A few months ago, I suggested that investors venture where it is darkest, the nether regions of the corporate world where country risk, commodity risk and company risk all collide to create investing quicksand. I still own the two companies that I highlighted in that post, Vale and Lukoil, and have no regrets, even though I have lost money on both. At the time of the post, I was asked why I had not picked Brazil’s other commodity colossus, Petrobras, as my company to value (and invest in) and I dodged the question. The news from the last few days provides a partial answer, but I think that the Petrobras experience, painful though it might have been for some investors, provides an illustration of the costs and benefits of political patronage.
Petrobras: A Short History
Mais
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Here's How The Petrobras ScandalI is Helping Destroy Brazil's Job Market
Brazil’s economy is expected to contract this year. But the biggest downer in the country is the enormous Petrobras Petrobras scandal that is pulling the rug...
Petrobras scandal prompts wave of investor lawsuits
Madison Marriage
Petrobras is being sued for losses suffered as a result of bribery alleged to have taken place at the company between 2004 and 2012
One of Sweden’s largest investors has pledged...
Web Comic: Brazil's Petrobras Corruption Scandal
Petrobras desenhos
http://www.bloomberg.com/news/articles/2015-01-29/brazil-s-petrobras-corruption-scandal-a-web-comic
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Petrobras Says Oil Revenue to Eliminate Need for New Debt After 10 Years By Peter Millard - Jul 25, 2011 7:29 PM GMT-0300Mon Jul 25 22:29:00 GMT 2011Petroleo Brasileiro SA, Brazil’s state-controlled oil producer,...
"...Petrobras is already the biggest company in Brazil, with a market value of more than $240 billion, and it is the government's largest single taxpayer. It employs some 52,000 workers, but the new oil find has kindled optimism that new jobs and...
