The minister complied with the request of the Attorney General’s Office and AGU to investigate what happened to last July 9. The case will be processed under the secret of justice.
Part of what happened, everyone knows: the president announced, at 4:17 pm, a 50% surcharge for Brazilian exports.
What not everyone knew, and the Jornal Nacional showed, was that at 1:30 pm someone bought between $ 3 billion and $ 4 billion quoted at $ 5.46. A few minutes after the sanction announcement, that someone (or someone) sold the herb bought three hours earlier, with dollar quoted at $ 5.60. AR $ 0.14 for each dollar purchased and sold (difference between the two quotes) someone earned $ 140 million for each billion operated at 1:30 pm. Great shot, of the largest ever seen. In theory, those who set her could not have disbursed one real. For existing mechanisms, an operator can buy dollars on a day to pay the next day.
It was something of those who knew that the sanctions would be imposed on the 9th. With the announcement of sanctions, the quotation of the dollar in the Brazilian market would have an immediate discharge. It is not yet known who bought the dollars at $ 5.46 and who sold them at $ 5.60. Nor is the nationality of the lucky ones. It is only known that there is cat in this tuba.
There may be more than one operator in these transactions and it is not known if they are the same. The first movement would be reasonable, the second, unexpected. By the smell of brilliance, there is a possibility of an operation of ambitious amateurs. Hopefully, because in this case it will be easier to track them.
That kind of thing happens. In January 1999, Fernando Henrique, reelected, had just taken office. With capital escape, the value of the real and the Brazilian debt papers falling, a climate of cheap-VOA in the government and the market was installed. Gustavo Franco, president of, was fried.
Argentina President Carlos Menem and a bureaucrat suggested that Brazil adopt a currency convertibility plan. On the 20th, in a newsletter from Banco Chase, one of his analysts proposed to renegotiate the internal debt (read default). Foreign debt papers, which on the 20th were 58.75% of their face value, fell to 50.25%.
Despite the turbulence, Fernando Henrique Cardoso held the rudder. Six days later, the papers were worth 58%. Who bought them in the downtown won 15% in a week. Few smart guys have made so much money in such a short time.
There was a cat in that tuba, but the case was never even investigated.
The 1999 smart guys were surpassed by the dollar operators of July 9, but
In 1999, Alexandre de Moraes was 30 years old and was only a promising prosecutor in São Paulo. If the case of debt papers fell on your table, perhaps the result had been another. Fortunately, after 26 years, the solution of the mystery of the dollar of July 9 was with him.
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