Maílson da Nóbrega
Maílson Ferreira da Nóbrega | |
---|---|
Minister of Finances | |
In office January 6, 1988 – March 15, 1990 | |
President | José Sarney |
Preceded by | Luiz Carlos Bresser-Pereira |
Succeeded by | Zélia Cardoso de Mello |
Personal details | |
Born | [1] Cruz do Espírito Santo, Paraíba, Brazil | May 14, 1942
Spouse | Rosa Dalcin[2] |
Children | 5[2] |
Alma mater | Centro de Ensino Universitário de Brasília[3] |
Profession | Economist |
Website | Maílson da Nóbrega - Personal page |
Maílson Ferreira da Nóbrega (Cruz do Espírito Santo, Paraíba, May 14, 1942) is a Brazilian economist. He was Finance minister in José Sarney's administration during a period of hyperinflation in the late 1980s.[4] He is married and has five children.[2]
Career
Nóbrega was an officer of the
In the Ministry of Finance
Upon taking office, Nóbrega said that he would not neglect inflation control, that there would be no economic package or "heroic measures" and that he would try to renegotiate Brazil's
Nóbrega had said that his economic policy would be "rice and beans", without "miracle cures", only making occasional adjustments to prevent hyperinflation.[6] However, 1987 ended with a cumulative inflation rate of 415.87%, and it reached 1037.53% at the end of 1988.[9] It became clear that once again the Sarney administration would have to resort to a "heterodox economic package." This package, which was named Plano Verão ("Summer Plan"), was implemented on January 15, 1989.[10]
Summer Plan
The economic package known as "Summer Plan" was the fourth and last of the Sarney administration, and was primarily aimed at controlling rising inflation in an election year.[11] For this purpose, a new currency, the cruzado novo—equivalent to 1,000 old cruzados—was created. There was a 17% devaluation of the national currency against the United States dollar, and prices and wages were frozen.[10] Like its predecessors, the Summer Plan proved to be an almost complete failure. Maílson da Nóbrega said that its goals were not met, but that other measures that should be adopted for the plan to succeed were not approved by the Brazilian Congress. Among these measures were the dismissal of civil servants without stability, the closure of public agencies and an extensive program of privatization.[12] These measures were taken later in the neoliberal governments of Fernando Collor de Mello and Fernando Henrique Cardoso, although they have not proven particularly effective in reducing the public deficit.[13][14][15]
Apart from its ineffectualness as a tool to control inflation, it is alleged[by whom?] that the Summer Plan and related "Bresser Plan", 1987, "Collor Plan 1", 1990 and "Collor 2", 1991 caused losses to those with savings accounts, as the inflation adjustment indices were altered. For the Summer Plan, the losses are estimated at 20.37% of revenues in February 1989.[16] However, the National Confederation of Brazilian Financial System challenges the idea that savers were negatively affected, but says that financial institutions did not receive the money not credited to customers' accounts, since the excess liquidity is compulsorily collected by the Central Bank of Brazil.[17] As of 2013[update], it is expected that the Brazilian Supreme Court (STF) will evaluate the case and establish whether there were losses and who will pay for them.[18]
Consultancy
In 1989, Brazil's hyperinflation reached the historic milestone of 1782.85%.[9] In March 1990, the elected president, Fernando Collor de Mello, took the oath for the new Finance minister, Zélia Cardoso de Mello. Shortly after leaving office, Maílson da Nóbrega moved to São Paulo, where he began almost immediately to work as a financial consultant. With Claudio Adilson Gonçalez—his former subordinate—and Celso Luiz Martone, he formed the "MCM Consultores Associados", to which he belonged until 1995.[2]
In 1997, Nóbrega began structuring the management consulting company "Tendências Consultoria Integrada", along with Nathan Blanche and Gustavo Loyola—a former Central Bank of Brazil governor and former partner of the MCM.[2] Their experience in public finance made "Tendências" (along with MCM) become one of Brazil's main economic consulting services, whose clients include major players of the financial market and financial institutions operating in high-risk speculative investments known informally as "black belt funds".[19] In January 1999, based on reports by "Tendências" and MCM—which had expected a devaluation of the real in February—the "black belts" Marka and FonteCindam went bankrupt, even though they had received a substantial aid package from the Central Bank,[20] chaired by Francisco Lopes.[21]
In what has become one of the biggest financial scandals of Fernando Henrique Cardoso's administration, it was shown that the presence of former financial authorities in a consultancy was no guarantee of profits.
The movie
In 2013, the
Controversies
Nóbrega and the "Citizen Kane"
In his
After the inauguration, Nóbrega and Marinho met for lunch, this time in Rio de Janeiro, at the headquarters of TV Globo. Marinho had confided to Nóbrega that he had indicated two others Ministers of Sarney: Antônio Carlos Magalhães, for Communications and Leonidas Pires, for the Army Ministry. According Nóbrega, "I don't know if it was true or just a demonstration of power."[29]
Although it had begun in a cordial manner, the relationship between Marinho and Nóbrega became tense in the following months.
With the escalation of hyperinflation, the pressure against Nóbrega increased. He found himself "fired" by the newspaper "O Globo" on the morning of August 4, 1989 ("Inflation overthrows Maílson", said the headline), and the next day the newspaper declared that the President Sarney would choose a new coordinator for the economy.[29] But nothing of this happened, and Nóbrega remained minister until March 18, 1990, when Zélia Cardoso de Mello assumed the Ministry of Finance. According to the magazine "Veja" in its edition #1091 (August 9, 1989), the action to precipitate the fall of Nóbrega was organized in Brasilia by the businessman and lobbyist Jorge Serpa, a Roberto Marinho's proxy.[30] Serpa was the same that in 1988 had tried - unsuccessfully - to mediate the billion dollar agreement in manufactured homes proposed by "Dr. Roberto".[31]
Nóbrega vs. ISTOÉ
On April 28, 1999, with the scandal Marka/FonteCindam in the spotlight, the news magazine "
The explanations were printed in edition #1554 of the magazine, dated July 14, 1999. In them, the editor of "ISTOÉ", Domingo Alzugaray clarified that both Maílson da Nobrega and his partner Gustavo Loyola had highlighted the experience in public organs in their own curricula, but there was no suggestion that they had passed inside information to the mentioned banks—so much so that they went bankrupt.[33]
Published works
- — (2000). O Brasil em Transformação (in Portuguese). Infinito. p. 324. ISBN 9788573122893.
- — (2005). O futuro chegou: instituições e desenvolvimento no Brasil (in Portuguese). Globo. p. 399. ISBN 9788525040916.
- —; Z. Sottomaior, Louise (2010). Além do feijão com arroz (in Portuguese). Rio de Janeiro: Civilização Brasileira. p. 602. ISBN 9788520010501.
See also
References
- ^ "Maílson Ferreira da Nóbrega" (in Portuguese). Ministry of Finance of Brazil. Archived from the original on 2013-06-14. Retrieved 2013-05-30.
- ^ a b c d e f g "Linha do Tempo" (in Portuguese). Maílson Ferreira da Nóbrega. Archived from the original on 2013-11-10. Retrieved 2013-05-30.
- ^ Universidade Federal Fluminense. Retrieved 2013-05-30.
- ^ Thayer Watkins. "The Hyperinflation in Brazil, 1980-1994". Retrieved 2013-05-30.
- ^ Folha de S. Paulo(in Portuguese). Retrieved 2013-05-30.
- ^ ISSN 0100-7122.
- ^ Fernando Henrique Cardoso (1989-02-03). "Diário do Congresso Nacional - Fevereiro de 1988 - Livro 2" (PDF) (in Portuguese). National Congress of Brazil. Retrieved 2013-05-30.
O que é grave é que, efetivamente, houve uma declaração formal do próprio Ministro Mailson da Nóbrega, dizendo que não haveria mudança de política, e a mudança foi drástica. Fico-me perguntando: para que fizemos essa moratória? Essa moratória foi feita para, finalmente, pagarmos tudo, sem nenhuma vantagem para o Brasil.
- ^ James M. Boughton (2001-10-01). "Silent Revolution - The International Monetary Fund 1979–1989" (PDF). International Monetary Fund. Retrieved 2013-05-30.
- ^ a b "Price Indices" (PDF). Central Bank of Brazil. 2005. Archived from the original (PDF) on 2013-11-10. Retrieved 2013-05-30.
- ^ a b Eric Nepomuceno (1989-01-16). "Brasil anuncia un 'plan verano' para combatir la inflación y cambia su moneda". El País (in Spanish). Retrieved 2013-05-30.
- ^ "Brazil: The 1985-89 Period". Country Listing. April 1997. Retrieved 2013-05-30.
- Folha de S. Paulo(in Portuguese). Retrieved 2013-05-30.
- ^ William Waak (1989-03-30). "El 'plan verano' contra la inflación en Brasil fracasa tras dos meses de vigencia". El País (in Spanish). Retrieved 2013-05-30.
- ^ Guido Mantega (1989-04-01). "Plano Verão e neoliberalismo" (in Portuguese). Teoria e Debate. Retrieved 2013-05-30.
- ^ James Brooke (1990-01-07). "Bad Times, Bold Plans for Brazil". The New York Times. Retrieved 2013-05-30.
- ^ "O que foi o Plano Verão '89?" (in Portuguese). ABRADEC. 2010. Archived from the original on 2013-02-02. Retrieved 2013-05-30.
- ^ "Planos Econômicos" (in Portuguese). Confederação Nacional do Sistema Financeiro. Archived from the original on 2013-07-25. Retrieved 2013-05-30.
- ^ Paula Adamo Idoeta (2013-03-20). "Após 23 anos do Plano Collor, 'trauma de confisco' sobrevive" (in Portuguese). BBC Brasil. Retrieved 2013-05-30.
- Exame. Archived from the originalon 2013-12-08. Retrieved 2013-05-30.
- ^ Aguinaldo Nogueira (2010-05-20). "Ação entre amigos". Época (in Portuguese). Retrieved 2013-05-30.
- ^ Guilherme Barros; Pinto, Luís Costa (1999-04-26). "A vida dupla de Chico Lopes". Época (in Portuguese). Archived from the original on 2008-08-30. Retrieved 2013-05-30.
- ^ Eric Nepomuceno (1999-04-24). "Una comisión parlamentaria encuentra graves irregularidades en el Banco Central de Brasil". El País (in Spanish). Retrieved 2013-05-30.
- ^ William Mariotto; Bottino, Pedro (2012-08-06). "Rede de contatos". O Estado de S. Paulo (in Portuguese). Retrieved 2013-05-30.
- Folha de S. Paulo(in Portuguese). 2013-04-30. Retrieved 2013-05-30.
- ^ "Aos 70, Maílson veste uma nova camisa, a de cineasta". Valor Econômico (in Portuguese). 2013-05-02. Retrieved 2013-05-30.
- ^ Antonio Brasil. "Television in Brazil: Citizen Kane Revisited, or as the Globo Turns?" (PDF). Television Quarterly. Retrieved 2013-05-30.
- ^ Guilherme Canela de Souza Godoi (1999-11-05). "Mídia & Mercado" (in Portuguese). Observatório da Imprensa. Retrieved 2013-05-30.
- ^ Ricardo Setti (2011-11-21). "Além do Feijão com Arroz" (in Portuguese). Veja. Retrieved 2013-11-03.
Maílson conta, com simplicidade, sem julgamentos, como Sarney só o designou para o cargo a 6 de janeiro de 1988 após ter sido sabatinado pessoalmente, a pedido do presidente, por Roberto Marinho. E como a Globo divulgou sua nomeação com exclusividade antes mesmo de o próprio presidente convidá-lo a comparecer a seu gabinete, no Palácio do Planalto, onde assinaria o respectivo decreto.
- ^ Fundação de Amparo à Pesquisa do Estado de São Paulo. Retrieved 2013-11-03.
- ISSN 0100-7122.
- ^ Joyce Pascowitch (January 28, 2019). "Saiba quem foi Jorge Serpa" (in Portuguese). Glamurama UOL. Retrieved 2021-07-09.
- ISTOÉ(in Portuguese). 1999-04-28. Retrieved 2013-05-30.
- ^ a b Domingo Cecilio Alzugaray (1999-07-14). "Publicação das explicações prestadas". ISTOÉ (in Portuguese). Retrieved 2013-05-30.
External links
- "Mailson Nobrega". Forbes. Archived from the original on June 29, 2013. Retrieved 2013-05-30.
- "The Low Academic Profile of Brazilian Economists" (PDF). Retrieved 2013-05-30.