Why banks are now voicing concern about Brazilian democracy

At a lavish event this week in Brasilia, many of Brazil’s top companies and financial institutions came together to voice their concern that President Jair Bolsonaro would not accept the result of this year’s election should it go against him.

The Brazilian Report was there. Between dishes crafted by renowned chefs and wines costing more than a basic basket of food, big-business representatives fervently defended democracy, while former Supreme Court justices delivered lectures and repeated catchphrases from the lectern.

No one advocated in favor of a preferred candidate. There was not even specific criticism of Mr. Bolsonaro. “What prevailed was plurality and respect for diverging opinions. It was a victory for democracy,” said the event’s organizer, businessman Roberto Camilo. He claims the meeting was political but non-partisan, with the elite foregrounding their worries over the stability of the country. 

The event is part of a number of moves from Brazilian tycoons to distance themselves from the country’s far-right president and support democracy and the rule of law. On Friday, Fiesp – a federation of São Paulo industrialists – launched a pro-democracy manifesto criticizing “those who cross the reasonable limits of constructive criticism” about the voting system, although it doesn’t go as far as to charge Mr. Bolsonaro by name.

Many have criticized Big Business’ delay...