Brazilian Telecom Giant Deserved to Fall

22.06.2016 • The Economy

From Daily Pro (Brazil)-

So are you saying that there are people out there blaming “Privataria Tucana” for the request of judicial recovery of Oi (telecommunication company)? It privatization would be our only responsibility for the failure of national television.

I enter the Empiricus office at 7:10 am. I drop off my son at school at 7am and go straight to work. In the dead of night, there is no one else in the street. It takes me ten minutes to travel between Paulista road to Joaquim Floriano street. Normally, I am the one who turns on the lights here and everything. The company seems like one of those ghost towns, from Resident Evil, when I arrived.

Today was different. When I entered, the lights were already turned on, and some computers were lit. Part of the colleagues here take turns on Tuesdays. On my desk there was a yellow Post-it note that said, “Felipe, please write an open letter to the guy explaining everything that happened.”

I really did not know whether to answer the request. I have a certain laziness of these people. I think a subject so common and so cliche seems like a waste of time.

I considered the request on the post-it note with much laziness, I decided to sum it up in one paragraph. The subject does not deserve more than this:

Oi’s pension funds, changing the General Law on Grants for training of national television that was controlled in practice by Portugal Telecom without being fired tag along to minority (I tried to publicly support the Time Capital at the time), which bled with excessive dividends suckered by Andrade Gutierrez (yes, herself), which has among its main BNDES creditors, BB and CEF, and of course, the owner of the antenna notorious in Atibaia, broke on account of privatization? And if it was publicly owned, it would be healthy, no? As healthy as Petrobras, with its R $ 500 billion in debt, or as to the CEF, waiting anxiously for an injection of capital, or even as the Bank of Brazil, which has already broken several times throughout history and today it goes back to being the main prejudicial principle by Oi filing for bankruptcy?

Let’s focus on what matters.

-If you want to subscribe to read more, visit empiricus.com.br (paywall) (Portuguese)-

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