After the banking crisis of the end of the last century, Brazil seemed to have jumped toward the rationality of financial capitalism. Pedro Malan, Gustavo Franco and Armínio Fraga arranged OE, under the command of, cleaned much of the market. They went to Garra Banks of former Ministers (Economic and Bamerindus) and even the National, belonging to the FHC daughter-in-law family.
In 1995 the Credit Guarantee Fund was created, a private entity that would guarantee financial investments. Today, the FGC guarantees papers up to R $ 250 thousand.
It passed time and the nightmare returned. With the way of those who wanted nothing, that the regional bank of Brasilia, BRB, institution of the Government of the Federal District, will buy for $ 2 billion one. Master controller, Daniel Vorcaro, will continue in the chair and preside over the board of directors of the new institution.
It was known for over a year that the Master paid exorbitant commissions and offered much more than the market. As a counterpart, it sponsored magnificent agapes and recruited illustrious counselors and “strategic consultants”.
The warning signs were lit during the term of Roberto Campos Neto, but the mechanisms left by the Malan-Franco-Fraga crack were turned off and the trouble ended at Gabriel Galipolo’s table.
The guarantee fund valve remained. If all was wrong, the Master’s account would go to the bank itself. Democratic illusion (it is worth remembering that this fund is not fed by the heritage of private banks. Its herb comes from fees charged to customers).
The cunning engineering of the entrance of BRB in the tango will take the master’s accounts from the back of the bankers, taking them to the widow’s lap, as he is state. Sad Sina that of banks customers. On the way out, they support the bank’s guarantee fund on the way back, they pay their taxes to the widow and, if the Master sour sour bills, they will pay again.
The operations of the smooth Banco Master have soured at least two occasions. Last year, he was close to selling $ 500 million papers to Caixa Econômica. Two directors condemned the operation and were fired. Months later, the godfather of the business fell. When the operation jumped, the master took her to the river server pension fund.
Audacious bankers like pindorama
Audic banker does risky business. In the United States, Amadeo Giannini had a small bank in April 1906, when an earthquake destroyed part of Los Angeles. He went to the safe, put his money on trailers and lent to anyone who needed it. He said he received everything back, but on top of that move, Giannini created the powerful Bank of America.
In Brazil, bold bankers do business with friends and sell papers now to the widow, sometimes to pension funds. The master seems to have innovated: if business sour, the good lady gets the bill. It looks like a curse.
Charles Ponzi, creator of the famous 1920s pyramid in the United States, was caught and the widow took her to her body clothes. He spent 12 years in jail, sewing underpants. Loose, ended in Pindorama in 1939.
Ponzi died at age 67 in 1949 in a public hospital in Rio. He lived in Engenho Novo, with a $ 70 monthly retirement from the trading pension fund, about $ 5,000 in today’s cash.
It will be up to the Central Bank to endorse the purchase of the Master’s slice by BRB. In a first version, he would have a year to decide. Malan was born in Petrópolis and lives in Rio, Gustavo Franco and Armínio Fraga São Cariocas. Like the old guard, they inspired the plot of financial capitalism with a muscular central bank. They despised the sambista’s verse:
Dream of king, pirate and gardener;
For everything to end on Wednesday.
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