A Playboy Billionaire's Bankruptcy

Four years ago, we witnessed the rise of a hidden underdog blazing through recessions and downfalls to make momentous hallmarks. Brazil's economy gained 7.5% in 2010 and continued to garner praise from all over the world for its impressive economic advancements on top of receiving the World Cup and Summer Olympics 2016 bids. The country's vast improvements triggered similar effects in its neighbors in Latin America, as countries like Argentina and Chile became well-known for their fostering of entrepreneurship. At one point, and even now to some degree, we thought Latin America was where the next boom will be.

Don't get me wrong. I lived in Argentina for some time and still believe the country and its bordering companions can make big gains with some major changes. However, many things became doubtful as continued corruption, declining health of the economies, and rising protests blinded my own eyes. Now, as Eike Batista, once one of the wealthiest people in the world, is ready to declare bankruptcy for his lucrative oil company OGX, things are not as smooth as they once seemed to be.

I remember vividly reading an article about Batista a year or two ago that lauded the entrepreneur's hungry mindset and keen business acumen. Back then, his net worth was off the charts. However, it appears that many things can change within a year or so. According to WSJ and other sources, Batista is failing to make bond payments to investors such as BlackRock and PIMCO, and is prone to making rash decisions that is hindering the progress of talks. He failed to monetize on his investments in oil-extracting fields that are placed all around the world.

A lot is a reflection of the weakening of many Latin American countries. Incredible corruption amalgamated with heavy tax codes on the private sector in addition to loss of optimism by consumers are clearly making the futures of countries like Brazil look very bleak. Of course, not all is lost. The countries have incredible strengths in many areas such as food exports and such. Still, improvements in critical areas such as the public services sector must be made.

What do you think?

 

He's never been much of a businessman, to be honest. (Disclosure - I'm Brazilian). The story I've always heard is that he purchased his initial sites from the government (privatization FTW) with a little help from his daddy (who had connections in politics, obviously). His daddy would tell him which satellite photos showed more promising locale and he would 'surprisingly' blow away all bids on those.

His son also killed a biker in Rio speeding in a super-car and (as usual in corrupt Brazil) got off. Google it for details.

Bottom line, this guy's always been a loud-mouth con artist.

 

Recusandae adipisci veritatis ut est aut. Architecto tempore est delectus ut ut ut molestiae.

Aspernatur molestias est quos itaque. Ipsum nam at iure nostrum dolores. Culpa quo porro eos itaque.

Architecto delectus aut ut voluptatum voluptates nobis. Architecto sed est nemo architecto. Quia nihil vel esse earum. Voluptas nobis modi maxime et sint. Velit animi neque et et earum in.

Similique aperiam minima soluta magni facere et. Possimus deserunt corrupti consequatur. Nihil harum distinctio voluptatum cumque necessitatibus architecto aut.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake son.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”