How Andre Esteves' arrest could torpedo Brazil’s economy

Andre Esteves was the face of Brazil's decade-long boom. But now his downfall in the Cashwash scandal has left his banking kingdom without its king.

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Andres Esteves: the fall of Brazil's king of banking

In his last interview before being arrested two weeks ago, Brazilian billionaire banker, Andre Esteves, gave no hint of impending trouble, says the Financial Times. "We are in a tough moment", he observed, referring to Brazil's sinking economy. But now the former systems analyst, who rose to become the "golden boy" of Brazilian finance, is facing his own crisis "one with the potential to unravel his empire and torpedo Brazil's economy". His detention opens "a new frontier" in the vast bribes-for-contracts scandal at oil giant Petrobras, which continues to convulse the country (see below).

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