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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.170

+6.4%

Nov 12 3:59 PM EST

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To: Steve Fancy who wrote (22317)	5/23/2001 9:06:50 PM
From: Steve Fancy	Read Replies (1) of 22640

Two Brazil Senators Are One Step Closer To Impeachment Dow Jones Newswires May 23, 2001 SAO PAULO -- Brazil's Senate Ethics committee Wednesday recommended that impeachment proceedings be launched against two key senators accused of breaking vote secrecy laws. The opening of the impeachment proceedings for Antonio Carlos Magalhaes and Jose Roberto Arruda still needs to be approved by a higher-level committee, however. The higher-level committee will vote on the ethics panel's recommendation sometime in the next 15 days. During this time, political analysts expect the two senators to jockey for lesser penalties, such as temporary suspensions. If the two senators were to resign before being officially impeached, they would be eligible for eventual re-election. Magalhaes is widely-recognized as one of Brazil's most powerful politicians and is a member of President Fernando Henrique Cardoso's ruling coalition. Over the years, however, the two have had a tenuous relationship. Arruda recently resigned as the coalition's leader in the Senate, after admitting to breaking the vote secrecy laws. Analysts fear that if Magalhaes were impeached, he would kick up political dirt and give bargaining power to calls by the opposition to investigate allegations of corruption in Cardoso's administration. Any widespread corruption investigation would likely threaten Cardoso's ability to pass fiscal reforms and pick a successor in the 2002 presidential elections. -Terry Wade, Dow Jones Newswires; 5511.3813.1988; terry.wade@dowjones.com

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