Archive for December 2008

So, Bernie got himself into a bit of trouble...why Madoff's Latin American clients are staying silent.

From the Wall Street Journal:

Wealthy Latin Americans appear to be among the big losers in the $50 billion Ponzi scheme orchestrated by financier Bernard Madoff, although many in the region are reluctant to step forward due to the private nature of Latin American fortunes, worries about security, and concerns about tipping off local tax authorities.

I'm a bit torn about what I think about this. On the one hand, in a world region where kidnapping is a form of income and often go so badly, sure, the wealthy don't want their names in papers... a who's who list of who to kidnap (although, post-Madoff, ransom dough might be scarcer). On the other, since when do Latin America's wealthy keep a low profile? Keep in mind that this is the region in the world with the largest disparity between rich and poor. These are people who ride around in luxury cars and get their photographs taken in the society papers.

My guess is that the strange silence (not one single Brazilian investor has come forward--this in Latin America's most robust economy) comes from not wanting local governments to look too closely at shady finance maneuvers (underreporting wealth to avoid paying taxes) and, possibly, the even shadier origins of some of these fortunes in the first place... akin to reporting the theft of a car that you've stolen.

Continue reading "Latins Quiet About Madoff Losses."



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(from an email) Yo, el Supremo. Paraguay's take on Bastos, Francia, and Stroessner

I'm having (what I hope is) an interesting email exchange about Bastos' masterwork Yo, el Supremo (1974) and Paraguay and thought, hey, why not post it? Gaspar Francia is the first dictator of Paraguay after independence (early 1800s) who closed the borders and prohibited contact with the outside world... For this, he got criticized by his contemporaries for being totally insane, but praised by later generations as one who was committed to Paraguayan independence. Bastos wrote a book about Francia but it was seen (and intended) as a thinly veiled critique of the Stroessner dictatorship under which Bastos was living in 20th century Paraguay.

Here's the question:
I run a tiny book club in ... and wanted to ask someone in Paraguay how important is Augusto Roa Bastos' I, The Supreme is there. Do you hear Paraguayans mention José Gaspar Rodríguez de Francia y Velasco very often? What is the conventional wisdom on the book? I am under the impression that 'Dr. Francia' remains a respected figure there, but the book doesn't show him in a very admirable light...


Here's my answer:
Thanks for emailing. Yo, el Supremo is an important work in Paraguay and Bastos is a figure who, though dead, has left his mark on the country. But, notice how "important" and "mark" don't necessarily mean "well-liked" or "popular." There are super cool cultural centers named after Bastos and Yo, el Supremo is in every bookstore (even the super tiny shacks on the sidewalks that seem to specialize in porn).

But, Paraguayans are very nationalistic and the figure of Francia, as you've said, is viewed very positively ("when a couple got married, they got a little piece of land and a pig and some seed from the state" a union leader once told me of Francia's reign). And so, Bastos' critique of Francia is controversial. I've had people take great pains to explain to me that the historical Francia and the Bastos's figure are very different and that I shouldn't confuse literature with history.

What was even more surprising to me was the way people have defended Stroessner (who Francia was a stand-in for in that book). And I mean ordinary people (not just those who have an interest in the conservative regime) who were all "some people say he's a 'dictator' but he was the president" and "some people say some people in his government committed torture, but I don't know anything of that."

Um... I hope this is a helpful email :) I'm reading it against the research I'm conducting and so it's cool to even get a chance to chat about it.


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Olvidoteca-- the library of forgotten books.

As I know well, people often leave things behind as they scurry to the airport or train station. Conde Duque, a hotel in Madrid, has transformed this into a literary project: a library (biblioteca) of books left accidentally by patrons.

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