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BRAZIL: Paradise of Conflicts
Dr. Édison Freitas de Siqueira
Recently an important Brazilian member of the parliament came to remind the public that in Brazil it is considered appropriate that the Judges of Supreme Audit of States are chosen for the job by those to whom they oversee. The MP described the procedure as "kid who takes care of the garden." The mere existence of this kind of conflict of interest becomes doubtful any decisions or judgments of these courts.

This fact is nothing compared to the conflict of interest in the Financial and Stock Markets in Brazil. In all countries it seeks to critique and solution to the lack of transparency and conflicts of interests that are causing the current global crisis and the near breakdown of some countries.

BOVESPA and the futures markets have the price of their main stock and commodities set by the investments, the purchase and sale of securities, which in more than 50% of transactions involve the following: (a) 34 private pension funds (among them PETROS, PREVI, FUNCEF, TELOS, ELETROS, nuclear), (b) FGTS funds used to purchase shares, (c) investment funds in stocks and commodities managed by Banco do Brazil, Caixa Economica Federal and funded by companies (equities ) and organized by BNDESPAR and BNDES. All together have assets exceeding 240 billion dollars in cash.

The bonds and commodities, which are the most traded on the BOVESPA and futures markets, are linked to the groups Eletrobras, Bank of Brazil, Petrobras, Vale, AMBEV, Hi-BrasilTelecom, EMBRAER, SADIA / PERDIGÃO, JBS FRIBOI, among other blue chips.

This demonstrates that mergers have solidified the Brazilian market in a groups of players that have in common the way in which their directors are appointed or because they have financing from the BNDES and partnership with BNDESPAR, two entities that should be audited by the Central Bank of Brazil and the CVM, bodies whose performance are viciously blemished with the same conflict of interest.

Among 34 private pension funds, Eletrobras, Petrobras and the banks mentioned above, along with the Central Bank and CVM, have their boards directly or indirectly appointed by not more than four people who are connected on to the other. And the most amazing of all is the fact that this procedure is set in their by-laws.

The conflict of interest occurs because Central Bank and CVM are to oversee mergers, acquisitions and takeovers carried out in Brazil and abroad, with or without the participation of BNDES and / or BNDESPAR.

While legitimate purchases and stock sales, mergers, acquisitions and financings involving these players suffer from vices originated in this conflict of interests, of which Brazil is the paradise.

Madoff, your stuff is for children’s games! Imagine if these big players decide to buy stocks and commodities from each other in a pipeline fashion. The sky is the limit.
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Édison Freitas de Siqueira Advogados Associados S/S - OAB/RS 22.136 - OAB/SC 22.281-A - OAB/GO 28.659-A - OAB/MG 92.047 - OAB/RJ 2.541-A - OAB/SP 17.2838-A - OAB/DF 2.074-A - OAB/MT 10.305-A - OAB/BA 23.016
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