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A Dirty Job

What's down with down under?

Source: Tar Sands World

Petrobras (PBR) is one of the world's leading oil companies, it was the heart of the B in BRIC countries. It had the potential to put Brazil into a leadership position among market participants. But, that didn't happen. Authorities allege that construction companies paid bribes to mid-level Petrobras executives to secure inflated contracts. The executives then kicked back some of those bribes to government officials overseeing the construction. In essence, they were all stealing from the company.

The stock has taken a dive. It was already weak, having fallen 40% from September to December. But, now it's down another 40%. In all, the stock has fallen almost 90% from its heady days in 2008 - when investment flows into Brazil were so strong that the country needed to restrict them.

Source: Finviz

The stock is down due to the uncertainty. Amid… Read More …