Manuel Vicente appears to have been the mastermind behind the secret financial network he and his cronies used to move millions of dollars out of Angola. Over the years, he pulled together a tight crew of government officials, generals, lawyers, and bankers. Working closely together and often serving as proxies for each other, this group built a business empire that spans dozens of companies, shareholdings in multinational corporations, and stakes in banks. None provided comment for this story because they could not be reached or did not respond.
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In late July 2004, allegations emerged in the press thatMeirelles and a central bank board member were being investigatedfor tax evasion. 16 The central bank issued pressreleases, denying the allegations. The Economist (2004),observing that Finance Minister Palocci had again tried to amasssupport for the unpopular central bank independence proposal,remarked that "[s]ome analysts attribute the circulation ofembarrassing stories about central bankers' taxes to foes of theinstitution's independence." There had also been considerabledissatisfaction about the conservative monetary policy stance. TheSelic rate had been reduced from 26.5 percent to 16.5 percentbetween May and December 2003, with a rate drop at each monthlymeeting, but the pace of further policy rate reductions slowedconsiderably over the first few months of 2004.17 At its May 2004meeting, the central bank held the Selic rate at 16 percent andmaintained the benchmark rate at that level at its June and Julymeetings.
ARTICLES
Elena San Román, Paloma Fernández Pérez, Águeda Gil López, As old as history: Family-controlled business groups in transport services: the case of SEUR, p. 1201
Mark Casson, Catherine Casson, The history of entrepreneurship: Medieval origins of a modern phenomenon, p. 1223
Joan Carles Cirer-Costa, Majorca's tourism cluster: The creation of an industrial district, 1919-36, p. 1243
Qing Lu, Is the speed of post-acquisition integration manageable? Case study: post-acquisition integration of HSBC with the Mercantile Bank, 1959-84, p. 1262
Adriana Castagnoli, Across borders and beyond boundaries: How the Olivetti Company became a multinational, p. 1281
Hubert Bonin, Europeanised French bankers? (From the 1830s to the 1970s), p. 1312
Liselotte Eriksson, Beneficiaries or policyholders? The role of women in Swedish life insurance 1900-1950, p. 1335
Roy Edwards, Anthony Gandy, Navigating the M-Form: Product Scope Review and the development of the General Electric Computer Department, p. 1361
Book Reviews, p. 1380