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Maílson Ferreira da Nóbrega
Finance minister of Brazil
In office
January 6, 1988 – March 15, 1990
Preceded byLuis Carlos Bresser Pereira
Succeeded byZélia Cardoso de Mello
Personal details
Born (1942-05-14) May 14, 1942 (age 82)
SpouseRosa Dalcin
Children5
Alma materCentro de Ensino Universitário de Brasília
ProfessionEconomist
WebsiteMaílson 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 the José Sarney's administration, during the period of hyperinflation in the late 1980s. He is married and has five children.

Career

Officer of the Bank of Brazil since 1963, Nóbrega graduated in Economics in 1974 at the "Centro de Ensino Universitário de Brasília" (CEUB). In the late 1970s, he began a career in the Ministry of Finance and after having had several important positions, he was appointed Minister of Finance on January 6, 1988, after the resignation of Luiz Carlos Bresser Pereira.

In the Ministry of Finance

Upon taking office, Nóbrega said that he wouldn't neglect "at no time, the inflation control," that there would be no economic package or "heroic measures" and would try to renegotiate the Brazilian external debt with the international creditors on terms as favorable as those obtained by Mexico. However, it quickly became apparent that he wouldn't be able to fulfill any of these promises. Already on February 2, 1988, the then-Senator Fernando Henrique Cardoso in Congress questioned the resumption of external debt payments (since the default of 1987), without a definitive agreement signed with creditors. Finally, on August 23, 1988, Brazil reached an agreement with the IMF, for which it would get an injection of 1.4 billion dollars (of which it has actually received, US$ 477 million).

Nóbrega had declared that economic policy would be "rice and beans", without "miracle cures", only making occasional adjustments to prevent hyperinflation. However, the year 1987 that had ended with a cumulative inflation of 415.87%, was largely overcome by the rate of 1037.53% at the end of 1988. It became clear that, once again, the Sarney administration would have to resort to another "heterodox economic package." That really happened the January 15, 1989, and was named Plano Verão ("Summer Plan").

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. For this purpose, was created a new currency, the cruzado novo (equivalent to 1,000 old cruzados), there was a 17% devaluation of the national currency against the dollar, and prices and wages were frozen. Like its predecessors, the "Summer Plan" proved to be an almost complete failure. Maílson da Nóbrega admits 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 them, the dismissal of civil servants without stability, extinction of public agencies and an extensive program of privatization. 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.

Apart from its harmlessness as a tool to control inflation, it is alleged that the "Summer Plan" and related ("Bresser Plan", 1987, "Collor Plan 1", 1990 and "Collor 2", 1991), have caused losses to the persons who at the time had 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. However, the National Confederation of Brazilian Financial System not only challenges the idea that savers had been negatively affected, but says that financial institutions didn't get the money not credited into customers' accounts, since the excess liquidity is compulsorily collected to the Central Bank. As of 2013, it's expected that the Brazilian Supreme Court (STF) evaluate the case and establish if there were losses - and who will pay for them.

Consultancy

The year 1989 would see hyperinflation reach the historic milestone of 1782.85%. 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 (there wasn't a period of "quarantine" for authorities egressed from ministerial positions). With one of his former subordinates, Claudio Adilson Gonçalez, and Celso Luiz Martone, he formed the "MCM Consultores Associados", to which he belonged until 1995.

In 1997, Maílson da Nóbrega would begin structuring the consulting company "Tendências Consultoria Integrada" along with Nathan Blanche and Gustavo Loyola, former Central Bank governor (and former partner of the MCM). The experience of both in the public area made "Tendências" (along with MCM) become one of the main Brazilian economic consulting services, whose clients include major "players" of the financial market and institutions operating in high-risk, speculative investments, known informally as "black belt funds". In January 1999, based on reports by "Tendências" and MCM, which had expected a devaluation of the real in February alone, the "black belts" Marka and FonteCindam went bankrupt - even though they had received a substantial aid package of Central Bank, chaired by Francisco Lopes. In what has become one of the biggest financial scandals of the Fernando Henrique Cardoso administration, it was shown that the presence of former financial authorities in a consultancy, was no guarantee of profits.

However, the case Marka/FonteCindam has not affected the prestige of Maílson da Nóbrega or of his consultancy. Columnist of the "Folha de S. Paulo" since 1998, in 2000 he would move to the "O Estado de S. Paulo", and from 2005 he began to write fortnightly to weekly magazine "Veja". In 2012, while still being a "Tendências" partner and one of the most requested Brazilian panelists (about 90 presentations a year, especially in the analysis of the political and economic situation), Maílson da Nóbrega was also on the board of directors of seven companies in Brazil and abroad (including Grendene, TIM, Rodobens and Cosan).

The movie

In 2013, directed by Louise Sottomaior, was released the documentary O Brasil Deu Certo. E Agora? ("Brazil has succeeded. What now?"). Conceived by Maílson da Nóbrega, the movie deals with the achievement of political and economic stability in Brazil and the challenges facing the country's growth. With the testimony of three former presidents of the republic (Sarney, Collor and FHC), seven former Central Bank presidents and 13 former ministers, it wasn't attended by former president Lula da Silva, the current president, Dilma Rousseff, former Finance Minister Antonio Palocci or the incumbent, Guido Mantega. According to Maílson, all were invited, but opted not to participate.

Controversies

Nóbrega and the "Citizen Kane"

In his autobiography, Além do Feijão com Arroz ("Beyond Rice and Beans"), Maílson da Nobrega reports that his appointment as Finance Minister had the approval of the powerful telecommunications tycoon Roberto Marinho (which Nóbrega compares to William Randolph Hearst, or more precisely, to "Citizen Kane"). President Sarney oriented Nóbrega to speak first with "Dr. Roberto" in his office in Brasilia. The conversation, which Nóbrega describes as a "confirmation hearing" was held on the afternoon of January 5, 1988. Marinho appears to have been satisfied with what he heard, because at the return to the ministry, about 18 pm (10 minutes after leaving the office of the Rede Globo), Nóbrega was greeted by his secretary, who had heard in the breaking news of the Jornal Nacional that he had been confirmed as Minister of Finance. He then received a call from Sarney, summoning him to the Planalto Palace to assume office.

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."

Although it had begun in a cordial manner, the relationship between Marinho and Nóbrega became tense in the following months. The first problem was the cancellation of a government program to promote exports, in which Roberto Marinho wanted to sell one billion dollars in prefabricated houses. The program was canceled, but the interest of Marinho ended up being published by the "Jornal do Brasil", "O Globo"'s (Marinho's family newspaper) main competitor in Rio de Janeiro. Displeased, Roberto Marinho, pressed President Sarney to make Nóbrega to deny the information. Even after Nóbrega refused to give a formal denial, was said in Jornal Nacional, the main news program of TV Globo, that the information had been denied.

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. 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. Serpa was the same that in 1988 had tried - unsuccessfully - to mediate the billion dollar agreement in manufactured homes proposed by "Dr. Roberto".

Nóbrega vs. ISTOÉ

On April 28, 1999, with the scandal Marka/FonteCindam in the spotlight, the news magazine "ISTOÉ" published an editorial, Moralização Já! ("Moralisation Now!"), who criticized the "promiscuous" relationship between the financial market and the public power, evidenced by the fact that monetary authorities went to work as consultants immediately after leaving the government - or vice versa - and Maílson da Nobrega was specifically cited as an example. In consequence, based on the Brazilian Press Law, Nóbrega filed a lawsuit against the weekly magazine, seeking clarification on the conclusions made in the editorial.

The explanations have been given in the edition #1554 of the magazine, the July 14, 1999. In them, the editor of "ISTOÉ", Domingo Cecilio 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.

Published works

  • Ferreira da Nóbrega, Maílson (2000). O Brasil em Transformação (in Portuguese). Infinito. p. 324. ISBN 9788573122893. {{cite book}}: Unknown parameter |authormask= ignored (|author-mask= suggested) (help)
  • Ferreira da Nóbrega, Maílson (2005). O futuro chegou: instituições e desenvolvimento no Brasil (in Portuguese). Globo. p. 399. ISBN 9788525040916. {{cite book}}: Unknown parameter |authormask= ignored (|author-mask= suggested) (help)
  • Ferreira da Nóbrega, Maílson; Z. Sottomaior, Louise (2010). Além do feijão com arroz (in Portuguese). Rio de Janeiro: Civilização Brasileira. p. 602. ISBN 9788520010501. {{cite book}}: Unknown parameter |authormask= ignored (|author-mask= suggested) (help)

See also

References

  1. ^ "Ministros de Estado da Fazenda" (in Portuguese). Ministry of Finance of Brazil. Retrieved 2013-05-30.
  2. "Maílson Ferreira da Nóbrega" (in Portuguese). Ministry of Finance of Brazil. Retrieved 2013-05-30.
  3. ^ "Linha do Tempo" (in Portuguese). Maílson Ferreira da Nóbrega. Retrieved 2013-05-30.
  4. ^ Monica Piccolo Almeida (2010). "Reformas neoliberais no Brasil" (pdf) (in Portuguese). Niterói: Universidade Federal Fluminense. Retrieved 2013-05-30.
  5. Thayer Watkins. "The Hyperinflation in Brazil, 1980-1994". Retrieved 2013-05-30.
  6. ^ "Cronologia Anos 1980" (in Portuguese). Folha de S. Paulo. Retrieved 2013-05-30.
  7. ^ Odail Figueiredo Jr. (1988-01-13). "Chega de medidas heróicas". São Paulo: Veja (magazine): 3–6. ISSN 0100-7122. {{cite journal}}: Cite journal requires |journal= (help)
  8. 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.
  9. James M. Boughton (2001-10-01). "Silent Revolution - The International Monetary Fund 1979–1989" (pdf). International Monetary Fund. Retrieved 2013-05-30.
  10. ^ "Price Indices" (pdf). Central Bank of Brazil. 2005. Retrieved 2013-05-30.
  11. ^ Eric Nepomuceno (1989-01-16). "Brasil anuncia un 'plan verano' para combatir la inflación y cambia su moneda" (in Spanish). El País. Retrieved 2013-05-30.
  12. "Brazil: The 1985-89 Period". Country Listing. April 1997. Retrieved 2013-05-30.
  13. Ygor Salles (2009-01-15). "Mailson admite fracasso do Plano Verão, mas questiona correção na poupança" (in Portuguese). Folha de S. Paulo. Retrieved 2013-05-30.
  14. William Waak (1989-03-30). "El 'plan verano' contra la inflación en Brasil fracasa tras dos meses de vigencia" (in Spanish). El País. Retrieved 2013-05-30.
  15. Guido Mantega (1989-04-01). "Plano Verão e neoliberalismo" (in Portuguese). Teoria e Debate. Retrieved 2013-05-30.
  16. James Brooke (1990-01-07). "Bad Times, Bold Plans for Brazil". The New York Times. Retrieved 2013-05-30.
  17. "O que foi o Plano Verão '89?" (in Portuguese). ABRADEC. 2010. Retrieved 2013-05-30.
  18. "Planos Econômicos" (in Portuguese). Confederação Nacional do Sistema Financeiro. Retrieved 2013-05-30.
  19. Paula Adamo Idoeta (2013-03-20). "Após 23 anos do Plano Collor, 'trauma de confisco' sobrevive" (in Portuguese). BBC Brasil. Retrieved 2013-05-30.
  20. Laura Somoggi (1997-04-07). "Só para quem tem nervos de aço" (in Portuguese). Exame (magazine). Retrieved 2013-05-30.
  21. Aguinaldo Nogueira (2010-05-20). "Ação entre amigos" (in Portuguese). Época. Retrieved 2013-05-30.
  22. Guilherme Barros (1999-04-26). "A vida dupla de Chico Lopes" (in Portuguese). Época. Retrieved 2013-05-30. {{cite web}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  23. Eric Nepomuceno (1999-04-24). "Una comisión parlamentaria encuentra graves irregularidades en el Banco Central de Brasil" (in Spanish). El País. Retrieved 2013-05-30.
  24. William Mariotto (2012-08-06). "Rede de contatos" (in Portuguese). O Estado de S. Paulo. Retrieved 2013-05-30. {{cite web}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  25. "Documentário de Maílson da Nóbrega sobre rumos do Brasil tem pré-estreia gratuita" (in Portuguese). Folha de S. Paulo. 2013-04-30. Retrieved 2013-05-30.
  26. "Aos 70, Maílson veste uma nova camisa, a de cineasta" (in Portuguese). Valor Econômico. 2013-05-02. Retrieved 2013-05-30.
  27. Antonio Brasil. "Television in Brazil: Citizen Kane Revisited, or as the Globo Turns?" (pdf). Television Quarterly. Retrieved 2013-05-30.
  28. ^ Alex Solnik (2010-11-24). "Ex-Ministro mostra o poder de Roberto Marinho no governo Sarney" (in Portuguese). Brasileiros (magazine). Retrieved 2013-05-30.
  29. Guilherme Canela de Souza Godoi (1999-11-05). "Mídia & Mercado" (in Portuguese). Observatório da Imprensa. Retrieved 2013-05-30.
  30. Ricardo Setti (2011-11-21). "Além do Feijão com Arroz" (in Portuguese). Veja (magazine). 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.
  31. "Vai acabar em pizza". São Paulo: Veja (magazine). 1989-08-09: 56–57. ISSN 0100-7122. {{cite journal}}: Cite journal requires |journal= (help)
  32. "Moralização já" (in Portuguese). ISTOÉ. 1999-04-28. Retrieved 2013-05-30.
  33. ^ Domingo Cecilio Alzugaray (1999-07-14). "Publicação das explicações prestadas" (in Portuguese). ISTOÉ. Retrieved 2013-05-30.

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