Brazilian cases are worth of brief comments. Sadia, for instance,
reported a non-recurrent loss, associated to derivatives instruments, of 777.4
million Reais* in the third quarter of 2008. Most of the Sadia’s losses resulted
from speculative operations with foreign exchange and a smaller portion was due
to investments in Lehman Brothers’ securities (Barbieri, 2008a). The company’s
short position in dollars reached US$ 8.4 billion. The portion of operations
with a 12-month term that were liquidated in advance resulted in a loss of 544.5
million Reais, and the total loss due to the crisis, registered in the third quarter
was as high as 1.2 billion reais (Cruz & Valenti, 2008).
Brazilian cases are worth of brief comments. Sadia, for instance,reported a non-recurrent loss, associated to derivatives instruments, of 777.4million Reais* in the third quarter of 2008. Most of the Sadia’s losses resultedfrom speculative operations with foreign exchange and a smaller portion was dueto investments in Lehman Brothers’ securities (Barbieri, 2008a). The company’sshort position in dollars reached US$ 8.4 billion. The portion of operationswith a 12-month term that were liquidated in advance resulted in a loss of 544.5million Reais, and the total loss due to the crisis, registered in the third quarterwas as high as 1.2 billion reais (Cruz & Valenti, 2008).
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