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Gold/Mining/Energy : Verde Agritech

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Nov 28 9:30 AM EST

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From: zebra4o1	12/10/2015 12:20:08 PM
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Bloomberg article on BNDES bloomberg.com BNDES, the huge development bank owned by the Brazilian government, seems to keep turning up in the state’s deepening crisis, as does its chief, Luciano Coutinho, whose hand has been on the spigot of the subsidized lending that drove the country’s spectacular growth in its go-go years. ....... Under Coutinho, BNDES evolved into the most aggressive lending tool of state intervention in a developing democracy. Its practices have long been secretive and now its books are being pried open as the Petrobras probe and other inquiries create pressure for transparency. Police visited the bank’s headquarters last month to demand details about loans for companies of a friend of ex-President Luiz Inacio Lula da Silva. The Supreme Court has ordered the bank to open to government auditors its financial operations with beef maker and top campaign financer JBS SA.

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