Posts Tagged ‘Odebrecht’

The unsubsidized Carnival of Latin America and the Caribbean

Monday, June 29th, 2015

The week’s headlines in a sentence: While the Supreme Court ruled on Obamacare subsidies and gay marriage, the deadline for the Iran negotiations looms and terrorists are blowing up people and pipelines all over the place.

Contraband Economy Booming on the Argentina-Bolivia Border
High Inflation, Tariffs Fuel Thriving Black Market

The location of the judge is rather interesting: Argentine judge orders seizure of Falklands drillers’ assets

Lilian Herraez, a federal judge in Tierra del Fuego, ordered the seizure of $156 million in bank accounts, boats and other property, the government said on Saturday.

Pope sends video-message to Ecuador, Bolivia and Paraguay. The guy can’t stay away from socialist throwaway terminology:

“I want to be a witness of this joy of the Gospel and bring to you the tenderness and caress of God, our Father, especially to your children most in need, to the elderly, the sick, the imprisoned, the poor, to those who are victims of this throwaway culture,” he said.

Brazil to Narrow Inflation Target Range
Brazil will narrow the inflation target range for its central bank starting in 2017, but the center point of the range will remain unchanged at 4.5%. The tolerance band will be cut to a range of 3% to 6%

Working Within the System to Disrupt Brazilian PoliticsRoberto Mangabeira Unger, a Harvard philosopher born in Brazil and raised in Manhattan, has settled into a career as an appointed public figure charged with fostering long-term thinking about Brazil.

Chile’s Bachelet Hits New Low Approval Rating

Colombian army killed civilians to fake battlefield success, rights group saysA new report on “false-positive” killings looks into one of the darkest episodes of the country’s civil war.

FARC rebels kill four and rupture Colombian pipeline

Cardinal SinsA Castro cleric brings disgrace.

Cuban artist pushes boundary between art and politics, and pays a price
What Tania Bruguera’s ordeal in Cuba says about the state of artistic expression “within the Revolution.”

Top Intelligence-Defense Lawmakers Introduce Cuban Military Transparency Act

Double surprise! Cruz and Rubio are “non-whites”!

State Dept: No Change in Iran, Cuba Human Rights, Despite Obama Overtures

Galápagos Residents Decry Fiscal Milking of World Heritage SiteIsland Representative Resigns, Parts Ways with Correa over “Unconstitutional” Law

Guyana Assures Exxon Amid Venezuela Row
Guyana’s president has sought to reassure Exxon Mobil that a territory dispute with Venezuela won’t interfere with the company’s recent oil discovery off the coast of Guyana, one that Caracas claims as its own.

A Haitian border town struggles with new rules in the Dominican RepublicThe Dominican’s new rules have Haitians nervously heading back to a homeland with fewer jobs.

Thousands march in Honduras to demand resignation of president

Thousands of angry, torch-bearing Hondurans marched on Friday to call for the resignation of President Juan Hernandez and demand an independent probe into one of the worst corruption scandals in the country’s history.

PM: Jamaica’s Economic, Industrial Climate In ‘Delicate Situation’

Interesting premise, but premature, Move over, China: Latin America may welcome India. The operative word is may.

Mexican President Undergoes Gallbladder Surgery
Mexican President Enrique Peña Nieto underwent surgery to have his gallbladder removed and was recovering satisfactorily at a military hospital, officials said.


Nicaragua’s Bizarre Plan to Bury the Panama CanalThe country’s Sandinista government has cut a deal with a reclusive Chinese businessman willing to spend $50 billion on a larger-than-life transport waterway. There are a few unanswered questions, starting with whether Nicaraguans really want it and how much priceless habitat would be wrecked. Traveling the proposed route by motorcycle, boat, and boots, the author hunts for answers.

Odebrecht Wins Contract to Renovate Panamanian City of Colon

Manuel Noriega apologises over military rule of PanamaJailed former dictator gives first interview since 1996 and asks for forgiveness over brutal reign – ‘I want to to close the cycle of the military era’

Peru’s support for Bolivian sea access claim creates tensions with Chile
Chilean President Bachelet cancels next week’s meeting with Peruvian leader Humala

The perfect Summer portrait, A Sleeper Awakened With Color
Frederic Leighton’s “Flaming June” is on loan to the Frick Collection in New York for the next three months.

‘Gourmet cannabis’: Take a peek inside a Uruguay marijuana club , if you must. To paraphrase Dean Wormer, “fat, stoned and stupid is no way to go through life, son.”

MUD, the Sausage Fest

Gay marriage, at long last (but not here)

The week’s posts and podcast:
Colombia: FARC blows up oil pipeline

Bloody Friday: France, Tunisia, Kuwait terror attacks UPDATED
Morgenthau on the Iran-terror connection

Ecuador: Demonstrations against Correa

SCOTUS upholds Obamacare subsidies

Venezuela’s deadly colectivos

The other flag controversy: US Embassy in London flies the rainbow flag

Today’s WTH moment: Venezuelan vet arrested for smuggling heroin in puppies UPDATED

Mexico: EL GRAN HERMANO del cartel TE VIGILA

Venezuela: Next stop on the Obama administration’s “normalizing” with dictators?

Podcast: The flag controversy plus US-Latin America stories of the week

The royal baby Carnival of Latin America and the Caribbean

Monday, May 4th, 2015

The Duke and Duchess of Cambridge, Prince William and Kate Middleton, had a baby daughter born on Saturday, and that’s all you’ll hear about it on this blog.

On with the news in our hemisphere:

Now even the dogs get kidnapped: Gangs Target Purebred Dogs in Argentina

Bahamas court agrees to review new immigration rules

Lula Investigated for Being Odebrecht’s “Trafficker-in-Chief”

Brazil’s Power Dynamics Shifting Amid Political Scandals

Brazilian executed in Indonesia ‘unaware what was happening until end’Priests states Brazilian man executed in Indonesia did not understand what was happening to him because of his schizophrenia and bipolar disorder

Chile’s Calbuco volcano erupts for third time

Colombia’s High Court Seeks Wider Probe of Espionage CaseInvestigation of ex-President Álvaro Uribe, five other aides sought

Where Are Colombia’s Youth in FARC Negotiations?Josías Fiesco: The Most Impacted Have Not a Single Seat at the Table

Colombia’s judiciaryTrouble at the topEven the highest courts are not immune from scandal

Costa Rica is happy — but not too much

From China: Clandestine Arms Shipment Arrives in Cuba

Venezuela’s Maduro Joins Raul Castro for Cuba’s May Day Parade, where no one would dare throw mangoes at them.

What Happened When I Joked About the President of Ecuador

A few months before, I registered the Crudo Ecuador brand with the Ecuadorean Institute of Intellectual Property. The I.E.P.I. published the Gaceta, a booklet that shows all the brands that are being registered, including mine.

That’s when things took a dark turn. Some Twitter users began posting I.E.P.I. documents. These documents are supposed to be confidential; they showed my telephone number, my address, my ID number. Then they started posting information from the civil registry. And then, a photo of me in a mall. When I showed my wife the picture, she said, “Hey, this was taken three days ago.” So they’d been following us.

Guatemala Needs More than OutrageScale Back the State to Starve Corruption


A Tale of Two Plantations: Slave Life and Labor in Jamaica and Virginia reviewRichard S Dunn’s comparative study of slavery makes surprising arguments

Thanks To Vaccination, Rubella Has Been Eliminated From The Western Hemisphere

Mexican army helicopter shot at in drug cartel attackA Mexican army helicopter has been shot at in the western state of Jalisco, killing three soldiers and injuring 12 others.

For “peaceful purposes”? Nicaragua approves Russian satellite base for ‘alternative GPS’Opposition say legislation was rushed through without proper scrutinyNicaraguan military says it plans to buy Russian jets and patrol boats

Crossing the Darién Gap: US-bound migrants marooned in Panama jungleLong voyage winds from half a world away in search of economic opportunity in North America (emphasis added),

As dusk fell on a recent Saturday, a long dugout canoe floated into this remote town in Darién province of Panama, carrying an increasingly frequent cargo of improbable origins.

At a border police base by the Chucunaque River, the human haul — 13 Bangladeshis, seven Nepalese and two Somalis — disembarked to noisy greetings from other migrants on the bank.

Girl, 10, raped by stepfather, denied abortion in ParaguayAmnesty International is calling on Paraguay’s government to allow child to get an abortion for the sake of her health

Hidden early Christian crypt discovered with dozens of skeletons

Puerto Rico on the Brink

Puerto Rico is in trouble, after years of bad policies, mismanagement, excessive debt and bad luck.

Its economy has been shrinking or stagnant for a decade and theunemployment rate sits at nearly 12 percent. The commonwealth and its utilities have a debt of $73 billion, its public pension funds are woefully underfunded and one state agency has warned that the government could be forced to shut down soon because it might run out of money.

Ex-Gitmo Detainees In Uruguay Protest At U.S. Embassy

The U.N.’s Venezuela Crush Gets Orwellian

Report: Venezuela’s Medical Shortages Rival War ZonesHuman Rights Watch: Thousands at Risk while Maduro Looks for Scapegoats

«Yo fui el intérprete de Chávez»Mohamad Mohamadi fue el traductor del líder bolivariano en más de un centenar de encuentros con sus aliados iraníes

The week’s posts and podcast:
Argentina: On with slandering the Jews in the AMIA & #Nisman cases

Cuba: How’s that “easement” going?, part 2

What works

“The Americans” non-values UPDATED

Venezuela: Electricity rationing because of . . . global warming

Chile: Bachelet lifts a page from the Clintons

Don’t rebuild

Minnesota men heading to ISIS via . . . Mexico?

Puerto Rico: Calling Dr. Cardona Harper

Cuba: How’s that “easement” going?

Latin America: Why there’s no light at the end of the tunnel

Mexico and other US Latin America stories of the week

The amnesty Carnival of Latin America and the Caribbean

Monday, November 24th, 2014

LatinAmerAs predicted, Pres. Obama granted amnesty to an untold number of illegal aliens. Walter Russel Mead has some thoughts on the subject: Obama’s Big Miscalculation
President Obama’s new initiative is unlikely to succeed politically—in part because Democrats are overconfident that rising Hispanic immigration will deliver them a permanent, left-leaning majority.

In many ways Latinos face less prejudice than Jews or Italians did in the 1880s, and have more opportunities to integrate into American society at large than those earlier generations of immigrants did. The evidence if anything suggests that Hispanic immigrants are more open to the cultural influences of American political and social ideas than were earlier waves. While very few Italian, Jewish or Greek immigrants, for example, converted to evangelical Protestantism, 24% of hispanic adults in America are now former Catholics. Hispanics are a large and varied group, but by and large they are learning English, starting businesses, joining Protestant churches and voting Republican at levels that suggest that they are anything but a permanently alienated racial underclass in formation.

And then there’s the Democrats’ assumption that “Hispanics” are a homogeneous group.

Fitch Cuts IMPSA, WPEI, and Venti to Default

A more accurate translation is “The Falklands are Argentinian”, Argentina rules all public transport must state: ‘The Falklands are Argentina’
Argentina’s congress passes a law which states that all public transport and stations must display a sign reading “Las Malvinas son Argentinas”

Influx of Cheap Peruvian Quinoa Riles Bolivia

Brazil Probe Sparks Worries Over Olympics
Prosecutors are investigating firms working on Rio’s 2016 Games for their roles in an alleged graft ring surrounding Petrobras.

Authorities are investigating allegations that the companies formed a cartel to drive up the value of contracts with state-controlled energy giant Petróleo Brasileiro SA PETR4.BR +11.89% and paid bribes to the Petrobras executives and Brazilian politicians.

The prosecutors’ targets include Brazilian-based multinational construction companies Odebrecht, Queiroz Galvão and OAS, who together are partners in billions of dollars of contracts for the Games in Rio de Janeiro.

Petrobras Bonds Decline With Builders Amid Graft Probe

Chilean colonels jailed for torture
Two retired Chilean colonels – Ramon Caceres and Edgar Ceballos – are jailed for torturing the father of President Michelle Bachelet in 1973.

Colombia Prepares Areas Where FARC Will Release Hostages

La máquina de matar: El Che Guevara, de agitador comunista a marca capitalista

Cuba says measures to make food more affordable fall short

Mosque for you? Maybe….. ($$$$$$?)

Iranian Nobel Laureate to Inaugurate UNESCO Chair at University of Ecuador

Correa Takes on Market Forces with Slew of Employment Prohibitions
“Government of the Worker” to Mandate Wage Ratios, Ban Uncompensated Layoffs

100,000 Guatemalans Could Benefit from Obama’s Executive Order

Guyana’s Main Opposition Demands Elections Now

Four Involved in the Murder of Miss Honduras World and Sister Sent to Prison

U.S. Marshals Service Personnel Dressed as Mexican Marines Pursue Cartel Bosses
Members of U.S. Marshals Service Join Military Operations in Mexico Against Drug Gangs

Mexico Is Fed Up and This Time, It’s Different

Teeth and Bones: Mass Abduction Reveals a Decaying Mexican State

Mexico’s Holy Warrior Against the Cartels
Padre Goyo, with his clerical collar and his bulletproof vest, is an icon for those fighting drugs and corruption. But some in the church think he goes too far.

Yeah, right, Nicaragua canal: Construction to begin in December. Heed my advice and don’t be the next Lord Crawley.

The French School Where Panama Canal Pilots Train in Cute Little Ships

Peru Introduces Measures to Boost Economy
Peru’s government plans to cut taxes and boost government spending to give a shot of growth to the weakening economy.

Opinion: Puerto Ricans will be hurt the most by President Obama’s executive action

Puerto Rico Sees Slight Drop in Unemployment Rate

Same old, Vazquez Is Favorite to Win Uruguay Presidential Vote

Alek Boyd tells us how he was robbed of his lap tops, and only them

Oligarco Works The Fascist Phone Line

Venezuelan Consumers Get Creative Amid Shortages

The week’s posts and podcast:
The Iran-Cuba-Venezuela Nexus

Venezuela: Tweet of the day

Ecuador: Assange granted political asylum

Chile: Blowing up the ATMs

Cuba: The wall

Venezuela: Break-in in London

Countdown to amnesty, continued

Cuba: The Nation’s Valentine’s cruise

Amnesty: I told you so UPDATED

Countdown to amnesty

Keystone XL & Venezuela

Colombia: Government suspends peace talks after FARC kidnaps general

At Da Tech Guy Blog:
Amnesty: A slap in the face to all of us, not just to #Fruitpickers and #Bedmakers

Why weren’t taxes an issue in the last election?

US-Latin America stories of the week with Silvio Canto, Jr.

The falling oil price Carnival of Latin America and the Caribbean

Monday, November 17th, 2014

LatinAmerThe price of crude oil has dropped by 30% in four years, so Iran, Venezuela urge oil price support ahead of OPEC meeting

Iran and Venezuela need higher oil prices to balance their budgets than fellow OPEC members Saudi Arabia and other Gulf Arab producers.

La enfermedad argentina

Outrage as Argentina milks millions out of UK foreign aid budget
DAVID Cameron is today facing demands to block British taxpayers’ cash going to Argentina.

Argentina Cracks Down on Black Market for Dollars

Belize’s 2014 Tourism Boom Breaking Records

Why Foreigners Fall for the Evo Morales House of Cards
Statistics Gloss Over Bolivia’s Lack of Development, Bubble Waiting to Pop

Police Raid Odebrecht’s Offices Amid Corruption Probe

Petrobras Former Executive Among a Score Arrested in Brazil Corruption Probe

Cannibal gang baked victims into pies
Three Brazilians sentenced to prison after being caught murdering two women and using their flesh as the filling in “empadas” which they sold to neighbours

Study: Brazil’s Underground Economy Equivalent to 16.2% of GDP

Chile and China
Food and drink draw two regions together

Ex-President Samper Took $10 Million from Cartel, Colombian Kingpin Says

3 Cuban activists sentenced to prison on bogus charges

Yoelkis Rosabal, 31, was sentenced to 4 years in prison.

Ricardo Pelier, 28, was sentenced to 3 years in prison.

Ernesto Darián Duffo, 24, was sentenced to years in prison.

Term limits in Ecuador
If you can’t beat ‘em, referendum
A vote could cost President Correa his job—in 2017

25 Yrs After El Salvador Priest Killings, Groups Press For Justice

Guyana: Legislature Is Suspended

Obama and Honduras, 2009: portent of things to come

I expect that Pres. Obama will issue an executive order for amnesty this week. Here are a few links:
The Missing Immigration Memo
Has Obama asked the Office of Legal Counsel for its legal opinion?

But a Justice-OLC opinion is all the more necessary on domestic issues because the President’s authority is far more limited. He is obliged to execute the laws that Congress writes. A President should always seek legal justification for controversial actions to ensure that he is on solid constitutional ground as well as to inspire public confidence in government.

The Next Border Crisis
Column: How Congress can fight Obama’s unconstitutional amnesty

The 150 million adults worldwide who would move to the United States if given the chance will draw the conclusion that their status and future are secure as long as they end up on U.S. soil. Pay the snakeheads and coyotes, avoid the authorities, and fall under the next amnesty. Just as it happened in 1986 and happened again, piecemeal, in 2012 and 2014.

I do not consider it humanitarian to induce people to undertake perilous and uncertain journeys through hazardous territory in the hopes of joining a population that is at best ambivalent about them. I think it is cruel. And it is cruel not only to the immigrants, but also to American citizens, who must cope with the attendant fall in low-skilled job opportunities and wages, rising inequality, economic and social consequences of population density, and erosion of social cohesion. These are all reasons confidence in public institutions is at a low. Obama’s executive order will drive it lower.

Minors in El Salvador, Guatemala, Honduras Can Now Apply for Asylum in U.S.

Obama’s Amnesty Will Turn U.S. Into Welfare Magnet


NYT: BIG Money Behind Push…



Central American Children to be Granted Refugee Status…

NYC Will No Longer Hold Illegals For Feds…

Mexican President’s Reputation Takes A Further Dive Thanks To Reports About A Luxury Home

A Familiar Anger Begins to Boil Again in Mexico

Mexico’s Iguala Massacre: Criminal gangs and criminal government

“48 Hours” investigates American’s death in Panama

Peru’s Most Wanted Gangster Captured after 4 Months on the Run
Hiding in Colombia, Orellana’s Network Allegedly Committed US$100 Million in Fraud

Hefty Losses Cause US Shipper to Close Door on Puerto Rico
Long-Time Competitors to Acquire Alaska, Hawaii Lines

Vázquez leads polls ahead of Uruguay’s runoff

Cubanization 8.2: Maduro creates snitching hot lines

Venezuela cracks down on peddling diapers: ‘I feel like a drug dealer’
As basic goods grew more scarce on store shelves, authorities targeted open-air black markets that sold everything from coffee, eggs and cooking oil to shampoo, deodorant and detergent.

A broke Venezuela splits its finances in two

The week’s post and podcast:
Venezuela: Oil slide

And now for a surfer saint?

En español: UdQ 199, Los Vándalos del Zócalo

The Monroe Doctrine’s dead, but Putin’s alive and kicking

It’s raining parodies!

Argentina: Jorge Lanata will petition US Court re: Cristina’s US businesses

Mexico: And now, for #Articulo39RenunciaEPN

At Da Tech Guy Blog:
And now for a @BatDadBlake break

Keith Hennessy on Jonathan Gruber’s honesty

Venezuela & US-Latin America stories

Brazil’s Odebrecht accused of slave labor

Monday, June 23rd, 2014

The folks building the deepwater port in the island-prison are being charged with slave labor:
Prosecutors in Brazil have begun legal action against a leading construction company, Odebrecht, accusing it of maintaining 500 Brazilian workers in “slave-like conditions” in Angola, (yet another blighted land where Fidel and Che failed)

Prosecutors say Odebrecht committed “human trafficking” while transporting workers to a biofuel plant.

They are demanding 500m reais ($220m; £130m) in compensation for workers.

Odebrecht, which made out like gangbusters from its World Cup contracts, is one of the biggest contributors to Rousseff’s Worker’s Party, has 21 projects in Venezuela, where Alek Boyd notes Lula and Dilma intervened on Odebrecht’s behalf.

Carlos Eire points out,

Twenty-first century slavery and twenty-first socialism are two sides of the same coin.

Every now and then, someone wakes up to this fact.

In the meantime, the Brazilian slave conglomerate of Odebrecht continues to prosper and grow.

Their deal for slave labor at the Castrogonian port of Mariel didn’t stop officials in South Florida from striking deals with them. Neither has Odebrecht’s latest deal for a sugar mill in Cienfuegos, Castrogonia, which will also employ slave labor.

And asks,

Will a lawsuit against them in Brazil slow them down or stop them?

Take-away question: And why does Cuba need a deepwater port just now? Apparently it is “for larger ships passing through an expanded Panama Canal.” In which case, why would the so-called embargo make any difference?

Brazil: Who made out from the #WorldCup money?

Tuesday, June 10th, 2014

The 2014 World Cup

is the most valuable, lucrative and expensive in FIFA history.

Record numbers include a $35 million prize to the winning team’s federation, $4 billion commercial revenue for FIFA and a $14 billion bill for Brazil.


As street protesters in Brazil know, FIFA’s revenue is untaxed there. World Cup sponsors and media also receive exemptions for their operations as a condition of Brazil’s hosting bid in 2007.

FIFA, however, has spent significantly in Brazil.

FIFA already gave $221.6 million to the embattled organizing committee, and more should follow in last-minute wrangling over paying for essential services.

Odebrecht’s certainly making out like gangbusters:
Brazilian Builder Odebrecht Emerges as World Cup Winner

Odebrecht is helping erect or expand four World Cup stadiums, financed with 1.5 billion reais ($447 million) in subsidized loans from Brazil’s state development bank. The company is one of the biggest contributors to Rousseff’s worker’s party, a relationship not lost on people critical of the World Cup’s cost to taxpayers.

Hmmm . . . Brazil, Inc.,

“Brazil has a lot of state-owned companies and big private firms with strong ties to governments in what I like to call Brazil Inc.,” said Peter Lannigan, managing director at broker-dealer CRT Capital Group LLC. . . .
Campaign donations from five Odebrecht units grew to 37.9 million reais in 2012, from 8.1 million in 2002, according to the electoral tribunal. Odebrecht’s building unit gave 6 million reais to the worker’s party in 2013, as incumbent Rousseff, a former guerrilla who was tortured by the military regime, seeks re-election. Units of World Cup stadium builders OAS SA, Queiroz Galvao SA and UTC Enghenaria SA also ranked among the top 10 contributors

Meanwhile,Stadium hosting World Cup opener between Brazil and Croatia would NOT pass UK safety test
Arena de Sao Paulo will host Brazil vs Croatia World Cup opener without a test taking place that would meet UK legislation
Junior game was held in the stadium but 20,000 were left empty
The Sao Paulo stadium has a capacity of 61,000
FIFA state the arena has passed four different tests at various stages
Two people were killed by a crane during the construction of the arena

Related: The Billion-Dollar Business Of The World Cup

Panama: Chong Chon Gang goes back to Cuba, captain goes to jail, garage sale coming up

Saturday, February 15th, 2014

The North Korean rust bucket returns to Cuba:
N Korean ship seized with Cuban weapons returns to Cuba

The Panama Canal Authority recently said the ship could leave, after Pyongyang paid a nearly $700,000 (£425,000) fine.

The ship was seized seven months ago with Soviet-era weapons and fighter jets hidden under sacks of sugar.

Three members of the crew stayed behind to face arms trafficking charges.

The captain, the first officer and the political officer of the Chong Chon Gang face sentences of up to 12 years.

Panama will be having a garage sale,

Panamanian officials quoted by Reuters news agency said the arms would likely be sold or given away and the sugar sold to companies interested in turning it into ethanol.

Odebrecht’s Cuba Port at Center of Illegal Weapons Smuggling

The ship’s automatic identification system was turned off to hide its stop at the Port of Mariel. Moreover, while the logs showed multiple ports of call, they omitted the Mariel stop.

This is the same Mariel port that the Brazilian conglomerate, Odebrecht, has been expanding (since 2011) in partnership with Castro’s military.

In other words, this Cuba-North Korea weapons transfer occurred right under Odebrecht’s nose (at best).

Why? Perhaps because in addition to the port, Brazilian construction and infrastructure giant Odebrecht is planning to build a plastics plant in Cuba

BNDES: Brazil’s really big bank

Monday, December 16th, 2013

Juan Forero reports on BNDES, the Brazilian Development Bank, A bank that may be too big for Brazil.

  • has loaned a third of a trillion dollars since 2010, twice the amount the World Bank provided to about 100 countries combined
  • According to critics, most of the money goes to the country’s richest and most politically connected companies, among them JBS (the largest contributor to Dilma Rousseff’s campaign), construction giant Odebrecht, and now-broke Eike Batista’s EBX Group (which received $4 billion in loans).
  • Treasury funds and payroll tax revenue are used for loans.
  • In exchange for loans, BNDES has acquired a minority stake in dozens of private companies, giving the bank’s executives a say in their operations.

For all practical purposes, BNDS is acting as an investment bank, not a public institution focused on fostering social development, while maintaining its lack of transparency,

But analysts say there is another downside to BNDES’s big spending: It fans inflation, which has remained stubbornly high at just under 6 percent a year.

To keep it under control, the Central Bank on Nov. 27 raised its benchmark rate to 10 percent. Such a high interest rate — the highest of any developed country — is believed to crowd out the development of private lenders.

What could possibly go wrong?