Collusion_How Central Bankers Rigged the World Read online

  6. “About the Latin America Conservation Council,” Latin America Conservation Council, http://laconservationcouncil.org/en/what-is-lacc.

  7. Shanny Basar, “Bankers Take the Road to Rio,” Financial News, May 5, 2008, www.efinancialnews.com/story/2008-05-05/bankers-take-the-road-to-rio-1.

  8. Geri Smith, “Brazil Goes Investment-Grade,” Bloomberg, May 1, 2008, www.bloomberg.com/bw/stories/2008-05-01/brazil-goes-investment-gradebusinessweek-business-news-stock-market-and-financial-advice.

  9. Esther Bintliff, “Winning Brokers of 2008,” Financial Times, March 13, 2009, www.ft.com/content/7ca4c1de-0f22-11de-ba10-0000779fd2ac.

  10. Ricardo Galhardo, “Lula: Crisis Is Tsunami in the US and, If It Arrives in Brazil, It Will Be ‘Marolinha,’” O Globo (Rio de Janeiro), October 4, 2008, updated February 1, 2012, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Foglobo.globo.com%2Feconomia%2Flula-crise-tsunami-nos-eua-se-chegar-ao-brasil-sera-marolinha-3827410&edit-text=&act=url.

  11. “Palácio da Alvorada,” Wikipedia, edited on April 27, 2017, https://en.wikipedia.org/wiki/Pal%C3%A1cio_da_Alvorada.

  12. “Meirelles Warned About Raising the High Interest and Lula Supported Him, Says Newspaper,” Zero Hora, July 25, 2008, http://zh.clicrbs.com.br/rs/noticia/2008/07/meirelles-avisou-sobre-alta-do-juro-e-lula-apoiou-diz-jornal-2069333.html.

  13. “Mantega and Meirelles Defend Interest Rates and Say That Inflation Target Will Be Met,” Diario do Grande ABC, June 9, 2008, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fwww.dgabc.com.br%2FNoticia%2F874168%2Fmantega-e-meirelles-defendem-alta-de-juros-e-dizem-que-meta-de-inflacao-sera-cumprida&edit-text=&act=url.

  14. Kennedy Alencar, “Lula pressiona Banco Central por queda na taxa de juros,” Folha de S.Paulo, December 4, 2008, www1.folha.uol.com.br/fsp/dinheiro/fi0412200809.htm.

  15. “Bovespa Ups and Downs in 2008” (infographic), UOL, December 30, 2008, https://economia.uol.com.br/cotacoes/ultnot/2008/12/30/ult1918u1605.jhtm?action=print.

  16. Kennedy Alencar, “Lula Puts Pressure on Central Bank for Falling Interest Rates,” Folha de S.Paulo, December 4, 2008, www1.folha.uol.com.br/fsp/dinheiro/fi0412200809.htm.

  17. Terence Corcoran, “Looks Like ZIRP, the Fed’s Seven Years of Low Rates and High Debt Spending, Is Going to Add Up to ZIP,” Financial Post, November 30, 2015, http://business.financialpost.com/news/economy/looks-like-zirp-the-feds-seven-years-of-low-rates-and-high-debt-is-going-to-add-up-to-zip.

  18. Acronym for Metropolitan Industrial Region of São Paulo: Santo André, São Bernardo do Campo, São Caetano do Sul, and Diadema.

  19. She was energy minister between January 1, 2003, and June 21, 2005.

  20. “Interview with Guido Mantega: Government to Make New Round of Industry Incentives,” Folha de S.Paulo, September 13, 2009, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fwww1.folha.uol.com.br%2Ffsp%2Fdinheiro%2Ffi1309200912.htm&edit-text=.

  21. “Bank of America Exchanges BankBoston Franchise for Stock in Banco Itaú,” Bank of America Corporation, May 2, 2006, http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-newsArticle&ID=850480#fbid=GH80Lriwcij.

  22. “Unibanco compra participação da AIG em negócio conjunto no Brasil,” Opinião e Notícia, November 27, 2008, http://opiniaoenoticia.com.br/economia/negocios/unibanco-compra-participacao-da-aig-em-negocio-conjunto-no-brasil/.

  23. “Our History,” BTGPactual, www.btgpactual.com/home_en/WhoWeAre.aspx/OurHistory.

  24. “Interview with Henrique Meirelles: Juros ao consumidor devem cair mais rápido,” Folha de S.Paulo, September 13, 2009, www1.folha.uol.com.br/fsp/dinheiro/fi1309200910.htm.

  25. Ibid.

  26. “Growth of 7% in GDP Is ‘Exaggeration,’ Says Mantega,” O Globo (Rio de Janeiro), April 16, 2010, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fwww.gazetadopovo.com.br%2Feconomia%2Fcrescimento-de-7-no-pib-e-exagero-diz-mantega-072l65ch93s4m69alq364urm6&edit-text=&act=url.

  27. “Minutes of the 150th Meeting of the Monetary Policy Committee (Copom),” Banco Central do Brasil, April 27, 2010, www4.bcb.gov.br/pec/gci/ingl/COPOM/COPOM20090430-150th%20Copom%20Minutes.pdf.

  28. Jonathan Wheatley, “Brazil in ‘Currency War’ Alert,” Financial Times, September 27, 2010, www.ft.com/content/33ff9624-ca48-11df-a860-00144feab49a.

  29. Alexandro Martello, “Trade Balance Has Worst Result in Eight Years,” O Globo (Rio de Janeiro), March 1, 2011, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fg1.globo.com%2Feconomia%2F noticia%2F2011%2F01%2Fbalanca-comercial-tem-pior-resultado-em-oito-anos.html&edit-text=&act=url.

  30. “Stock Market Owes Its Progress to Lula, Says Mantega,” Folha de S.Paulo, October 23, 2010.

  31. Mayer Brown LLP, “Brazilian Government Increases the IOF Rate to 6 Percent on the Foreign Investments in the Financial and Capital Market,” Tauil & Chequer Legal UpdadeLexology, October 26, 2010, www.lexology.com/library/detail.aspx?g=28f3e22b-e917-49b6-837e-95154c9e4399.

  32. “The Buys from Brazil,” Economist, February 17, 2011, www.economist.com/node/18178275.

  33. Cecília Araújo, “Private Equity: o que é e qual é o perfil do professional,” Na Prática, August 29, 2017, https://www.napratica.org.br/o-que-e-private-equity/.

  34. Matthew Bristow and Andre Soliani, “Brazil Will Have Room to Cut Interest Rate in 2011, Mantega Says,” Bloomberg, November 14, 2010, www.bloomberg.com/news/articles/2010-11-14/brazil-will-have-room-to-cut-interest-rate-in-2011-mantega-says.

  35. “Dilma Economic Team Promises Fiscal Austerity,” O Globo (Rio de Janeiro), November 25, 2010, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fg1.globo.com%2Feconomia-e-negocios%2Fnoticia%2F2010%2F11%2Fequipe-economica-de-dilma-promete-austeridade-fiscal.html&edit-text=&act=url.

  36. “Presidenciável em eleição indireta, Meirelles foi artífice da ascensão de Joesley,” CartaCapital, May 24, 2017, www.cartacapital.com.br/economia/Presidenciavel%20em%20eleicaoo%20indireta,%20Meirelles%20foi%20artfice%20da%20ascensao%20de%20Joesley.

  37. Joaquim Levy held it from January 1, 2015, to December 18, 2015; Nelson Barbosa, from December 18, 2015, to May 12, 2016.

  38. Robert Plummer, “Brazil’s Inflation Hawk Henrique Meirelles Bows Out,” BBC News, November 24, 2010, www.bbc.com/news/business-11819681.

  39. Ian Talley and Matthew Cowley, “Brazil Finance Minister: Opposed to Constraints on Capital Controls,” Dispatch (blog), Wall Street Journal, April 14, 2011, http://blogs.wsj.com/dispatch/2011/04/14/brazil-finance-minister-opposed-to-constraints-on-capital-controls/.

  40. Nathalia Silva, “Private Equity: o que é e qual é o perfil do professional,” Na Prática, September 8, 2014, www.napratica.org.br/private-equity-o-que-e-e-qual-e-o-perfil-do-profissional/.

  41. Andre Soliani, “Brazil’s Unpredictable Central Banker Tombini Confounds Critics,” Bloomberg, April 16, 2012, www.bloomberg.com/news/articles/2012-04-17/brazil-s-unpredictable-central-banker-tombini-confounds-critics.

  42. Brazil of Dialogue, of Production, of Employment (São Paulo: São Paulo Industry Federation, Unified Central of Workers and Labor Force Union, May 26, 2011), www.smabc.org.br/Interag/temp_img/%7B810B756E-4C7F-460D-936B-3E53A6382B94%7D_Brasil%20do%20Dialogo%20HIGH%20QUALITY.pdf.

  43. Alexandro Martello, “Banks’ Spread Is Still at the Beginning, Says Tombini,” O Globo (Rio de Janeiro), December 6, 2012, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fg1.globo.com%2Feconomia%2Fseu-dinheiro%2Fnoticia%2F2012%2F06%2Freducao-do-spread-dos-bancos-ainda-esta-no-inicio-diz-tombini.html&edit-text.

  44. Alexandro Martello, “Falling of Banking Spread Is a Dilma Order, Says Tombini,” O Globo (Rio de Janeiro), February 28, 2012, http://g1.globo.com/economia/seu-dinheiro/noticia/2012/02/queda-do-spread-bancario-e-dete
rminacao-de-dilma-diz-tombini.html.

  45. Agência Estado, “Spreads Are Absurd and Will Be Reduced, Says Mantega,” O Globo (Rio de Janeiro), March 13, 2012, http://g1.globo.com/economia/noticia/2012/03/spreads-sao-um-absurdo-e-serao-reduzidos-diz-mantega.html.

  46. Matthew Malinowski and Mario Sergio Lima, “Brazil to Crack Down on 476% Annual Credit Card Rates, Again,” Bloomberg, December 19, 2016, www.bloomberg.com/news/articles/2016-12-19/brazil-to-crack-down-on-476-annual-credit-card-rates-again.

  47. Alexandro Martello, “Private Banks Have Scope to Reduce Interest Rates, Says Mantega,” O Globo (Rio de Janeiro), April 12, 2012, http://g1.globo.com/economia/seu-dinheiro/noticia/2012/04/bancos-tem-margem-para-reduzir-juros-diz-mantega.html.

  48. Agência Estado, “Febraban reconhece que spread no Brasil é elevado,” Economia, April 10, 2012, www.gazetadopovo.com.br/economia/febraban-reconhece-que-spread-no-brasil-e-elevado-2enzguzup4fm096o0fswephla.

  49. Martello, “Private Banks Have Scope to Reduce Interest Rates, Says Mantega.”

  50. “Febraban Makes Suggestions to Reduce Default and Spread,” Brazil Agency, April 10, 2012, http://oprogressonet.com/geral/febraban-apresenta-sugestoes-para-reduzir-inadimplencia-e-spread/19205.html.

  51. Dilma Rousseff speech on Labor Day, April 30, 2012, www2.planalto.gov.br/acompanhe-o-planalto/discursos/discursos-da-presidenta/pronunciamento-a-nacao-da-presidenta-da-republica-dilma-rousseff-por-ocasiao-do-dia-do-trabalho.

  52. Toni Sciarretta, “Under Pressure from Dilma, Bank of Brazil Decreases Interest Rates,” Folha de S.Paulo, April 5, 2012, www1.folha.uol.com.br/fsp/mercado/35397-sob-pressao-de-dilma-bb-diminui-juros.shtml.

  53. Banco Data, “Bancos Comerciais,” December 2016, https://bancodata.com.br/bancos.

  54. Matthew Bristow and Raymond Colitt, “Brazil Signals More Cuts After Reducing Rate to Record Low,” Bloomberg, May 31, 2012, www.bloomberg.com/news/articles/2012-05-30/brazil-cuts-rate-to-record-low-8-5-as-euro-crisis-deepens-1-.

  55. “Banks Will Reduce Spreads,” Diário do Nordeste, December 17, 2012, http://diario donordeste.verdesmares.com.br/mobile/cadernos/negocios/bancos-vao-reduzir-os-spreads-1.47450.

  56. “IMF New View on Capital Flows: ‘Landmark’ but Still Only a ‘Baby-Step Forward,’” Bretton Woods Project, December 6, 2012, www.brettonwoodsproject.org/2012/12/art-571589/.

  57. Guido Mantega, “The First Year of the New Economic Approach,” Valor Econômico, December 19, 2012, http://jornalggn.com.br/blog/luisnassif/o-primeiro-ano-da-nova-matriz-economica-por-mantega.

  58. Ibid.

  59. “Northeast of Brazil Had Worst Drought in the Last 50 Years in 2013, Report Says,” O Globo (Rio de Janeiro), March 24, 2014, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fg1.globo.com%2Fnatureza%2Fnoticia%2F2014%2F03%2Fnordeste-do-brasil-teve-pior-seca-dos-ultimos-50-anos-em-2013-diz-relatorio.html&edit-text=&act=url.

  60. “Interview—Brazil’s Mantega Downplays Inflation, Hints at Rift,” Reuters, February 7, 2013, http://articles.chicagotribune.com/2013-02-07/news/sns-rt-brazil-economymantega-urgent-20130207_1_inflation-finance-minister-guido-mantega-rift.

  61. Walter Brandimarte, “Special—Tombini: A Hawk Against Inflation, Believe It or Not,” O Globo (Rio de Janeiro), August 23, 2013, https://translate.google.com.br/translate?sl =pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fg1.globo.com%2Fpolitica%2Fnoticia%2F2013%2F08%2Fespecial-tombini-um-falcao-contra-a-inflacao-acredite-ou-nao-2.html&e.

  62. Ibid.

  63. Walter Brandimarte, “ESPECIAL—Tombini: um falcão contra a inflação, acredite ou não,” O Globo (Rio de Janeiro), August 23, 2013, http://g1.globo.com/politica/noticia/2013/08/especial-tombini-um-falcao-contra-a-inflacao-acredite-ou-nao-2.html.

  64. Mônica Izaguirre, Murilo Rodrigues Alves, José de Castro, and João José Oliveira, “BC Provides Higher Inflation, but Says It Will Act with ‘Caution,’” AFABB-DF, March 14, 2013, www.afabbdf.org.br/mais-noticias-2013/10853-bc-preve-inflacao-mais-alta-mas-diz-que-agira-com-cautela.

  65. “Ana Maria aparece no Mais Você usando colar de tomate,” Globo Play video, 2:00, April 10, 2013, http://globoplay.globo.com/v/2508387/.

  66. Cristiano Romero, “BCB Minutes Might Speak in Demand Pressure,” O Globo (Rio de Janeiro), April 25, 2013, www.valor.com.br/valor-investe/casa-das-caldeiras/3100102/ata-do-copom-deve-falar-em-pressao-de-demanda.

  67. Alexandro Martello, “Government Restores IOF to Foreigners in Fixed Income, Announces Mantega,” O Globo (Rio de Janeiro), April 6, 2013, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fg1.globo.com%2Feconomia%2Fnoticia%2F2013%2F06%2Fgoverno-zera-iof-para-estrangeiros-na-renda-fixa-anuncia-mantega.html&edit-text=&act=url.

  68. Roberta P. Caneca and Thais Bandeira de Mello Rodrigues, “Brazil: Decree No. 8,023/2013: Reduces to Zero the IOF Tax on Certain Foreign Exchange Transactions,” Tauil & Chequer, June 24, 2013, www.mondaq.com/brazil/x/246624/tax+authorities/Decree+No+80232013+Reduces+To+Zero+The+IOF+Tax+On+Certain+Foreign+Exchange+Transactions.

  69. Walter Brandimarte, “Special—Tombini: A Hawk Against Inflation, Believe It or Not,” Reuters, August 23, 2013, www.reuters.com/article/2013/08/23/us-brazil-economy-tombini-insight-idUSBRE97M05F20130823#fP52rBxAR4qupQS8.99.

  70. Jeffrey T. Lewis, “How Brazil’s Central Bank Propped Up the Real, and Hardly Spent a Dime,” Moneybeat (blog), Wall Street Journal, August 21, 2013, http://blogs.wsj.com/moneybeat/2013/08/21/how-brazils-central-bank-propped-up-the-real-and-hardly-spent-a-dime/.

  71. Alonso Soto, “Update 3—Brazil Raises Interest Rate Back to Double Digits,” Reuters, November 27, 2013, www.reuters.com/article/2013/11/27/brazil-economy-rates-idUSL2N0JC0GR20131127#ItjLSBiyVewKPQY7.99.

  72. Kevin P. Gallagher, Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance (Ithaca, NY: Cornell University Press, 2014).

  73. Charles Penty, “Brazil’s Rousseff Criticizes Austerity as Solution for Crisis,” Bloomberg, November 17, 2012, www.bloomberg.com/news/articles/2012-11-17/brazil-s-rousseff-criticizes-austerity-as-solution-for-crisis.

  74. “Has Brazil Blown It?” Economist, September 27, 2013, www.economist.com/news/leaders/21586833-stagnant-economy-bloated-state-and-mass-protests-mean-dilma-rousseff-must-change-course-has.

  75. Henrique Meirelles, “Creationism,” Comunicação Millenium, January 12, 2014, www.institutomillenium.org.br/artigos/criacionismo/.

  76. Alex Ribeiro and Eduardo Campos, “Brazil Has a Current Account Deficit of $7.907 Billion in September,” Valor, October 24, 2014, www.valor.com.br/brasil/3747842/brasil-tem-deficit-em-conta-corrente-de-us-7907-bi-em-setembro.

  77. “The 1st Post-election Decision, BC Surprises and Raises the Basic Interest Rate to 11.25% per Year,” UOL, October 29, 2014, http://economia.uol.com.br/noticias/redacao/2014/10/29/juros-selic-banco-central-copom.htm.

  78. Banco Central do Brasil, Minutes of the 187th Meeting of the Monetary Policy Committee (Copom) (Brasília: Banco Central do Brasil, December 2, 2014), www4.bcb.gov.br/pec/gci/ingl/COPOM/COPOM20141217-187th_Copom_Minutes.pdf.

  79. André Uzêda, “‘New Government, New Team,’ Says Dilma on the Future of Mantega,” Folha de S.Paulo, September 9, 2014, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fwww1.folha.uol.com.br%2Fpoder%2F2014%2F09%2F1511129-governo-novo-equipe-nova-diz-dilma-sobre-o-futuro-de-mantega.shtml&edit-text=&act=url.

  80. Fabiano Rodrigues Bastos, Herman Kamil, and Bennett Sutton, “Corporate Financing Trends and Balance Sheet Risks in Latin America: Taking Stock of ‘The Bon(d)anza’” (IMF Working Paper WP/15/10, International Monetary Fund, Washington, DC, January 2015), www.imf.org/external/pubs/ft/wp/2015/wp1510.pdf.

  81. Estadão Conteúdo, “Fiscal Austerity Helps Fight against Inflation,” Época, January 24, 2015, http://epocanegocios.globo.com/Informacao/Visao/noticia/2015/01/tombini-austeridade-fiscal-ajuda-inflacao.html.

  82. John Kennedy,
“Petrobas Hit with Another NYSE Stockholder Suit over Bribes,” Law360, May 18, 2015, www.law360.com/articles/656868/petrobras-hit-with-another-nyse-stockholder-suit-over-bribes.

  83. John Ozorio de Melo and Felipe Luchete, “Judge Marks the First Hearing of the Class Action Lawsuit against Petrobras in the US,” Consultor Jurídico, February 10, 2015, www.conjur.com.br/2015-fev-10/juiz-marca-audiencia-acao-coletiva-petrobras-eua2. In August 2016, after Rousseff was overthrown, Rakoff suspended the lawsuit, a sign of US support for a non-Rousseff government.

  84. David Biller and Paula Sambo, “Brazil Scales Back Currency Support as Real Sinks to 12-Year Low,” Bloomberg, March 24, 2015, updated on March 25, 2015, www.bloomberg.com/news/articles/2015-03-24/brazil-s-tombini-says-in-no-hurry-to-reduce-currency-swap-volume.

  85. Will Connors and Luciana Magalhaes, “Brazil’s Petrobras Obtains $3.5 Billion in Financing from China Development Bank,” Wall Street Journal, April 1, 2015, www.wsj.com/articles/brazils-petrobras-obtains-3-5-billion-financing-from-china-development-bank-1427892756.

  86. Paul Kiernan, “Brazil’s Petrobras Signs $10 Billion China Loan Pact,” Wall Street Journal, February 26, 2016, www.wsj.com/articles/brazils-petrobras-signs-pact-for-10-billion-in-loans-from-china-1456529796.

  87. “Levy Adheres to the Serra Plan and Suggests Opening the Pre-Salt,” Reuters, October 31, 2015, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=https%3A%2F%2Fwww.brasil247.com%2Fpt%2F247%2Feconomia%2F203311%2FLevy-adere-ao-Plano-Serra-e-sugere-abrir-o-pr%25C3%25A9-sal.htm&edit-text=&act=url.

  88. Ted Piccone, “The Geopolitics of China’s Rise in Latin America” (report, Brookings Institution, November 2016), www.brookings.edu/research/the-geopolitics-of-chinas-rise-in-latin-america/.

  89. Lúcia Müzell, “For Dilma, Austerity Is ‘Different’ in Greece and Brazil,” As Vozes do Mundo, June 11, 2015, www.brasil.rfi.fr/economia/20150611-para-dilma-austeridade-e-diferente-na-grecia-e-no-brasil.