Unrelated to Petrobras - another scandal in Brazil

[mvan1]

As if there was not already a massive outcry over the huge Petrobras scandal, Brazil's "Internal Revenue Service" is also involved in a nasty scandal involving billions of local currency.

This likely means that the Brazilian Real will sink even farther than it has so far during the past year. It won't be long before we are getting at least 4 - 1 in currency exchange.

Here is an article that discusses the problem and the scandal:

http://riotimesonline.com/brazil-news/rio-business/tax-scandal-may-cost-brazil-billions-in-revenues/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheRioTimes+%28The+Rio+Times%29

[MsGuy]

A story goes that Joao Goulart, president in the early 60's, was much revered in a particular Brazilian city for whom he had built a bridge over the river (although everyone knew he had stolen 90% of the money appropriated for the project).

Asked why such a scoundrel was so beloved, the locals invariably responded that the two previous presidents had pocketed all the bridge money and neglected to build the bridge.

From all I've read, I suspect that the real gripe most Brazilians have with their political class is that they aren't delivering on essential public services and are running the economy into the ground. World wide, at a certain stage in development, folks wading in sewage start to question where all the money for sewer pipes has been going.