Petrobras Scandal Reveals Tactic of Hiding Behind Too Big To Fail Cloak of Protection
Oil was central to Brazil’s strategy, and that gave Petrobras a leading role in the nation’s growing influence — and pride of place. At one time it was the sixth-largest company in the world by market capitalization and accounted for roughly 10 percent of Brazil’s gross domestic product.
In Brazil, Petrobras’s plunge is so cataclysmic, according to analysts, that it is a major reason the economy is expected to contract by more than one percentage point this year. Unemployment is up, and Standard & Poor’s has cut the nation’s long-term debt rating to one notch above junk status.
All of this has provoked something that transcends outrage. Brazilians are in the midst of an identity crisis. Much of Brazil’s recently acquired cachet looks as if it was the product of fraud, and for an added touch of humiliation, a fraud cooked up at a company long regarded as an emblem of Brazil’s success and aspirations.
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