Brazil-Banking consolidation.

BRAZIL.

BANKING CONCENTRATION.

The share total assets held by Brazils five largest banks rose 65.72%, at the close of 2008, this was up more than 13 % points from the end of 2007.

The Central Bank of Brazil, released the figures on Tuesday. The sharp increase in asset concentration was due to the different mergers announced last year and the strength of the countries largest financial institutions.

Meanwhile the Rich Latin Americans were the main victims in the scam of Bernard MaddoffGreed, greed and more greed caused the downfall of hundreds of investors in the region including Andres Piedrahita the Colmbian born London based banker, his Father in Law Walter Noel, founder of the Fairfield Greenwich Group, who was the biggest single investor with US$7.5 billion.

Santandor, Spain’s biggest bank and big players in Argentina and Brazil lost US$2.5 billion.

The wealthy Clariond family, the Argentine family who made their money in steel are calling it fraud and they are up for millions, according to reports in the local press.

Then there are the many who are to embarrassed to come forward, and the ones that dare not come forward, because of the origin of the capital they invested.

We have had the wife of an Argentine president in recent years, caught red handed at the airport in Buenos Aires cargo terminal, with two one ton pallets of US one hundred dollar bills.