Brazil's former richest man Eike Batista sent to prison

>>1766046
His fortune was tied to Brazil's commodity boom. When it crashed so did most of his wealth. A lesson in diversifying. Now he's being charged for paying bribes. Brazil, were corruption is the status quo, and he's being charged for greasing the wheels. I'm guessing some powerful former investors are bribing authorities to go after him out of spite for losing their money.

>>1766051
I read the article. I'm asking how its possible to be so rich and powerful and end up getting fucked this hard. He had all the means in the world to escape.

>>1766052
Once you make your billions you need to gtfo.

>>1766052
op is fucking retarded kill thread
>>1766051
fpbp answered question/10

>>1766046

>how the fuck do these insane falls from grace happen?

GREED & NARCISSISM

lmao

>>1766046
these people only have one speed dude, they take insane risks and the few that win seem like geniuses from survivor bias. If they had the personality to diversify and manage risk then they wouldnt be in this position in the first place.

>>1766108

You mean like Trump?

>>1766380
No faggot.

Not like my president.

Shitlib foreigner detected...

>>1767607
Prove him wrong then m8

>>1766380
yes exactly like trump- having a diversified property portfolio with very low debt

>>1766051
Eike was a charlatan, you don't know what you're talking about.
His father was the president of the former state company Vale do Rio Doce, a iron mining company. He gave inside information to his son, who started his gold mining business. The "lucky" son of a bitch almost seemed like he had all the maps, everywhere he dig there was gold. That's how he describes it, he says he was just really lucky, that's how he got rich.

Then he went to the oil business and scammed thousands of investors. Eike claimed that the oil reserve he bought would yield 1.8 billion barrels, but a report from 2012 shows it only had 315 million barrels in reserves. He had that information and maintained in secret for about a year, until it finally leaked and his company crashed. But not before he sold 56 million stocks of it in a week. He's being accused of insider trading.

source:
http://www1.folha.uol.com.br/mercado/2013/11/1366029-ogx-de-eike-sabia-desde-2012-que-reservas-poderiam-ser-82-menores.shtml
http://www.infomoney.com.br/mercados/acoes-e-indices/noticia/2870409/eike-batista-acusado-insider-trading-vendas-recentes-acoes-ogx

Not only that, he was in bed with the federal government of Brazil and the state government of Rio de Janeiro the whole time. The former state governor of Rio, Sergio Cabral, is also in jail. Cabral sold a R$1.2billion terrain owned by the state to Batista for 37 million.
Eike acquired sub-inflation rate loans from the federal government's state bank to invest in scams such as the one I mentioned above with the oil.

>>1768181
super interesting, thanks for posting