Some 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 reais9 (Cruz & Valenti, 2008).