Financial crisis in Brazil: pension funds under scrutiny for corruption

The financial situation in Brazil is at a critical point, marked by an analysis of pension funds, which together total over R$ 500 billion, and their inability to invest in real estate ventures and infrastructure. This landscape has been shaken by corruption scandals that have left an estimated gap of R$ 50 billion, resulting from investments driven by bribes during the governments of Lula da Silva and Dilma Rousseff. In this context, President Lula has expressed his intention to revoke restrictions that prevent the use of these resources in sectors crucial for the country's development. To achieve this goal, Lula seeks the approval of an authorization from the Secretariat of Complementary Pension that would allow the funds to reinvest in real estate and infrastructure securities. However, the response from fund managers has been clear: they are willing to consider this new model only if a presidential decree that penalizes those responsible for "management errors" with disqualifications of up to ten years and fines that can reach one million reais is repealed. This point of discussion has sparked an intense debate, in which the "criminalization" of the sector has been used as an argument by fund leaders. It is a fact that the term "criminalization" has begun to be used curiously, as if it were an injustice against those responsible for criminal acts. For many employees and retirees of entities such as Caixa, Petrobras, and the Postal Service, this concept of "criminalization" is nothing more than a mockery of the crimes that have been committed with their savings, those they have accumulated over a lifetime of work to ensure a peaceful retirement. The revelations about how figures like Joesley and Wesley Batista have used pension funds for their own benefit are alarming. These businessmen confessed to having obtained more than R$ 500 million from Funcef and Petros to finance mergers in the pulp industry, highlighting the lack of ethics and corruption that have permeated the system. Likewise, the case of Marcelo Odebrecht, who managed to convince Previ to invest in properties at exorbitant prices, underscores the need for a thorough review of how these resources are managed. In light of this context, Lula's government has proposed a solution that involves using company funds to cover the existing deficit in pension systems. For example, the Postal Service has promised to contribute R$ 7.6 billion to Postalis, although the total deficit amounts to R$ 15 billion. This means that employees and retirees will still have to face the burden of covering the difference, a situation that is not only unsustainable but also generates increasing distrust in the government's management of the funds. At Petrobras, the situation is similar, as a contribution is being discussed that would not only aim to cover losses but also involves the payment of millions in compensation by the company to the bankrupt Sete Brasil. This perspective has sparked criticism and a sense of injustice, as the oil company, which should be seen as a victim in these cases, seems to be assuming a role of guilt in the government's narrative. The return of figures like João Vaccari Neto to the upper echelons of power has added another layer of complexity to this situation. His influence over the management of pension funds is undeniable, and his connection to the Workers' Party (PT) raises questions about transparency and ethics in the management of these resources. In this sense, the approval of new measures allowing unions to access the resources of the Worker Support Fund (FAT) raises even more concerns about the ability to control the use of these amounts. The aim of these new regulations is to assist entities that have faced difficulties following the elimination of mandatory union dues. However, the lack of strict controls over how the money, which could now be allocated to projects through deputies and union leaders, will be managed is a cause for concern, especially considering the fund's history of scandals. As the PT and Lula attempt to regain their influence, the shadow of a problematic past looms over their political and economic strategy. Despite the current context demanding an innovative and effective response, it seems that Lula's environment clings to outdated formulas that have already proven detrimental. The lack of creativity and reliance on past practices could undermine any attempt to move towards a more prosperous and sustainable future. In summary, Brazil is at a crossroads. The urgency to address current issues with new strategies is evident, but the repetition of past mistakes could lead the country into a new crisis of trust and financial sustainability. The question is whether the government will learn from its history or, on the contrary, repeat the cycle of corruption and distrust that has marked institutions in recent years.