Sins of Brazil’s Labor Party haunt local business

Kenneth Rapoza – Forbes, 9/13/2015

Last week, a Brazilian court said that ex-president Luiz Inacio Lula da Silva might have been involved in the ongoing Petrobras scandal. They are investigating whether he received any kind of kickbacks from the oil major that helped him or his top party officials fund campaigns, among other things.

The operative word here is “might” have been involved. But with public perception so negative on Brazil, both on the streets and in the markets, Lula might as well be a hanged man. Clearly, the Workers’ Party he created is in shambles. Many of its founders and top officials over the last decade have been put in jail. Some released, like ex-Finance Minister Antonio Palocci, and others still serving time, like Lula’s ex-chief of staff Jose Dirceu. The Petrobras scandal may have destroyed Lula’s Party, known there as PT.

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