Robbery at BB

In 1986, Jair Bolsonaro was in the Army and published an article in a magazine complaining about his salary. He was sentenced to 15 days in jail for violating military discipline. His third son, Eduardo , was 2 years old. The president of Brazil was José Sarney, who signed legislation at the time to combat crimes against the financial system, 7.492, the popular White Collar Law. In self-imposed exile in the United States since February, now congressman Eduardo blatantly defied the law, in an unpatriotic crusade mounted with his father's allowance on American soil to try to save the captain from going to jail again, this time as a convicted coup attempter. He said on YouTube that Banco do Brasil will be cut off from international finance by the US, will suffer capital flight, and will go bankrupt. "I'm sure there are already people worried right now, wanting to know where the money is going." Disclosing false or harmfully incomplete information about a financial institution is a crime. It carries a prison sentence of 2 to 6 years. It's right there in Article 3 of the White Collar Crime Law. The Federal Police and the Supreme Federal Court have been urged to take action.

Banco do Brasil is the second largest bank in the country in terms of assets and the fifth largest in terms of clients. Among them are Bolsonaro, Eduardo, and Supreme Court Judge Alexandre de Moraes. The judge's salary, R$46,000 gross and R$30,000 net, is deposited at the institution. Continuous monitoring by the bank's security department identified unauthorized access to Moraes' account by five employees after the US subjected him to the Magnitsky Act , which requires US companies to ban whomever the government wants, or else they themselves face punishment. Uncle Sam's sword was unsheathed thanks to Eduardo and Paulo Figueiredo, grandson of Brazil's last general-dictator, all with the intention of preventing Bolsonaro from being tried starting on September 2nd. The sanction has yet to take effect. Another Supreme Court member, Flávio Dino, issued an order that puts banks in a bind. Should they apply sanctions from a foreign country, they will have to deal with the Court. Eduardo's video emerged two days later, amid a far-right social media campaign against BB.

Tarciana Medeiros, president of the institution, projects lower profits. Father and son fall under the white-collar crime law – Image: Sergio Lima/AFP and Marcelo Camargo/Agência Brasil

This isn't the only sabotage against the institution planned by Bolsonaro supporters. BB's profits have plummeted this year, and one of the two explanations is the record defaults by rural producers. The institution is responsible for half of the loans to agricultural producers. Of every 3 reais in the credit portfolio, 1 real went to them, totaling 404 billion reais. Agribusiness , as we know, is a staunchly Bolsonaro-supporting sector. Some at the bank's top brass suspect the defaults are orchestrated by ruralists interested in harming the government. Its directors publicly state that they are the result of falling commodity prices and the actions of savvy lawyers, who have advised medium and large producers to go to court to file for bankruptcy protection and, thus, obtain authorization to default on their debts. "The defaults (in agribusiness) have been putting pressure on our results, increasing the need for our provisions," commented BB's president, Tarciana Medeiros , in August, when announcing the second-quarter results. A situation that continues, she continued, and will cause annual profits to shrink by between 32% and 43%.

Meanwhile, the powerful ruralist caucus in Congress is pushing through laws to stick the bill for defaulting on public coffers, or rather, on taxpayers. They propose rolling over agricultural debts or securitizing them, which means converting the debt into tradable securities on the financial market and backed by the National Treasury—meaning the parrot could fall into the lap of the state. The most advanced bill to realize the group's dream was approved in July in the Chamber of Deputies and is now in the Senate. It creates a 30 billion reais line, with funds from the Pre-Salt Social Fund, to provide ten-year relief to those in debt. It's always worth remembering: landowners pay ridiculous amounts for the vast land they control. Each collected an average of 1,700 reais in Rural Land Tax last year. "The ITR is very low. We're talking to some mayors about how to address this," Finance Minister Fernando Haddad said in an interview with journalist Luis Nassif, in which he highlighted an "attack" by Bolsonaro supporters on Banco do Brasil, both on the "debt" front and on the incentive to withdraw funds.

Eduardo Bolsonaro scares account holders. Ruralists default on agricultural financing.

The attack prompted employees and supporters of the institution to hold demonstrations outside branches in some cities on August 27. "When someone spreads the word that a bank of this size is bankrupt, they assume responsibility for potentially very serious consequences. This could cause panic among account holders and cause exactly the problem they claim to be reporting. It's an act of political and economic irresponsibility," said Representative Reimont , a career banker from Rio de Janeiro's Workers' Party (PT), who attended a demonstration in Brasília.

A representative of the financial system operating in the federal capital recently commented in a meeting with lawmakers that the worst thing that could happen as a result of Bolsonaro's campaign would be a bank run to withdraw money. This danger was highlighted by BB, the Central Bank, the Attorney General's Office, and the Workers' Party leader in the Chamber of Deputies, Lindbergh Farias , in documents sent to the Federal Police and the Supreme Court, requesting the opening of an investigation into the crime under the White-Collar Law.

Soybean producers in the Midwest and South are among the bank's largest debtors – Image: iStockphoto

The Banco do Brasil complaint, which led the AGU to contact the Federal Police, identified that the campaign began one day after Dino's ruling on the risk of banks complying with Trumpist sanctions in defiance of national rules. A YouTube video from the pro-Bolsonaro channel AuriVerde Brasil showed a lawyer, Jeffrey Chiquini, declaring: "Banco do Brasil is 51% state-owned, Banco do Brasil will comply with Flávio Dino's decision, and Banco do Brasil will be sanctioned by the Magnitsky Act and will be disconnected from the global Swift system. Immediately withdraw your money from Banco do Brasil because it will be sanctioned, that's a certainty." Chiquini is defending Filipe Martins , Bolsonaro's international affairs advisor during his presidency, in the Supreme Court. Also on August 19, he wrote on his former Twitter account: "My advice to you who have an account at Banco do Brasil, withdraw your money from there." The post had over 1 million views before being deleted.

On the same social network, the pro-Bolsonaro pages Vox Liberdade and Revista Timeline published an alleged embezzlement of funds from Banco do Brasil branches in the US. In a WhatsApp group of the institution's managers, one of them reported that a client had withdrawn 3.5 million reais. Chiquini's "advice" was reproduced on Instagram, on the profile of a supporter of Congressman Nikolas Ferreira, from the Minas Gerais PL. "The facts, as we can see, are extremely serious. And so are the potential and undesirable consequences, if they are not immediately prevented, avoided, and severely punished," notes the Banco do Brasil complaint. "We observe a coordinated action of mass publications seeking to terrorize society with the imminent prospect of a collapse in the national financial system," the AGU (Authority Attorney's Office) emphasizes, requesting action from the Federal Police.

Five BB employees improperly accessed Alexandre de Moraes' accounts. They are under investigation.

In his representation to the Supreme Court, Lindbergh Farias requested an investigation into two fellow representatives: Eduardo Bolsonaro, due to the August 20th YouTube video viewed more than 500,000 times, and Gustavo Gayer , from the Goiás PL party. "Take your money out of the banks. Moraes will bankrupt Brazil," Gayer had written on his former Twitter account. He regretted it, like Chiquini, and later deleted it, perhaps after being informed of the lipstick on his underwear. The post had received more than 250,000 views. "The criminal offense in question is formal, not requiring a material result. The mere dissemination of false information with the potential to cause harm already constitutes a crime," Farias' representation states. "The conduct may also fall under Law No. 1,521/1951, which addresses crimes against the popular economy," the paperwork addressed to Moraes continues, as the judge is the reporting judge of the investigation against Bolsonaro and Eduardo, due to coercion by the Supreme Court in partnership with the US. The judge is expected to forward the case to the Federal Police and the Attorney General's Office for investigation.

The Federal Police's final report on the coercion contains interesting information about two Banco do Brasil account holders: Bolsonaro and Eduardo. In the 2022 election, the then-president declared assets of R$2.3 million, of which R$315,000 was held in an account at the institution. He became incredibly wealthy after leaving office. Between 2023 and 2024, he raised R$19 million in donations from supporters to allegedly pay for his lawyers. By June of this year, he had spent R$4.5 million on Celso Vilardi, his defense attorney in the attempted coup criminal case, R$3.3 million on Paulo Amador da Cunha Bueno, and the same amount on Daniel Tesser.

Moraes's bank secrecy was illegally breached. And who pays lobbyist Jason Miller's bill? – Image: Pool/Getty/AFP and Mauro Pimentel/AFP

Using the same donations, the captain sent a 2 million reais monthly allowance to Eduardo, the conspirator. The congressman had declared assets of 1.6 million reais in the 2022 election, of which 600,000 reais were deposited in a Banco do Brasil account. He went into self-imposed exile last February in Trump's homeland and, after receiving the windfall from his father, spent 1.6 million reais buying dollars. The money was sent to a bank in San Francisco, California. In Washington, there are reports that a strategist and Trump collaborator, Jason Miller, is one of the highest-paid lobbyists in the US today, earning $50,000 a month, and that he has been working with his son, No. 3, to secure sanctions against Brazil. Was he being paid with money sent by Bolsonaro? In 2021, Miller was in Brazil and met with the then-president at the Alvorada Palace. He was detained for a few hours by the Federal Police on Moraes' orders.

After deducting what he spent on lawyers, his son, and a R$2 million transfer to his wife, Michelle, Bolsonaro pocketed R$4 million, resources he has used to indulge himself as a rentier and profit from the Central Bank's high interest rates. The Central Bank's interest rate began rising in September 2024. It was at 10% annually and reached 15% last June. This was another reason for the 40% drop in Banco do Brasil's profits in the first half of the year. Small and medium-sized businesses felt the brunt of more expensive credit. The other reason is the rural sector. "We are at the highest level of default in the agricultural sector in history," declared Tarciana Medeiros in August.

Gayer, Nogueira and Heinze, the iron trio of the ruralist caucus that wants to stick the bill on the backs of taxpayers – Image: Marina Ramos/Ag Câmara and Gustavo Moreno/STF

From 2020 to 2023, the rate of late payments on agricultural debts was 1% or less. In 2024, it jumped to 2.4%. This year, it jumped to 3.4%. "Even in our most pessimistic forecasts, we didn't foresee this," said the executive. There are 20,000 rural defaulters, of whom 74% had never had late payments until 2023. Detail: the bank charges the lowest spreads on agricultural debt, 4%. Companies in general charge 5%, and individuals, 13%. After three consecutive years of record profits exceeding R$30 billion, the balance will now be between R$21 billion and R$25 billion, according to internal projections.

A National Monetary Council decision in effect since January has complicated matters. Banks need to set aside funds to cover expected losses. Until now, provisions were made when defaults were finalized. In the agribusiness sector, Banco do Brasil has been able to identify expected losses and thus make larger provisions. The larger the provision, the lower the profit. Since the rural sector's payment crisis became explicit during the release of its first-quarter results in May, the institution's share price fell from R$25 to R$20. Its market value has dropped by approximately R$28 billion. The institution has 1.5 million shareholders, the largest of which is the government, with a 50% stake.

In the wake of the agricultural crisis, the Vice President of Agribusiness and Family Farming was replaced in August. A career employee, Luiz Gustavo Braz Lage, who had been with the bank since 1981, left, and agronomist Gilson Bittencourt, who had served in various ministries during the Lula and Dilma Rousseff administrations, joined. Prior to this, the board had already experienced several changes. The current occupant of the position, Alberto Martinhago Vieira, is the fourth in the current administration.

The ruralist caucus is working in Congress to seek new debt forgiveness for agribusiness

Tarciana Medeiros has stated that the bank understands the profile of delinquent agricultural producers, especially those who sought judicial reorganization on the advice of legal counsel. This last group includes 808 clients, whose combined debts total R$5.4 billion, an individual average of R$6.6 million. They are, in fact, large producers. BB has signed a cooperation agreement with the Federal Attorney General's Office to combat what it calls predatory litigation. She says she has been trying to explain to clients that, by filing for reorganization in court, they will be branded throughout the financial system and will have difficulty obtaining loans from any institution. This is because, unlike a regular company, which can open another firm with a new CNPJ (Brazilian Registry of Legal Entities), it is the individual taxpayer's individual (CPF) that appears in judicial reorganization proceedings, and their CPF remains unchanged (at least legally). The complaint against the lawyers' action led the Brazilian Bar Association to demand explanations from the institution's president.

Judicial recovery aside, BB outlined an average profile of rural debtors. Half are soybean, corn, and cattle producers located in the Central-West and South regions. Congressmen from the ruralist caucus have been working primarily from these two regions to postpone debt payments and send the bill to the public coffers. Congressman Rodolfo Nogueira, from Mato Grosso do Sul's PL party, proposed in May rolling over the debts of rural debtors in his state for ten years, plus a three-year grace period. This sounds like self-serving legislation. During the 2022 campaign, Nogueira informed the Electoral Court that he owned 497 tons of soybeans, valued at the time at R$1.4 million. He also had R$127,000 in Banco do Brasil.

Lindbergh Farias sent a request for an investigation to the Supreme Federal Court (STF) and the Federal Police. The attacks on BB began shortly after Minister Dino's decision – Image: Jefferson Rudy/Senate Agency, Vinicius Loures/Chamber Agency, and Zeca Ribeiro/Chamber Agency

The final text of the law with a special R$30 billion credit line was authored by Rio Grande do Sul congressman Afonso Hamm, of the PP party. In the last election, Hamm declared he owned six land holdings. The bill, which he was responsible for reporting and finalizing, had been proposed in 2023 by his colleague Domingos Neto, of the PSD party, from Ceará, to prioritize small producers and fishermen affected by the drought until 2020. Hamm changed the profile of those benefiting and extended the covered debts until June 2025.

Senator Luiz Carlos Heinze, Hamm's fellow countryman and fellow party member, introduced a bill in February to securitize rural debts of producers in areas affected by public calamity or climate-related losses up to this year. Heinze is a leading figure in the ruralist caucus. When elected in 2019, he declared to the court that he owned 24 plots of land. His securitization proposal was approved in May by the Senate Agriculture Committee with a favorable opinion from Senator Hamilton Mourão , from Rio Grande do Sul, of the Republican Party, Bolsonaro's vice president. The floor now goes to the Economic Affairs Committee.

Published in issue no. 1377 of CartaCapital , on September 3, 2025.

This text appears in the print edition of CartaCapital under the title 'Assalto ao BB'