

After a recover from the  2009 crisis, the market has sensed that new Brazil is back to being the same old Brazil, a long slow decline.