Bloomberg has a great piece on Brazil’s massive corruption scandal [lightly edited for continuity]:
Prosecutors have named 16 companies that allegedly formed a cartel to fix [government-owned oil company] Petrobras contracts between 2006 and 2014. The list includes some of Brazil’s largest construction and engineering firms. [They] say the builders got away with it by paying kickbacks, usually 3 percent, on every contract. Petrobras estimates that the graft added up to at least 6.2 billion reais, much of which, prosecutors say, was funneled to [political] parties.
The authors argue that corruption has hurt Brazil’s economy, which is going through its “worst four-year slump in twenty-five years,” but they trace the system back to the 1960s: