Petrobras ADRs decline steeply due to
- A very large federal police and attorney general operation against bribery — “Operation Carwash” — the seventh chapter of which dominates the headlines today.
- Media coverage strikes me as an “orgy of evidence,” another instance in which partisan federal police leak freely according to the needs of the mainstream media. Example: Mountains of money make for good cover graphics — «Here it is, in R$ 200 bills!
- It will be interesting to see whether the U.S. Foreign Corrupt Practices statute might be applied to these international wheelings and dealings.
- Third straight quarter in which results are not forthcoming
Leaving aside the complex politics of the congressional inquiry however (which has not managed a quorum in weeks as the hourglass flows), there is positive news.
- Petroleo Brasileiro Petrobras SA’s (ADR) (PBR) Output Reached An All-Time High Last Month (November 13, 20014)
PBR should hold on to that IR consultant.
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