The case is a juice from Brazil – Perfect example of crony capitalism, in which a bank grew not through productivity or innovation capacity, but through political connections with members of all powers
The Master bank case is a Brazilian juice. It is the perfect example of crony capitalism, in which a bank grew not through productivity or innovation capacity, but through political connections with members of all powers in Brasília, in a Dantesque mix between the public and the private.
Congress attempted to increase the FGC limit from R$250,000 to 1 million, coincidentally months before the. There was also a bill that gave congressmen the power to dismiss directors of the Central Bank, violating the autonomy of the monetary authority.
On the Judiciary side, there were a lot of strange things too. First, the case ended up at the STF for a legally weak reason: the transaction of a property with a PL deputy that had nothing to do with bank fraud. Then, the process went into secrecy, one day after Minister Dias Toffoli took a ride on the private jet of one of the lawyers from Vorcaro’s bank.
Another strange thing was that this same minister determined that the evidence collected in the investigation would not be kept in the custody of the Federal Police (PF), as is customary. It is worth remembering that, weeks before, Toffoli had already displeased the PF by interfering in the questions that a delegate should ask a Central Bank director, assuming the role of investigator, not judge.
But what caught the most attention was the fact that Toffoli’s brothers had shares in a Resort in which there were transactions with a fund linked to Master. For this reason, Toffoli should declare himself unable to continue as minister rapporteur for the process due to a conflict of interest.
In fact, a conflict of interest that had already appeared when the press discovered that Alexandre Moraes’ wife had a million-dollar contract with Master, far above the average for lawyers in São Paulo.
In another sphere of power, the sudden insistence of the Federal Audit Court (TCU) in questioning the work of the BC also drew attention.
With so many strangeness, political connections and conflicts of interest, if the truth comes out, perhaps the Republic will fall.
*This text does not necessarily reflect the opinion of Jovem Pan.
