Video transcript
O CASO DO BANCO MASTER E O VERDADEIRO SISTEMA | Café Com Boulos
358 statements · 2 politicians · March 1, 2026 · 22 min
Statements by Guilherme Boulos, Tarcisio. 358 transcribed statements, with topic and stance on the ones the analysis classified. Topics: Governance and Corruption, Financial Regulation & Transparency, Economic Power, Pensions / Public Fund Management.
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Transcript
358 statementsFull transcript of the video. Statements the analysis classified carry topic and stance.
Man, you've probably seen more than once a bunch of far-right politicians say they're against the system.
It's become fashionable.
The system's little lapdogs have turned around to say they're against the system.
- Neutral
About: investigate and hold accountable corruption cases related to the triplex
Now, what I want to show today is that the Banco Master case helps to lay bare who the real system in Brazil is.
So, got time for a little coffee?
To make a good coffee, my dear... First let's understand what the Banco Master case is, right?
Because it's talked about a lot, and sometimes you see the headline, you read the book.
- Neutral
About: investigate and hold accountable corruption cases related to the triplex
The products that were offered to BRB were a fraud.
- Neutral
About: investigate and hold accountable corruption cases related to the triplex
And there is a lot of evidence at the Federal Police that BRB knew it was buying a pig in a poke, knew it was buying rotten assets.
How did Banco Master carry out a scam that became a major financial scandal in Brazil?
They simply did the following: they started selling CDBs.
What is a CDB?
It's a Certificate of Bank Deposit, a financial asset.
So let's think, you Rodrigo, you're a billionaire, you want to invest, Master, BTG, Itaú show up and say... 'I'll sell you a CDB and your rate of return will be 50%.'
So, if you invest one million, you'll take one and a half million.
Then, after a period, on the redemption of that security and so on.
And then investment funds or individual investors go there and buy those banks' CDBs with the promise of that return.
That's the financial market and such.
What did Master do?
They said the following.
It was a small bank and they started selling securities, offering a rate of return far above the market.
They offered the CDBs at 140%.
That is, offering a yield and attracting more people to buy their CDBs, getting a bigger return later.
And they did this by fraudulently inflating their initial capital, their backing.
A financial institution, in order to go out lending, taking money, issuing securities, needs to have capital... that supports that.
That's what's called the degree of leverage.
That is, how much a bank puts beyond what it has as collateral.
So just look at what happened in the 2008 crisis.
It was the subprime crisis.
What was that?
It was more or less the same thing.
It was something done without backing.
That is, you would already say, Rodrigo, you earned a minimum wage, but I'm going to finance for you a 20 million reais mansion in Morumbi or Lago Sul.
Okay?
They would finance it.
That was the so-called... subprime mortgage credit, which had the risk of not being paid.
And of course it wasn't going to be paid.
That was clear, but then the bank would sell its credit to a fund that would sell it to another.
That's how the financial market is, it's a big casino.
And that somehow gave the guarantee that it would work and that everyone would be paid.
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