By Raul Gallegos

NEW YORK, Nov 19 (Reuters Breakingviews) – The collapse of
Colombia’s largest brokerage evokes MF Global (MFGLQ.PK: Quote , Profile , Research ) more
than Lehman Brothers LEHMB.UL. Interbolsa’s ICB.CN rapid
demise is a tale of an ambitious firm with shoddy financing
felled by bad bets and a chronic lack of liquidity. Despite its
importance to the country’s financial markets, however, the
fallout shouldn’t be systemic.

Interbolsa handled a third of the daily activity in the
Bolsa de Valores de Colombia BVC.CN and was also a dealer in
its home country’s sovereign debt. But unless the dodgy funding
turns out to be more pervasive, absorbing the loss of such a big
player should be manageable. Interbolsa was leveraged at 18
times equity – higher than U.S. firms operate under, but not
worryingly so.

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)

By Raul Gallegos

NEW YORK, Sept 18 (Reuters Breakingviews) – Brazilian banks
need a better handle on consumer credit. The liquidation,
announced this week, of midsize lender Banco Cruzeiro do Sul
stems from fraud, but it specialized in loans to Brazil’s
burgeoning middle class. That group has grown so fast that the
credit record is about as short as it was for U.S. subprime
mortgages in 2008. The comparison is extreme, but it suggests
Brazil’s banks need both good data and a cautious approach to
lending.

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)

By Raul Gallegos

NEW YORK, Aug 14 (Reuters Breakingviews) – Rupert Murdoch is
banking on U.S. Latinos going all-American. News Corp’s (NWSA.O: Quote , Profile , Research )
new MundoFox, a Spanish-language joint venture with Colombia’s
RCN Television TRR.CN, should have little trouble piquing the
interest of America’s fastest-growing minority with the Latin
American country’s television soap operas. Throwing in
U.S.-style programs is the novelty ? and could define how much
market share News Corp can grab.

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)

By Raul Gallegos

NEW YORK, Aug 2 (Reuters Breakingviews) – Brazil’s Chevron
(CVX.N: Quote , Profile , Research ) ban straddles the worst of two worlds. Suspending the
U.S. oil giant’s local operations, and those of Transocean
(RIG.N: Quote , Profile , Research ), over a minor spill keeps Latin America’s biggest
economy aligned with the likes of Argentina and Venezuela. Such
meddling won’t help Brazil revive flagging growth. At the same
time, the prosecutorial zeal involved with the case apes bad
practice from the developed world.

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)(Adds related columns.)

By Raul Gallegos

NEW YORK, July 24 (Reuters Breakingviews) – Brazil’s bank
giants are putting prudence before politics. Itau (ITUB4.SA: Quote , Profile , Research ) and
Bradesco (BBDC4.SA: Quote , Profile , Research ) are slowing consumer lending as loan
defaults climb. The move runs counter to the wishes of President
Dilma Rousseff, who is pressuring the nation’s banks to lend
more at rock-bottom rates. But with consumers and the broader
economy under pressure, a dose of financial conservatism is
welcome.