🤔 Controversial market sheriff

The government last week formally appointed Otto Lobo to head Brazil's Securities Commission (CVM). Lobo, who has served on the CVM board since 2022, was confirmed by the Senate in May, and will now lead the agency until July 2027.

He was first brought into the CVM by far-right former President Jair Bolsonaro, and is now being promoted by leftist Luiz Inácio Lula da Silva — with the backing of the Big Center, the patronage-minded bloc whose votes the president needs to govern, and of Joesley Batista, who co-owns Brazil's most powerful business conglomerate. Former Finance Minister Fernando Haddad, a close Lula ally, opposed Lobo's nomination…

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