Brazil’s Federal Development Bank – BNDES, has been subsidizing loans to companies involved in the Petrobras scandal

Luciano Coutinho, president of the Brazil National Development Bank (BNDES), Photographer: Pete Marovich/Bloomberg

The bank’s financial ties to Brazil’s big companies, many of which are often top campaign donors, is pitting President Dilma Rousseff against the nation’s highest court. Brazil’s Supreme Court is calling for more transparency even as Rousseff vetoed a proposal to end bank secrecy rules that conceal the lender’s business.

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