MALU GASPAR: "ELE JÁ LEVANTAVA SUSPEITAS MUITO ANTES DA PRISÃO"

Summary

Malu Gaspar explains how she began investigating Banco Master in 2024, well before the November operation that led to Daniel Vorcaro's arrest and the bank's liquidation. She details market suspicions of an inflated balance sheet, the role of pre-precatório assets, Caixa analysts' rejection of Master letras financeiras and their subsequent removal, and sales of Master debt to state pension funds. The conversation also covers the Central Bank's dilemma, the BRB acquisition attempt, and why the case became a major regulatory challenge.

• Malu Gaspar says Banco Master was already under market suspicion in 2024 over a possibly inflated balance sheet.
• Caixa analysts opposed buying R$500 million in Master letras financeiras at 125% of CDI and were removed from their posts.
• Master sold letras financeiras to state pension funds, including Rio Previdência, with exposure reaching about R$1 billion.
• The bank booked large pre-precatório assets that were not yet enforceable and could be worth less if sold.
• The Central Bank had restricted Master's precatório purchases, pushing it to seek funding from other sources.
• BRB's announced purchase of Master and the later fraud operation turned the case into a major challenge for Gabriel Galípolo.
• The episode raises governance, asset-quality, and regulatory-risk questions for investors in private bank debt.