Petrobras Scandal Reveals Tactic of Hiding Behind Too Big To Fail Cloak of Protection

On April 14 when Bridgewater Associates was reported in ValueWalk saying that Petróleo Brasileiro SA (Petrobras) was a systematic risk to the country of Brazil itself, there were skeptics on several levels. The “too big to fail” banks in the U.S., for instance, took Bridgewater to task, as reported in ValueWalk. Now, almost four months later, the depth of the scandal is considered breathtaking, a fact punctuated by a recent New York Times article detailing the scale of Brazil’s version of a “too big to fail” tragedy. What has yet to be recognized in the Petrobras scandal is how a…