Carter Dougherty – Newsweek, 04/17/16
Pinning business woes on a feckless government can sometimes stretch the bounds of logic, but Robert Mangels can make a pretty persuasive case from where he’s sitting in São Paulo.
The CEO of Mangels Industrial, a metalworking company, Mangels steered his family business into “judicial recuperation”—Brazil’s version of the U.S. Bankruptcy Code’s Chapter 11—in late 2013. He then squeaked through 2015 by paying the firm’s creditors on time and paying careful attention to the bottom line.
Mangels, whose business activities include making aluminum wheels for Toyota vehicles and refurbishing steel propane tanks, watched the Brazilian economy begin to crater in 2014 as prosecutors crept ever closer toward implicating President Dilma Rousseff in an unimaginably wide-ranging corruption scandal that has ensnared dozens of Brazil’s senior politicians. To him, cause and effect appear pretty obvious.