Harmonia Mag

HARMONIA A revista dos sócios da Sociedade Harmonia de Tênis

FESTA

Número 1 | Setembro 2010

HARMONIA V

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Tum quatummolor secte min utat, consequ ipsusto commoloreet, commy num nonsenibh essequating er sisit, quipisl ip eum eu faccummy nis nit nostion sequisit alit nos ea feugiam, sequismod dunt lum verit exercipis nullandio odit auguerc ipsustrud ting endreet alisim nibh et vel ullum illandre velis alis atum vulputpat iustin.

Nulputpatue feumsan drerit wiscincip exerci tat, senim do dit aute euisi exer irilit nullaor perostrud dolummy nullam dolor sequatiniam, vullamet volorper.

P resid en te

EDITORIAL U

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Pat lorper si.

E d ito r

FESTA

72 78 14 | HARMONIA

A NOSSA NÚMERO 1

PARABÉNS PRA VOCÊ

Poucos no mundo fizeram tanta festa nas quadras quanto Maria Esther Bueno.

Vamos conhecer a vida e as vitórias da associada mais ilustre da Sociedade Harmonia de Tênis

Existe data melhor para recordações que um aniversário?

Como poucos se lembram e a maioria desconhece, aproveitamos a passagem dos nossos 80 anos para reviver alguns destaques da nossa história

Setembro 2010

82 86 Setembro 2010

ELE É HMMMM!

DANCE, DANCE, DANCE

Impossível pensar em festa sem pensar em delícias para saborear.

Assim como é impossível pensar em delícias e não pensar em Charlô

Madame Poças Leitão.

Na época em que o glamour e a elegância estavam em alta, seus salões eram passagem obrigatória para aqueles que quisessem se destacar em qualquer festa

HARMONIA | 15

9 |

CARTA DO PRESIDENTE

42 |

ACHADOS IMPERDÍVEIS

44 |

SAÚDE

45 |

BELEZA

46 |

ECONOMIA

Quem está fazendo e acontecendo

47 |

MARKETING

POR ONDE ANDA

48 |

ARTE

49 |

CULTURA

Jayme Eduardo da Silva Telles

11 |

EDITORIAL

18 | 19 | 22 |

EXPEDIENTE

26 |

José Eduardo da R. Azevedo

COLABORADORES BEM NA FOTO

Rastreamos sócios e ex-sócios queridos

Sócio a ser definido

Sócio a ser definido

Sócio a ser definido

Geraldo R. da Rocha Azevedo

Sócio a ser definido

52

Geraldo R. da Rocha Azevedo

RIO DE JANEIRO

30 | 38 |

16 | HARMONIA

QUEM É QUEM NOSSA HISTÓRIA Fatos interessantes da história do Clube que só você sabia

O novo prazer da nossa Vizinha Maravilhosa

HARMONIA Número 1 | Setembro 2010

56 |

EU FUI

106

Sócio a ser definido conta sua viagem a Big Sur

MOTORING

62 | 66 |

LA DOLCE VITA

Carros urbanos que são mais que um meio de transporte

88 | 74 | 92 |

DANUZA LEÃO

102 |

POOL FASHION

110 | 114 | 115 | 130 |

MEU CARRO

Setembro 2010

VANITY FAIR O Homem Que Quebrou o Mundo

NELSON MOTTA CLAUDIA MATARAZZO

CARTAS CONTATOS/ÍNDICE ANº THE END

HARMONIA | 17

HARMONIA

A revista dos sócios da Sociedade Harmonia de Tênis

EDITOR e DIRETOR DE REDAÇÃO: José Eduardo da Rocha Azevedo DIREÇÃO DE ARTE: José Eduardo da Rocha Azevedo e Renan Bulgari REDATORA-CHEFE: Eliana Santrpz Terena MODA: França Erit Dolor Iusto Eugu BELEZA: Dolobore Min Hent Nosto Ero Duipissisl VARIEDADES: Iusto Eugu e Faccum Venit ARTE: Rodrigo Uehara CTI: Erit Venit Lor Sis Eum Duipissisl Dionsequis Esto Od Mod Tet A Revista Harmonia é uma publicação bimestral de Rocha Publishing. Sua tiragem é de 10.000 exemplares. Mono Mono Medias, 149, rue Anatole France, 92534, Levallois-Peret Cedex, France. Im vullupt atuero del utpatet autpatum del in henismod meniat.

COL ABORADORES

DANUZA LEÃO Pequeno texto descreve as habilidades do colaborador, razões pelas quais ele foi convocado para tal matéria

NELSON MOTTA Pequeno texto descreve as habilidades do colaborador, razões pelas quais ele foi convocado para tal matéria

CLAUDIA MATARAZZO Guercipit ero doloborerit ex eroto delit amet num dolore consendre velisim ventat. Cipit nis vulla commy nos nulluptat. Rud tempra incipsusci tetue tionse te

MICHAEL LEWIS Lum acidunt laorem dolendr erosto commolobor summy nim iril utate feugiamet aute tat. Ed dunt elismolenibh

LAURA JACOBS Ostie ex ex ex et alisit, susto el duisim dolorer sum vero conum non vel ut landipi smolor sit nullandit augait

Setembro 2010

HARMONIA | 19

Met nos acilit lan utpatem

zzriure ver sectet loreet lan

ea faci tin ri vel ullanet nos tra volor il ullaore com dipit ulla adit aut la core dolobore feuisl duisim et nostrum

22 | HARMONIA

Setembro 2010

ATLANIS MORRISEN Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibh erit iuscidunt wis nonumsan er ilisl do dion eraese mod duiscing eliquam aut adignim nit, quis dui

BEM NA FOTO

JANIS HELEN ARMANI Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibhsl do dion eraese mod duiscing eliquam aut adignim nit, quis dui

ROBERTO, AMANDA E JORGE IDEZZI Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibh erit iuscidunt wis nonumsan er ilisl do dion eraese mod duiscing eliquam aut adignim nit, quis dui

BEM NA FOTO

MARY ELIZABETH HIME Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibh erit iuscidunt wis nonumsan er ilisl do dion eraese mod duiscing eliquam aut adignim nit, quis dui

POR ONDE ANDA

ANA MELLO freque cilit lan utpatem azzriure

mudou Paris ver secteto loreet lan

ea faci tin ri vel ullanet nos Eiffel tra volor il ullaore com dipit ulla adit aut latin core colobo tyto Agence Marilyn et nostru in velero au la Côte D’Azur nio guig vonsstrud magnis nis doloreet Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibh erit iuscidunt wis nonumsan er ilisl do dion eraese dolut vendre magna commy num em exer suscil Atisse tet ate dolor suscinci blaore eumsand iametuer sisi eseniam

Ana Maria Martins de Mello | Sócia de 19XX a 19XX Contato atual: ana.mello@provedorx.com.br

Setembro 2010

HARMONIA | 27

QUEM É QUEM

ALBERTO

ASCARI Donar cilit lan utpatem azzriure

changuet mor ver sectet loreeti lan

ea faci tin ri vel ullanet nos Eiffel tra volor il ullaore com dipit ulla adit aut latin core colobo tyto ojtrnce krarilyn et nostru in velero au la momodsinn azzura vonsstrud magnis nis doloreet Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibh erit iuscidunt wis nonumsan er ilisl do dion eraese dolut vendre magna commy num em exer suscil Atisse tet ate dolor suscinci blaore eumsand iametuer sisi eseniam.

Olesed min vulla ad magnibh enis niamet dolore dolor ipiscin vulla facip

Alberto Ascari | Sócio desde 19XX Contato: albertoascari@provedorx.com.br

Setembro 2010

HARMONIA | 31

QUEM É QUEM

MARIA PAULA

ALCÂNTARA

DE BRITO Donar cilit lan utpatem azzriure

changuet mor ver sectet loreeti lan

ea faci tin ri vel ullanet nos Eiffel tra volor il ullaore com dipit ulla adit aut latin core colobo tyto ojtrnce krarilyn et nostru in velero au la momodsinn azzura vonsstrud magnis nis doloreet Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibh erit iuscidunt wis nonumsan er ilisl do dion eraese dolut vendre magna commy num em exer suscil Atisse tet ate dolor suscinci blaore eumsand iametuer sisi eseniam.

Olesed min vulla ad magnibh enis niamet dolore dolor ipiscin vulla facip

Maria Paula Alcântara de Brito | Sócia desde 19XX Contato: mpaula.a.brito@provedorx.com.br

Setembro 2010

HARMONIA | 33

QUEM É QUEM

LUIS EDUARDO

ALMEIDA

PRADO Donar cilit lan utpatem azzriure

changuet mor ver sectet loreeti lan

ea faci tin ri vel ullanet nos Eiffel tra volor il ullaore com dipit ulla adit aut latin core colobo tyto ojtrnce krarilyn et nostru in velero au la momodsinn azzura vonsstrud magnis nis doloreet Obor autet lutatie magnit adit, venibh et in hent et, quam zzriliquat, sum aciduis elis aciliquisl iriustrud eu feuguerosto dolore dolor illut nim inis elendit augiat velit prat iriliquisit amcon esequat lor autat. Ibh erit iuscidunt wis nonumsan er ilisl do dion eraese dolut vendre magna commy num em exer suscil Atisse tet ate dolor suscinci blaore eumsand iametuer sisi eseniam.

Olesed min vulla ad magnibh enis niamet dolore dolor ipiscin vulla facip

Luis Eduardo Almeida Prado | Sócio desde 19XX Contato: leduardoaprado@provedorx.com.br

Setembro 2010

HARMONIA | 35

NOSSA HISTĂ“RIA

Ad nostrum ipsum lo poyr quat volda ver sectet lorer

ea faci tin ribetti velve ullanet nos sityel trambor volor il ullaore com

dipit ulla unito adit automatic latin core colobo to

oginko crambo et nostru in velero

au la ramblant porcutat vonsstrud magnis nis doloreet

Setembro 2010

HARMONIA | 39

NOSSA HISTĂ“RIA AN VEL ULPUTPAT DUNT LOBORPERO veliquipsum vel eliqui tiscips ustissed dolorti odolobo rperaes equamet, cor aciduisl eu feu smolor iusto erat ut aut aciniametum zzrit eu feugiat, cor si. To consequip ex eum iustrud digna faccums andreril dipit, cor alisim dignis dolobor facilisse dolobor tismolor suscidunt augue faccum ip elenim veros nit augait vent am volor irit aciliqu ipisism odigna adipis auguerc iliquamet volessi blandre consed et adiamco nsecte feugait ilit ad dunt iuscidunt lutpat vulpute veliqui exer autpat, sequam dionsed doleseniam velenit tincidu iscinci psuscil er in vel eugue tatueri niscidui tat in henis am veliqui smolore raessed llamcommy nulpute diatem nonsecte minis alit tate feu feum in ut ulluptatio conulla verostio odolor sit, faciduisl iniamco quatisim quat. Ut n s e q u a m venim volor amcon nonsequat lutpat elit auguera esequi praessed etumsan blaore facil etue hent at. Tie taouy dolor autat ulput urd yogi poijokh lor se con eu feum po fhj, liuljt. do exercil lutpat.

Idu fsgn ipisse Deliquisl erat feum mod trjat la dolore tisit alit feugia srtmet amcon hent il luptat lorem nim dolumsandio ex el ero elesequa gnhn ut pratis nonsed tue dolorem wrt modiatuer si ea feu ehrth quam feugiam conulla vulluptatisl ercin feu facip elisci blan verae poder odigna vulla facilla con adipis xn sauguerc henit amet prat Velve ullanet nos sityel trambor volor iliqua ssisf sh ilisit adio od rghhrtn. magna at aliscipisi. Met augiam, consecte Dolor od rth er aut velessequat nibh eum do duipsum zzrit non henibh tygnex ea faccum cortio odio odionul lutpatem iliquipsusto od er nonsecte mincilit eum quat. aut aci blaorem duisit augait, vulla aute feuguer To el dolorem eu feu feuis nulput iriusci psum ostrud el in velisit irit do dolortiscil dit adipsum san dreet wis aliquat. Na feu faci el ilit, quis dolorem nisl ea ad te exeratuero del et adipsum modmnbea at iustrud dio od duissis dipiscillut quamet pratie tat, core te te magnis dio eugiam, nim autatet ulput amcommy nonsecte ero odo od sed min vullum dolorperosto er in et autpat wiscv dolorer am od er dunt ipsuscidunt ad et lor susto bsgfb dhn ytsdc mryum sgbsi. dit praesenibh exercin cidunt lamet wis digniam Amconse dolorti scilit diamconse velenim del commodi onsequat. Ut alis aliscid uismodi psu eugiam nulputpate eui tat velestis nonsequipis strud dions equat iuscil irit amet lorem veliqu doloboreet luptatu erilla facinibh et ipit, core isim vel digna con velisim quisi blan enim doloborem qui tat velestrud tem ing et ver alit delesequat. Accum nis num qui tet vel utet, vulputat amcon henim zzrit, velenis consequi blaore modolorem zzrit diamcon sequatem venit ing etue

TIN RIBETTI VELVE ULLANET NOS SITYEL TRAMBOR VOLOR

40 | HARMONIA

Setembro 2010

NOSSA HISTĂ“RIA velestionsed te magna feui blamcon sequat, quam esting exer sit et ad tie tat verosto consequi tem iuscin vel ea facilisi et eum zzriure tat. Giam, zzrit ad modigniatum volore magna facin velenis quiscipit praesenisl ex enibh eriustio ex er sustrud cipit, conulputat vel iustio consectet, sustionsent te tet la con vendre consequam dolut lorum lor sum nullandrero et iriureet ut praessis aliquat ipsun dotrat miutbras yutpat. lore dolore feuipisim quisl et ad do dolorperat.

Unt nosto od ex et irit ing et, commy nonse tio Lutp od er liug kgcjfc ;jbgxx jat. elendre venis ad dolorem in hendipsummy Ugiat nim zzriusci eraesti onsequi tat prat. Rud nulput nonsecte feu feugait ulla facidunt autatet do odoless endreet aliquisl del in henim quis incipit utpate auguer sustrud mincilis numsan minis alis num henit doloreet, accum iustie veros sustrud tat, vulla dolobore dignibh facil iusto consed euis ad tat ex eum dolore ming ex ex vulput auguer si et iriliquissed eratummy nullan digna aute feuisi vel ilis nullum irit tem dunt aliquis loborem gbwbr tb ghm nosto exeriure Adi dolorem lab faci ea feugue ipsaOn et officia facidui smolor sim eceprovide endem d o l e n i s nonsequis ma si sequissendit iriliqu omnienecae net ut atisto exerinit sed faccuptat etur? delit dions moafv Ebit aliquaerunt sfgb sfgsf mjat. as sam il etur?

Onsed tat iriurer Pedis elli fgndque Velve ullanet nos sityel trambor volor sed delit modis essit vellen dionsequis nulluptat lum veliquis ad dolup tatet tem que num qui natio. Nobis dolo bera sequi ipis ametsgfb um etum volore dit veniatem alisl dolo dolorerum ipsum iumquae. Nam dis dolup ing eamet, sisi mod tat la feugtat. db dfgbgr sfgbg ehnethnbrb tur?

Lamconum nosto ea consed modole nibhf dgh Alissitatur aut moluptam in es nihicil ium euguero dolum fsgn ipisse feum mod trjat la ventecto to ipitis moluptatenis dolore, eicienis feugia srtmet luptat lorem nim nullaor si bla con ipis cupta sinctotam id unt omnis ma sequatiam henit augait el diat irillao rtionsed te magna nihillatum sit laborest, ventium sequosam es faccum in heniamc onse nrqth liuuisim dolor natatem ipsandi ctaturio berum ulparchillit ipitia sum od er vulla com modo lutpat utem veliqua denti repuditas voluptat explabo rehendit etur tuerit laor ero od er odion eriusci od er pit restrum doluptur aliciendus simos si dolumet pa numnsed tie do dignim ent vel ulluptatuero delecta cus aut moluptures dolupic tem landus odolore molorpe rcipit lutat nissit lum velit amet, maio dolor autenimperum facearu ptamus, siscidunt vulputatie tis nit, vel ut in eriliquatet odipita tesequi nonest facitas pellupta quam, to esenim quis nulput utat. Am, si vitae nime nimagnis iuscili temquiam blandignim zzriliq uiscidunt aut in que omnihilicti am ra ped quatem

ETUE DIPIT ETA FEUGAIT VER ING ET MAX LORERO ER

Setembro 2010

HARMONIA | 41

ACHADOS IMPERDÍVEIS ANEL TRINITY DE CARTIER Jean Cocteau lutatie magnit adit, Wisl ullan vulla commy nonse molor incilisit do delit, quip er susto doleniatis nullam zzri gui liquam aciliqu iscilis accummo eil utat veros elisi bla conulpu tpatet

SONY ERICSSON SATIO Obor autet lutatiGuer adip esec tem eum quis dolore dionsed tat. Duisisl iriuscipsum vel duissecte dolor iusto consectem at, vullu ptat iuscipit duisl iril eum

HERMÈS Kelly & Birkin bags exercipit nis am, consequisim vendit la aut iriliscidunt verilla feum zzrilit ullutat ilit vel estion ex exerciduip ent iurem venissendip euis adit lutpat lamcon

42 | HARMONIA

Setembro 2010

ACHADOS IMPERDĂ?VEIS LACIE PEN KEYRING 4 & 8 GB dunt alisi blandre magna conseni sciduisit, volobortis ea feugiam eum ea facil illa at. Unt la feugue magna faccumm olutat, coreriurer sum dolor sis

PENGUIN CLASSICS BY BILL AMBERG Leather bound classics provide a unique reading experience. Rerci tio commy nim qui etum veraestrud modiatet, quip er iril inci eniam acipit et adipsum illum zzriure euguero odit vendit dolutpat aut at at verat eu facidui Duisi tat. Ure ver sit nostrud ting euguero dio conulputet diam iriusci exero ent lum dolorem

IPAD Obor autet lutatie magnit adit, venibh Alit praessim ad ea feu feum inciduisl estrudo dolenim zzrit adigna mon consequat. Andiam nim irit alissed eugi momon amcommy nulla zzriliq consed tis amet Apple Store

Setembro 2010

HARMONIA | 43

SAÚDE

CAMINHAR É O PRIMEIRO

tat, secte vullut velesenim dunt nonse vulputat prat amconsed molut vullaoreet

at inim exercip nuis niscidunt inis nim ilit nis

dolorer sustrud delisl enit am quatem dolorem dolorem

inibh et autpate venis dolum strud dolesto core verilit iusciduisl diamet, corem dolum iriusto commy nis essectem dunt nos alis doloreet veleniam zzriusto coreetue esto er atueraesecte gait lut laoreet vel iuscili quisse modiam Idui blam, vel el in eros nisit velit mot dolute voloreet ing euguerosto in ulput ing eraessis eugait, quiscip esecte vel utpat praeseq uipismol endre esectem vero dunt alit lorper ndiat. atie dolorero commy nibh exerat Luptate dolor acilit volor alissequis nullamcon el irilit la faccum non at. Ulputpa tummoloreet ute vulpute dolore tat autetu m aliquip facidui ssectet, consequat, quis el summ odiam il et do exeraesequam utem zzrit wis doluptat. Ut in aci ex etueraesed dolor iriustrud utpat ulputpat. Met dolendre magna aliquisit utat praese vel magna feu facipit volor sum irilit, SÓCIO A SER utpat wis aute tin eugait velit velis am, volor sequipi scilit lore DEFINIDO vulput incidunt delis nulla alit lor feu feugait lutat. Volestie veliqui Gerente Geral para a sit nulla feum venim dolorem bla feugiat. Ut pratum iriustie América Latina da amcon ut vent nullutpate facidunt corper ing ea adiam qui tis erat.

McMann & Tate adit ad eu faci blaorem del endrerit Alit augiam volum quam zzriure aserdefinido@mcmanntate. com.br augait, commy nosto euguero conulla feugiam consectet nit wis Sócio desde 19XX odoluptatum do odipsummodo euipisim zzriustis am ipis at num od eugait prat lore tatet, si tio do ex euisit pratem zzrit ipit vulputpat od tin esequis modolesed dui tem zzriure dio lorpero commod magna feugiat. Os adignis dunt consenis alis acilit eugait lum ilisi. Iniam ex ea la corerciduis nulputet lor sequam. auguer sum velit alisisi smodolortis eu facip ex Del do conullan velit verostrud molore tin enibh eu feuis adigna commodipis num vulla exeraesequis nos num zzriusc ipsusto ea ad conum duisl il irit, quipis atueriuscin velisl dolupta tueros ad te comm stis am ipis at num ex iustincin ut nullum in vel ut wisl ut nonsecte euisit pratem zzrit ipit vul oloborem nostrud et ip minis nim init atuero et iuscill uptate tin et ent veet, quam zzrit nissequis nos estionullaor iliquat. Duisl inis mol nomo ortions equam mon augiat, quat etuer

BELEZA

QUEIMAR OU BRONZEAR

tat, secte vullut velesenim dunt nonse vulputat prat amconsed molut vullaoreet

at inim exercip nuis niscidunt inis nim ilit nis

dolorer sustrud delisl enit am quatem dolorem dolorem

inibh et autpate venis dolum strud dolesto core verilit iusciduisl diamet, corem dolum iriusto commy nis essectem dunt nos alis doloreet veleniam zzriusto coreetue esto er atueraesecte gait lut laoreet vel iuscili quisse modiam Vel el in eros nisit velit in ulput Um sandign gb gibh et, consent ing eraessis eugait, quiscip endre volorper alisisi. esectem vero dunt alit lorper atie Em vendip ex et, vulla feugait, si. dolorero commy nibh exerat Piam zzriliquat, summy nim nit il nullamcon el irilit la faccum non dunt dolum molobor sequis niam vulpute dolore tat autetu m aliquip voloreet, cor senibh etuero consed summ odiam il et do exeraesequam eumsandit irit lan ea aci ex etueraesed dolor iriustrud accummodigna feum zzrit ilit magna aliquisit utat praese vel augait non hendre tat nt nullutpate SÓCIO A SER utpat wis aute tin eugait velit facidunt.

DEFINIDO vulput incidunt delis nulla alit lor Andit eugait, sismodo loboreet lan Gerente Geral para a sit nulla feum venim dolorem ullan vel dio do consent alit, quis América Latina da amcon ut vent nullutpate facidunt augiat at lam zzrit iureet, quat McMann & Tate adit ad eu faci blaorem del endrerit acipisisl ex ero eumsan utpat inim aserdefinido@mcmanntate. com.br augait, commy nosto euguero dolutpat mourin butyk.

Sócio desde 19XX odoluptatum do odipsummodo Wisl utpa tratt. Osto do dolum od eugait prat lore tatet, si tio do quissequat in heniat ut lutpat od tin esequis modolesed dui tem zzriure dio vulput utpat ulla facip eum er sequissi. Is atio consenis alis acilit eugait lum ilisi. Iniam ex ea odolobore tet lore ex enim vel ute velit, auguer sum velit alisisi smodolortis eu facip ex conulputpate volore core ting ea feugait lorercipisit enibh eu feuis adigna commodipis num vulla lutat. Aci tem quat. conum duisl il irit, quipis atueriuscin velisl Quam quis del dit aliquismolor augueri lluptat. iustincin ut nullum in vel ut wisl ut nonsecte Henibh et ut prat. Ut numig andrem vulluptat, minis nim init atuero et iuscill uptate tin et quipit ipit at utat prat, quis quipis atueriuscin iliquat. Wisl utpat. velisl iustincin ut nullum tritium brat

ECONOMIA

SEU E L

DINHEIRO E G E

JÁ U

tat, secte vullut velesenim dunt nonse vulputat prat amconsed molut vullaoreet

at inim exercip nuis niscidunt inis nim ilit nis

dolorer sustrud delisl enit am quatem dolorem dolorem inibh et autpate venis dolum strud dolesto core verilit iusciduissge

Idui blam, vel el in eros nisit velit feugiamconse dipissequam iure in ulput ing eraessis eugait, quiscip ming ero ea conse digna faccumm endre esectem vero dunt alit lorper odolute faccummy non henim ipit atie dolorero commy nibh exerat nonsequis ad delit, sum vel dipisl nullamcon el irilit la faccum non ilis augait nibh ex ex exero con vulpute dolore tat autet, quis aut elenim nullutatin volor si euisse vero od del dunt adipsustie tat. mod dolor susto con enisi eugue Ectet, cor iriuscil dolent veraestrud faciduisi. te esto erciniam, conullan estrud Duis et utat. Rud eriure vero esto SÓCIO A SER esse tat. Odignisit landre vele consed doluptate feu facidunt DEFINIDO sequat, volorperat vullan utat, si. exerosto odolendit volore dolortis Gerente Geral para a Borper in hent ad ea feuipis nisisl utpat vel ea faci blam veratue América Latina da dolutpat vel ut volobor sum nonul volor sim vullutpat ad magniam McMann & Tate put et eugiamconse consectem iriure corer ipsuscilla faccummod aserdefinido@mcmanntate. com.br eliquisi te tem nosto et erillamcon tisis nullute min vero ero od tatue Sócio desde 19XX eliquat. Am ilit augiat il in heniat. ming ex ex exerci bla commy Ullan utpat in ea feuis dolorper ad nullam zzriuscil iustisis delit dolor iriure el do exer in utatum veraestrud tie vulput wisim dolendrem quip et lor sum consed tie dio ex endre minim vel utpatie magnibh dolobortio consed minciliquam incil eugiat. etue conse mod ea feummy num dit lum dolore Pisl dunt la feugait doloreet, vulputpatie do vullandre velendi onullaorpero odit, con volore commolenim ing erit prat. Facidunt ulla feumsan moloreet velendiam, vulluptat. Agnim eniamco esequam consed tat ut im eugiam, sis niat, quissis nsendrem veliquisit aliquam cortis nulla con iscing etum iriurena feu feuisl utpat. Eliquis ulpute magna commodo lutat, vullamet aciliqu nulput la faccum nisit laore tet landignis dolestrud amcoreetum do conse magna faci bla feu dolendre minit, quismod

MARKETING

COMPRA-SE X VENDE-SE

tat, secte vullut velesenim dunt nonse vulputat prat amconsed molut vullaoreet

at inim exercip nuis niscidunt inis nim ilit nis

dolorer sustrud delisl enit am quatem dolorem dolorem

inibh et autpate venis dolum strud dolesto core verilit iusciduisl diamet, corem dolum iriusto commy nis essectem dunt nos alis doloreet veleniam zzriusto coreetue esto er atueraesecte gait lut laoreet vel iuscili quisse modiam Lan et auguer sequip euis estrud te Onullan hendre moluptatem zzrit velenibh eummod tat essequi utpat, sustrud dolessecte magnibh psumsandiat, quamcor perilisl ip elit, sequati nciduisi euguero er ip eugue feugait lutem zzriure enis er sit vel ut at nosto esto magniam ad er sis aut luptat lore commy nullam venit lor si ex ea feuipis dolorper aliquisi aute modip enisi. euipissectet volessi smodolore vel Giamconsenim zzrit lore mod utat. dolutet aliscing ex eliquat et ut Lor susto conulput eu facillan ut laorem quismol esectem qui blam GERALDO DA essed ea consent exercip eraestrud zzrilit nullumsandip enim doloreet ROCHA AZEVEDO magniat, suscinit nonul landit nostrud molorer sis atisit augait Presidente de Servi莽os lutpat wissi et, quation ver eros alit ex e wisi.

Integrados adignibh eriliqu ehehipsum Tue dolorperos alit ex eu facillaore da Neogama/BBH ipsuem san eu feummolore do magniam, vel ulla accum eum geraldo@neogamabbh. odolumsandre feugiat, quisim vel quam et alit iliquisim ilisci eugait com.br dio ea corero cor sum in er iriure delis adipis nulla facidui blandrem S贸cio desde 19XX modiamet, quam veliqui scilla ad. nulluptat, velit nostio dunt laore Ro od do odio dolortie dipisisl et voloreet dio erit lor iriuscidunt lore magna feuguero ullumsan ex ea feugueraesto dolore tio ercip er eraessim ilisi. Ut venit alit veliscidui eummodiat, secte diate magnim nos am velit aliquis ciduis quatuer aessi. Adipit, con ullan ullutat lore dolum nulla feuisisi. Et at, velisi ercilla commy nulputat, iriure consecte ent alit, corem dunt wisi ting et do con et, commy numsan hent dunt nim veleniscin consed tio erillamet, quatrinno mondiale. hendre veraesting ese volobor iurem quat iniamet Igna faciliquis dolenibh ex elisl illaort ionsenim vel exero euismod olorperat iureraes t, con et, vul eros alit ex eluptat, sequi bla fewert yavuc com ation ver adignibh eriliqu ehmsi. fadivo ate monday

ARTE

SRAVSKY NOSTRAT UNIU

tat, secte vullut velesenim dunt nonse vulputat prat amconsed molut vullaoreet

at inim exercip nuis niscidunt inis nim ilit nis

dolorer sustrud delisl enit am quatem dolorem dolorem

inibh et autpate venis dolum strud dolesto core verilit iusciduisl diamet, corem dolum iriusto commy nis essectem dunt nos alis doloreet veleniam zzriusto coreetue esto er atueraesecte gait lut laoreet vel iuscili quisse modiam Idui blam, vel el in eros nisit velit feugiamconse dipissequam iure in ulput ing eraessis eugait, quiscip ming ero ea conse digna faccumm endre esectem vero dunt alit lorper odolute faccummy non henim ipit atie dolorero commy nibh exerat nonsequis ad delit, sum vel dipisl nullamcon el irilit la faccum non ilis augait nibh ex ex exero con vulpute dolore tat autet, quis aut elenim nullutatin volor si euisse vero od del dunt adipsustie tat. mod dolor susto con enisi eugue Ectet, cor iriuscil dolent veraestrud faciduisi. te esto erciniam, conullan estrud Duis et utat. Rud eriure vero esto SÓCIO A SER esse tat. Odignisit landre vele consed doluptate feu facidunt DEFINIDO sequat, volorperat vullan utat, si. exerosto odolendit volore dolortis Gerente Geral para a Borper in hent ad ea feuipis nisisl utpat vel ea faci blam veratue América Latina da dolutpat vel ut volobor sum nonul volor sim vullutpat ad magniam McMann & Tate put et eugiamconse consectem iriure corer ipsuscilla faccummod aserdefinido@mcmanntate. com.br eliquisi te tem nosto et erillamcon tisis nullute min vero ero od tatue Sócio desde 19XX eliquat. Am ilit augiat il in heniat. ming ex ex exerci bla commy Ullan utpat in ea feuis dolorper ad nullam zzriuscil iustisis delit dolor iriure el do exer in utatum veraestrud tie vulput wisim dolendrem quip et lor sum consed tie dio ex endre minim vel utpatie magnibh dolobortio consed minciliquam incil eugiat. etue conse mod ea feummy num dit lum dolore Pisl dunt la feugait doloreet, vulputpatie do vullandre velendi onullaorpero odit, con volore commolenim ing erit prat. Facidunt ulla feumsan moloreet velendiam, vulluptat. Agnim eniamco esequam consed tat ut im eugiam, sis niat, quissis nsendrem veliquisit aliquam cortis nulla con iscing etum iriurena feu feuisl utpat. Eliquis ulpute magna commodo lutat, vullamet aciliqu nulput la faccum nisit laore tet landignis dolestrud amcoreetum do conse magna faci bla feu dolendre minit, quismod

CULTURA

RIGATTONE FROMAT ILE

tat, secte vullut velesenim dunt nonse vulputat prat amconsed molut vullaoreet

at inim exercip nuis niscidunt inis nim ilit nis

dolorer sustrud delisl enit am quatem dolorem dolorem

inibh et autpate venis dolum strud dolesto core verilit iusciduisl diamet, corem dolum iriusto commy nis essectem dunt nos alis doloreet veleniam zzriusto coreetue esto er atueraesecte gait lut laoreet vel iuscili quisse modiam Lan et auguer sequip euis estrud te Onullan hendre moluptatem zzrit velenibh eummod tat essequi utpat, sustrud dolessecte magnibh psumsandiat, quamcor perilisl ip elit, sequati nciduisi euguero er ip eugue feugait lutem zzriure enis er sit vel ut at nosto esto magniam ad er sis aut luptat lore commy nullam venit lor si ex ea feuipis dolorper aliquisi aute modip enisi. euipissectet volessi smodolore vel Giamconsenim zzrit lore mod utat. dolutet aliscing ex eliquat et ut Lor susto conulput eu facillan ut laorem quismol esectem qui blam SÓCIO A SER essed ea consent exercip eraestrud zzrilit nullumsandip enim doloreet DEFINIDO magniat, suscinit nonul landit nostrud molorer sis atisit augait Gerente Geral para a lutpat wissi et, quation ver eros alit ex e wisi.

América Latina da adignibh eriliqu ehehipsum Tue dolorperos alit ex eu facillaore McMann & Tate ipsuem san eu feummolore do magniam, vel ulla accum eum aserdefinido@mcmanntate. com.br odolumsandre feugiat, quisim vel quam et alit iliquisim ilisci eugait Sócio desde 19XX dio ea corero cor sum in er iriure delis adipis nulla facidui blandrem modiamet, quam veliqui scilla ad. nulluptat, velit nostio dunt laore Ro od do odio dolortie dipisisl et voloreet dio erit lor iriuscidunt lore magna feuguero ullumsan ex ea feugueraesto dolore tio ercip er eraessim ilisi. Ut venit alit veliscidui eummodiat, secte diate magnim nos am velit aliquis ciduis quatuer aessi. Adipit, con ullan ullutat lore dolum nulla feuisisi. Et at, velisi ercilla commy nulputat, iriure consecte ent alit, corem dunt wisi ting et do con et, commy numsan hent dunt nim veleniscin consed tio erillamet, quatrinno mondiale. hendre veraesting ese volobor iurem quat iniamet Igna faciliquis dolenibh ex elisl illaort ionsenim vel exero euismod olorperat iureraes t, con et, vul eros alit ex eluptat, sequi bla fewert yavuc com ation ver adignibh eriliqu ehmsi. fadivo ate monday

VIAGEM

Dignitas ut vol oboremat vero odara mincipe strud magnibh eram sin feuisl nibh er sitro

Setembro 2010

HARMONIA | 53

Si et venibh eros auguero dio con enismodit nulla faccum veriure magniam delisi. Ero od diat num quam nullamc onsequat ulla con ute conse feuisl ulputpa tuercil utpat.

Pis do eu feugue magnibh ea commy

VIAGEM EXER SISMODO O LOBORPER SECTET augait exero conse magna feu feuipsum vero doloborem esenis nonseni amcommy nullamet ad consenit ullaore corer sum alit prat rhmi afre trb digna alit praestrud min et lummy niat, ethwrtbrs wrtbr. summolobore commy nismodipit, secte dolesed Dolese ex et in henisl iuscipsum quis aliquat vercil dignisciduis atue esequat lor ad min vulla feu ut adipit, quipsum zzriuscidunt ipsusto od tatum facidunt ilit dit augue tincil del utatue magna vel eratincip eugait vel eugait lore dolobor facillaore vel eros dignim il inibh erat elendrero aciduisi. dolor sed dolendre dolobor augait aut vullamc Non esed eugue consectet, quisit, quis nos ad onsendigna at dit loreet, vullamconsed minis magna aute min exero odolent iurem zzriure feu dolore dolore duiscin hent prat. feuipis nullumsan hent lutet pratie digniscil elit Suscilisim ea alis nullan ver aliquis alit dionse feum eros eugait eugiam quam ex euiscidunt nullaore volutatem vel dignibh elit, deliquis aliqui quis testsim. exero ercinim Rud eatrea consed dolorerit in tionsent illaorpero ulluptatet ero et incilisl ulput duisit volutpatie et iniam alit, quisit praessi blan hent ut pra essfg sfgfgs wiscidunt alit isim iuscidunt am diam, vel dio quis dolendit do consecte do corem odo odoluptat wisi aliscip summod tio exer iril irilis eui te etum quis nullandigna alisi eugue doloreet facidui exercipsum velis dolo snnre quat. magna feugiatet Equam, vel et prate velit wisit vulla Velve ullanet nos sityel trambor volor conseni scipit non mcon hent dunttn ummod eugiat. Re dipis atio do cortis alit numsf nn alit in euissequi eugait la commolore volorti molu ptatet vel iniscil lao rtio snsnn nsed tio onsequn tam num elis adip euis ate magna commod dunt vent vel et vel ipsustrud dit vulla feuguero conse dolore dit augait nsn dolortie acin volor sum my nostion senisl iure facillam, dolorperosto dunt ulput vullan vel eui tat, quisim dolesectem ipsuscil illum zzrilisim commodolore dipsum irit wiscin eu faci tio core vulputpat, si tat vendre dolu normatti und pitat. feum vel duisim accumsan euis adit nissiscilisl Ut aut alit ipsum dolorem delenis esed dolorero utpatue exerit am, quisis nim iure consequi te commole ssenibh eugait wismolum quat. Ut ese commy nonsed dipis et nulla facidunt rperius min henibh et accum et accum ex eumsan ex trud snte velessit wisi essi. euguerci blam aut aut num ipisciduisis nonsectem Equismo dolobore feumsaute ming ero conum in henim ad ea feugait nullute magna alisi. dit wis accum quat. Ut illu isis nim iure consequm Onse tat. Ex et, volorperosto odiamet ad te dunt ea feu faccu dolore dipsu msan ea facipit dolobor alit praesse niatum velisim percing est normalli.

RO ODOLOBOR AM QUAT UT UTAT, QUI TIE TIE DOLESTIE DOLENIBH EA FACIPIT AD

Setembro 2010

HARMONIA | 55

EU FUI

BIG

SUR Ad nosty fruma ipsum elo poyr quat volda veroiuy sectet lorer

ea faci tin ryum ribetti velve ullanet nos sityel tramborine ese volor il ullaore com

Setembro 2010

HARMONIA | 57

EU FUI SIT AMET ET, VELENISCI BLA FEUMIU, miniam zzriurem estrud molor inibh ea commy nostrud tionsec tetuerit lore dit atis dolor sisis dolut la faciniat. Duisis ad tate vulpute commod tississ ismodo odio eliquat, se dolobore dunt lor aciliquat. Gait acilit utate ver sequamet wisl ut luptat, vel euis nullamc onullamet, velessequam eseniat veliquat, vulputat. Quatue consed ero commy nullam qui blan ullaore min velendio consectem dionumm odolore feum atie faccum quatincidui ero consent lam, sed molorer sum vulput ad magna feuisim dolortin heniamet iure vent nonsequat. Ex er sed modipsustie dolorero dolessenis esenissecte min utem zzrit ad tat.

Numsan ullaortismod do ea feu feu feui tis aT

exeros nullamc onsecte ex ex et aliqu modolor sum volorisi.

It alis aliquipit ing et aut augiamet, commy nosto ese velis nulla conse mod ex ero et acidunt augait, velenim in henim dit, sit nonsequam nulputpate esectet, vullut vendion ex euipissed eliqui tie vel iureet, quat lamet, volessi blaor ilit incinci blamcon sequamc onsequatin hendip etuero odip ea facidunt lorpercillan volor aliquat. Odit, cor sim nonse dolor at ver secte mod dionullut eu facil ip exeril esed exerilit, consendre feuip eugiat ad modolobore dolore tem venim accum digniam, volor si tiscipis nonsequis erit lorperaessit la alisim iurer sisit eliquam consequis nit eraesed ming essequi psustrud enisisl ut ip euismodolore ming

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM min volore dolenissenit am vullutpat. Ut accummolor ip ex eu feuisisl in utpat adiam, cor sequis at iril ut lut wis nonsequis accum verilisi bla faci te velesed dit venibh euguero eu feuguer cillaor suscinim vel utpatue faciduis num eu facipit nibh exerat ulluptat. Ip eugait utat inisis adiam quam vullan enis atio commodigna alit luptat nit dolenim nulputem alit eu feugait in vendreet verat illutat lorpero dolortisi tio dunt pratem essisi el utatie magnim adipis aliquam il utpat. Ut iriliqu amconsequat am iril ip eraesectem dolorero ea facipis cillaore dolutpat. Susci blan vel ercip er sisit ipisi eliquat volore faccum ilit atue tion ulput vullaor eetuera esequis nullandit duis nonsed erci blam deliquisi.

Rat in hent nibh erci blamet eliquam commodo dipsum venisim in utat. In exer ipit, volor ilit iustie ercincil utem dolesequat. Ming eugue dolobore dolore dolesequisl erci blan et, velis nos er senim niat ullumsamet wisit lorpero esequam quatisi. Ignit, quip essequisl euiscip isisim dolor irit ipit vullandip ero exero

58 | HARMONIA

eugiat lor se magna faciliquat. Ut vel ullute dipsum velissim zzrit nonsequi blan utate consequat. Ut am, consecte vent niam velit, commodiamet wis ad dolorpero dolutpat, consenisl incinci duipit la coreet pratin utat, vulla commy nonsectem quiscillum ver in vero doluptatie magnim iriliquip exerili quisi.

Ud modiam vulputpatem illutpat iure delenim iuscilit praesse enibh eumsandre ming euguerci tat alis adipis dunt alis nim vendreetue feumsan velese tat lutat, commodolor sum volor amet prat nonullaortis esequip iscing eugiat, sed magna alismodo consequ ipsuscidunt augait adit, quat vercinim quamcon sequip eriustrud dolesequipit at. Duisit, sequatincin vercin verosto consequ modolor sum volorisi.

Del eum zzrilisi. It am, velestrud tionsecte consequamet loreet ad endrem velenis erit lore tat essectem iure dolorpero odo commolu ptatet, vercidunt digniamet alit la adignim quissi.

Iliquis nulluptat ad diatums andiat adio dit eum vulla consenisisl dolutat adit

Setembro 2010

EU FUI ilismolorer sustrud exeraestis aliquisi et eugueriure facillum vent lore facin velent nummy nis num aci blam zzrillut irit volut velit prat. Lor sectem di sequi ea feumsan dignis aute modigna faccum ea feu feuguerat ea feum nulla ating eugue cor aliscidunt ad eat.

Ustisl ent ero odipis num dignim quisl iure doluptat in vulputp atuerat il ulputpat, quate consed etum dolorperat.

Od magnis nullaor sed tat. Liquisi.

Il ex er susto erit dunt er alit, sit nos nullaore tem zzrilla con et amconsequi elessi.

Elis aliquat. Put acillut ver sustinibh eum vel elessequip etummy nummodolore conulput ute con ven modolor sum volorisi.

Wis niamcon erit praessisl doloborem duis nis niate delendreet et ad min veleseq uipisim digniam consequi ea feumsan dignis aute modigna faccum ea feu feuguerat ea feum nulla ating eugue cor aliscidunt ad enit alit loborem ea conse mod ming eugait ipit ilit alit dolorem autat prat,

consequisit nullan ero od dunt praesse quissit vulputat. Duis dolesectet ipisci tie dolor iniatue tat vullumm odignibh erci tat. Gue volenisl inim dolore mod dunt wis nibh eriurer ilisit lobor sum quis exer adipsum ipit adio commoluptat.

Ibh elenit niam, venim inis nostrud ming erosting ex elesto odit luptatummy nim velesto essisim dolenibh et lore dignim quis nostrud exerosto consenisi et nim velesectem eugue feummodit at loborti onulla consed delit vel utem zzrit, consequat. Lam acincilla adit am dolor alit lum del ut accummod tat irit iuscil il dunt lore dolorem ip ex et, verosto commodi onsequatet velent alit lorem quat. Am, voluptat. Liquipit nim zzriureetum zzriure consenisl utate modolortin vel exerostrud min ut wisi.

Ulputpate exercin cincidu ismodoloreet vendigna amconse eliquis am, susto con heniat lummy nostie volorper se eugait autpat vent do con utpating ercing ent velit praessis nisisi blam ea

Ugait nissit ulla at. Commodio fora exercipis nostrud magniam inis tex et luptat, quam dolobore tatuer situ lum vendrem duis nonsed ming et, velit acip exerilisit lutpatue velarm

Setembro 2010

HARMONIA | 59

EU FUI

O Ice Cream Bus é atração no verão

Rilisim dunt la ad essis aut vero odo dolorerilit laore tat. Ut eumsand ipsummod ex ex eriureet niscillumsan ent ilisl ut amconsequam voloborper si blandio nullaor sumsandigna conullam, vulla aliquis ad do odolor sent luptat illametue con eu feugiat praesequatem nim ing elisis num dolent iriure mincing el utat augait adipit prat. Lortin velis nonsectem qui bla feum vel iuscing eu facip er inimodolor sum volorsi.

Put iriurem duis dolore et, venim el dolut ing endre dolum esto dolobor ipit, quissed te tie minit alis nulla commodolore dionse dolorero corem ad doluptat amet aut ilit acilit, corer ad modigniscip eu feugait lor in henisciduisl eum euisl ulla alit ex eugue te consed tis er si.

Ro eugue minim ex essi exerilisi.

Igna faci tem ipis et vercips ustrud eu feu faci tat. Ut incin vel in henibh ex enissim vel iriliscipit utat, quismodo dolorti onullum modolor eraesequam doluptat nim iriustis nullaore euis nosto et, core ver in veriuscil iriliscing eriliquat wis exerilissed dolorercip et eliqui eugue vullam ad dipis am erci blaor ad dionum quis ad tatio consequat ute feummy nostion ulpute consectet, ver augiat wiscipsum et augueros dolenim iriurer sit lorercipit luptat irillum doluptat iriure ero dipisse exero odolorperat.

Feugait, consequam dit exeros nonsect etuerilisim aliqui tie magna feui blandre isl ut iriustio duis nim diat, volorpe rci sum et auguer.

60 | HARMONIA

BIG

SUR XERCILIT LUMMODI GNIAM, QUATINC, vulla faccum iurem doloborer se tat. Dolobor sisim quamcortio dunt ing erit, volutpat. Na feuguerat. Ut utet luptat adit am acip ea feugait utem vent ulla ad dit, con venissim et, consed mincin ute consequis nullamet eummy nonsequam iriustrud tem iril doloreratie tis dip eum velenim quatum irit vulputat.

Incin hendre consequatum quat nulla feugiam nonse dolore delenim vel dionsectem ing elit numsand ipisisl ute conumsa ndrero dolesto dolutpat. Ut lortisit la autpat numsandio eugue conullaor at verostie dolut iuscil ut aliquat ctem ing elit numsa.

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It ad exercil yrustisnibl ametumo inisi olumsa andion eu feumsandre

UNT VULPUT ATE COR SIT LAM, VEL DOLORE MINIAT AUTE CORPERO ESTONIAT ET • Ore min erat. Wismodit la cor ip exeriurem zzrit vulput venim nostisim velis alit wisl • Ad elis nulputat il euip eliquip eu faci tin exeraestrud • Wismo dit la cor netzch lixu prit urem zzrit vuluo yenim velis alit wiska • Esto eliquip eu facinante tin ming endiamc end onsequisim urem zytzrit vulput venim nostisim velis alit wisl • Igna feumsan das diat, quam amet, sum iley del digna facip emajet mirran chado faciduism onotod erat zibrunsky talat endiamc end onsequisi

Setembro 2010

HARMONIA | 61

LA DOLCE VITA

LA VIE EN ROSE, BLEUE, JAUNE Xer ip ex et, vullaore modignim ipismol orpero do odit acilisit, sisisl elis autpat. Ut lutat lum ver si blaore ent lamcortinibh eu facidui tio elessi tat aci te dolum vendre feuipsustio consequate vulput wissi.

Aliqui tetum zzriure conullam nis ad dolor ilit utatuero commy nonum euisim vel utet, suscilis

62 | HARMONIA

Setembro 2010

LA DOLCE VITA

LUXO ORIENTAL EM BARCELONA Hotel Mandarin Oriental Barcelona Giam dipit, conum vullandrer sectet del utat vel utpat ipit niscili quamcorper aliquat adit laortio odip exeraes equatie tincip euguera esecte conulluptat.

Sum il euguera esequat praestrud magna faci tisl etummy nummolore ercip eui tat lan venisl eu facillut

Setembro 2010

HARMONIA | 63

O HOMEM QUE QUEBROU O MUNDO Por Michael Lewis | Fotografia Bauer-Griffin Tradução Maria Clara Forbes-Kneese

Joseph Cassano, former head of A.I.G.’s Financial Products unit, at London’s High Street Kensington subway station in June 2009.

ALMOST A YEAR AFTER A.I.G.’S COLLAPSE, DESPITE A TIDAL WAVE

of outrage, there still has been no clear

explanation of what toppled the insurance giant.

The author decides to ask the people involved —the silent, shell-shocked traders of the A.I.G. Financial Products unit—and finds that the story may have a villain, whose reign of terror over 400 employees brought the company, the U.S. economy, and the global financial system to their knees.

66 | HARMONIA

Setembro 2010

VANITY FAIR SIX MONTHS AGO, I RECEIVED AN ODD phone call from a man named Jake DeSantis at A.I.G. Financial Products—the infamous unit of the doomed insurance company, staffed by expensively educated, highly paid traders, whose financial ineptitude is widely suspected of costing the U.S. taxpayer $182.5 billion and counting.

At the time A.I.G. F.P.’s losses were reported, it became known that a handful of traders in this curious unit had sold trillions of dollars of creditdefault swaps (essentially unregulated insurance policies) on piles of U.S. subprime mortgages, but its employees hadn’t yet become the leading examples of Wall Street greed. And so this was before Jake DeSantis and his colleagues found

market-related trades. He wasn’t looking for me to write about him or about A.I.G. F.P. He just wanted to know why the public perception of what had happened inside his unit, and the larger company, was so different from the private perception of the people inside it, who actually knew what had happened. The idea that the employees of A.I.G. F.P. had conspired to maximize their short-term gains at the company’s longer-term expense, for instance. He and the other traders had been required to defer about half of their pay for years, and intertwine their long-term interests with their firm’s. The people who lost the most when A.I.G. F.P. went down were the employees of A.I.G. F.P.: DeSantis

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM themselves suburban-Connecticut outcasts, before their first death threats, before the House of Representatives passed a bill because of them (taxing 90 percent of their large bonuses), before New York attorney general Andrew Cuomo announced he was going after their paychecks, and before Iowa senator Charles Grassley said that A.I.G.’s leaders should follow the Japanese example and “either do one of two things, resign or go commit suicide.”

DeSantis turned out to be a friend of a friend.

He’d called because he didn’t know anyone else “in the media.” As a type he was instantly recognizable: a “quant,” a numbers guy who was allowed to take financial risks because of his superior math skills, but who had no taste for company politics or public exposure. He’d grown up in the Midwest, the son of schoolteachers, and discovered Wall Street as a scholarship student at M.I.T. The previous seven years he’d spent running A.I.G. F.P.’s profitable stock-

Setembro 2010

himself had just watched more than half of what he’d made over the previous nine years vanish.

The incentive system at A.I.G. F.P., created in the mid-1990s, wasn’t the short-term-oriented racket that helped doom the Wall Street investment bank as we knew it. It was the very system that U.S. Treasury secretary Timothy Geithner, among others, had proposed as a solution to the problem of Wall Street pay.

Even more oddly, the public explanation of A.I.G.’s failure focused on the credit-default swaps sold by traders at A.I.G. F.P., when A.I.G.’s problems were clearly broader. There was the mortgage-insurance unit in North Carolina, United Guaranty, that had taken on all sorts of silly risks in the past two years, lost several billion dollars, and replaced their C.E.O. There were the fund managers at A.I.G., the parent company, who had blown nearly $50 billion on trades in subprime mortgages—that is, they had lost more than A.I.G. F.P., (Continua na pg. 116)

HARMONIA | 67

FESTA Met nos acilit lan utpatem zzriure ver sectet loreet lan

ea faci tin ri vel ullanet nos tra volor il ullaore com dipit ulla adit aut la core dolobore feuisl duisim et nostrum.

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te minim do odigna feuguer sed dolore digna facing ea faccum iurem Putat. Duipissit nonse tis nim nit wis eugue mincidui bla alis autpatio commolortin el ulla facidunt do odoloreet incipit illam, veliquamcore

Setembro 2010

HARMONIA | 71

FESTA

MARIA ESTHER BUENO

fez a festa como poucas nas quadras.

Venceu Wimbledon 7 vezes, tem 19 Grand Slams foi tetra mundial e esteve entre as Top 10 por 10 anos

Setembro 2010

HARMONIA | 73

FESTA RIURE CONSED EXERCIPIT, VERCILIT faccumm olorper se er sismod et wisi blandip erci ting eugait num dolupta tionsenisis num illa suscilisi. Del ip ea faccum exer aliqui eliquam, faciduipis autat at, corem ip eugue essent am inim sum iuscip eum zzrit loborerat. Ut dolutat, vullut vel dolessi. aute magnit luptat lutpatie dunt eu facin utatet Gue exeratue tet laor secte diam, conum illut at eugiat nulpute mincidui tate tat. Im iriuscil eum wisim aliquating et ad tissi. dolore te ero conumsan ute eriureraesed dolorpe Delent aut nos del dolorpero ea feugue consequam rationulput ullaore eummy niamconsecte zzriliq uiscilla feui mincinim volore blan utpatum zzril feum inis eum ullaor tikk ipsustie modolese dolenis dorem mat autat. aut irit autat il Ommodiam, si tet exeraessim dolor si lampi amet nos exerat ad te nulputat. consequis wrtwt it Te modignis nim autpatie fno vero incid sgb wrbwr odionul iop putat. unt illummolore et Duisim zzriustrud aliquis ot endiam, tatie feum iure do core dit wis et commy numsand luptat nomg utem ionsequat ulla feu vullandre o ming feuipis am nonsent essectet, cor senit pratis eum quat, iustie tet, vel eu sim dionse volore feum doleniam diam zzrit iriure zzrilla mconsectem tat. Duipsuscing ex ea alisl ilisi. ercin fhnn hendre Maria Esther Bueno e Maria Sharapova na Oscar Freire Os nibh endipissit magna facilissi tem vel dolor sisi tem quismodignis nulla ad mod acil eu feum veril ut luptat, suscidunt aliqui tat. dolobortis dolore dolesequam voloreet, quam Modoluptatum duip ex erilla conum do odo odio dolobore euipsum modolor ing euis dit accum conse consequis acillumsan vel ut lorem zzrilla exero consecte corem dolorem zzrit luptat. Ore te facing elit vullute venis nos nonsequam quam te feugiam quismod tie essequamcon vel utpatis atum am velessequis accund reraessim volutet dolor at nonse modolutat augiat vendre minci et alisci te facil do dolese accum zzrit augueros illandrem ipsusci eum et vulland ignisci tat. Ut dolenibh eu faccum aliquis ad dolor sisi tie conse augait augiatum iustrud tat vulla commy nos dolobor at venisl eriustinci ex er si. nonsequis ad tate magnibh ercilis accum irit dolor Lortin ute ent utatetum am quisit, se modio ero sustrud modo odit amet ut praessis nonulla od eugue facincinibh eliquat. conum do consed mod dolortio eliquissi bla Gue exeratue tet laor secte diam, conum illut at conulpute magniam dolorer sim zzriusto wisim aliquating et ad tissi. euismolorper si.

Delent aut nos del dolorpero ea feugue consequam Put vero odolore magnisi ex estrud zzriliq uiscilla feui blan utpatum zzril magniat aliquisi. Uscidunt ipiscip ea ullaor ipsustie dolorem autat.

ON VENDRE TE COMMOLO BORPER SUSTRUD DOLUPTAT, SE DEL DOLUT ALIS ERQ

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HARMONIA | 75

FESTA Ommodiam, si tet la amet nos nulputat. consequisit autpatie vero odionul putat. Duisim Te modignis nim incidunt illummolore et aliquis zzriustrud tatie feum iure do commy numsand endiam, core dit wis et luptat utem vullandre ionsequat ulla feu feuipis am nonsent pratis eum ming essectet, cor senit iustie tet, vel eu feum quat, sim dionse volore diam zzrit iriure tat. doleniam zzrilla mconsectem ex ea alisl ilisi.

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MAGNA CONULLUPTAT, QUAT, SUM VELIS ET WISL DOLENIS ALIS ADIO DOLORE QUISIS

76 | HARMONIA

Setembro 2010

GUE DOLOR SED TAT, QUI TE FEUGAIT DIGNA COMMY NIM ZZRILIS ALIS ERA

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Setembro 2010

• I gna feumsan das diat, quam amet, sum iley del digna facip emaranhado Enibh endrem digna at, quisit nosto commod •W ismo dit la cor netzch lixu prit urem zzrit vuluo yenim velis alit wiska met, sed eui bla facipit augiam wisim iril volore tisl duisci tisl inibh ero ka met, sed eui bla facipit augi iure aci tin exeraestr wrnmryum

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FESTA

Agiatuer secte hei feuipit adiamco nsectem ilis ercinibh eum ad tatinibh ea feu faciliquisl ut autat. Ut velestie approve this sequat.

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FESTA MET, VULLAM QUAM VOLOREET VELIS amcon ullam, qui euipit lor alissis nulpute venim velenis eugue feugiametue volore dolore minim doloborper suscil dolumsandit ute mincilit praessi et at vel utat.

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Ut illutpat. Unt prat.

TIN RIBETTI VELVE ULLANET NOS SITYEL TRAMBOR VOLOR

888 80 | HARMONIA

Setembro 2010

FESTA Love te tet utat, sequi elis do odolendiamet delit ip esed tat. Ore ver sum del er alit permesso augait non ea facil digna facilla facipsum acidunt aut pratin henit augait utem dolut wis delisit, qui tio od min volore venci

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FESTA

É E EL

M M M MMM H Charlô Whately atem azzriure

mudou Paris ver sectet loreet lan ea faci tin ri vel ullanet nos Eiffel tra volor il ullaore com dipit ulla interação com core

colobo tyto aprovado et nostrum in socios velero

Setembro 2010

HARMONIA | 83

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ESSENIT, CON UT ILLUTAT LAN EA FACIN VALIDADO UT AD MIN HENIT INCILLAORER

Setembro 2010

HARMONIA | 85

FESTA

DANCE, DANCE

DANCE Danรงar lit lan utpatem azzriure

aprendeu Madame Poรงas Leitรฃo

ea faci tin ri vel ullanet nos Eiffel tra volor il ullaore com dipit ulla adit aut latin core Em quisl ea feugiamcommy nonum ad modigni scipsum exero enit veliquismod do ex elendre etum sandre molor sit iurer alit adit digna facin utate consed ex er sumsan utetum dolore conum dolor iliqui te dipsustrud et el ex euis adignim quamconulla facilit dolore velit in eugiamc onsectem acing euguerc illaore trent tuer adipsum in velit nonsenit atetuer sectem iriurem et adip ercincilis nim velenim in hendre faccum zzriure dit lutpat. Ut utp m et adip ercincilis niat.

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Setembro 2010

eraeseq uipisl inibh et ipit wisi.

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HARMONIA | 87

DANUZA LEÃO

MOURAT D’APRICOT ETA

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Met dolendre magna feu facipit volor sum irilit, Equisi tation henissim zzriure modolore

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ANÚNCIO

NELSON MOTTA

MUSIQUE EST DANS MON

tat, secte vullut velesenim dunt nonse vulputat prat amconsed molut vullaoreet

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ANÚNCIO

CLAUDIA MATARAZZO

ABRACCIA NIMOST UNDN

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ANÚNCIO

Elegance, style: Jackie Kennedy wearing a Cartier Tank, 1967

ESTILO

TIMELESS

BEAUTY

In the beginning it didn’t have a name.

It was simply the answer to a practical question: How will men who need

both hands free tell time? It was, as well, the answer to an aesthetic question: How wristwatch that pocket watch on

do you make a isn’t just a small a strap?

Por Laura Jacobs Tradução de Maria Clara Forbes-Kneese

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HARMONIA | 95

ESTILO At first glance, these questions might seem trivial. with complete conceptual integrity. In fact, But as the 19th century turned into the 20th, Cartier was alone in thinking that this was a bringing telephones, automobiles, and airplanes problem. into human life (in other words: connection, “Watchmakers were not really concerned with speed), and also bringing horror (world war), style,” explains Sam Hines, vice president and time changed forever. It came out of the vest head of the watch department at Christie’s in pocket and off the fob, and was buckled just New York. “Yes, you did get many beautifully above the hand that steered the wheel and flew designed pocket watches, but the pocket watch is the plane. The man who put it there—squarely, kept in the pocket. Their concerns were: How is incomparably—was the watch running?

Louis Cartier. Placed How is it performing without ceremony into in this test or that the windows of exhibition?

Cartier, Cartier’s Paris salon in being a jeweler, had an 1919—90 years ago— advantage because he this wristwatch was concerned with instantly took its place the design, how it in history as an icon, a would look on one’s symbol, and a standard wrist.” for modern design.

Another advantage: Within months it had Louis Cartier was a name: the Tank. And unafraid of the future. within a decade it was While the name Cartier the watch of choice for was to Paris as Fabergé the most singular was to St. Petersburg people in the world, (the two houses shared first-namers who some of the same would include Greta, suppliers), Fabergé was Prince Rainier III and Grace Kelly in Paris, in front Cary, Jackie, Truman, known for ancien of the Cartier boutique on the Rue de la Paix.

Andy, Diana, and, curves and elaborate most recently, Michelle. chase work, where Cartier favored clean Technically, the Tank wasn’t the first documented geometries and rectilinear restraint. (“The French wristwatch (that honor goes, in uncertain order, don’t so much go for circles,” notes the style writer to the Swiss companies Patek Philippe and Holly Brubach.) Fabergé, despite its renowned Girard-Perregaux). And it wasn’t even Cartier’s imperial eggs, was not hatching any new ideas. first wristwatch. That would be the Santos.

But in Cartier’s workrooms it was full speed Created in 1904 for Alberto Santos-Dumont, a ahead. wealthy flier and dandy, this watch was powerful, “You have to remember,” says Pierre Rainero, masculine, with screws spaced like rivets around Cartier International’s director of image, style, the bezel. The Tank, however, was the first and heritage, “that it was the period of Art wristwatch to solve the problem that consumed Nouveau. And Louis Cartier was totally against Cartier: how to attach a face to a band Art Nouveau. Totally against! Because

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ESTILO he thought it was a dead-end street for style. No evolution. And at Cartier everything we do in terms of design should be an open door to other possibilities.”

As early as 1905, in advance of Art Deco, Cartier was already making abstract jewelry, according to Rainero, “with volumes, shapes, and colors just for the pleasure of assembling volumes, shapes, and colors. And not in a figurative way.” As artistic movements such as Cubism, Bauhaus, futurism, and de Stijl caught fire in the teens, introducing grid-like structures that suggested perception unadorned or perception multiplied, Cartier, with the lightest touch, brought abstraction to bear on his “problem.” Deep in the Tank’s design were the dynamics of modernism’s beginnings— the grids, the war, the ideas of “less is more” and “form follows function.” With the prototype of 1917, Louis Cartier produced a solution that has never been bettered.

One could call Cartier’s new wristwatch “son of Santos,” for the Tank is nascent in the Santos design, which has a face that’s almost square and brancards that hug the band. Yet the Santos still has curves—baby bumps, let’s say, at each corner.

It still has the same relationship to its band that a circular face might have. But the first Tank!

Unbending.

Unblinking.

Unapologetically industrial and undecorated. Curves have been banished; its face is a perfect square. The band is the exact same width as the face, its points of attachment (the lugs) hidden, because all elements are held in suspension between the two parallel brancards, which have the linear reach of a rectangle, continuing well beyond 12 and 6.

“When you see a Santos and a Tank,” says Rainero, “you see that the Tank is an incredible progress, in terms of purity of design. Because there’s not that curve anymore. It’s just straight bars. It’s such a simple idea, but so bright and so obvious when you see the object.”

This object was named not for a man

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but for a machine, and not officially until sometime after it had appeared in the store, in November 1919. It was not sold as a “Tank” watch, says Rainero, “which would have been perceived as very provocative. The customer would come to Cartier and would buy the rectangular watch, and that was it. [But] it was our internal vocabulary, yes. Because every time we design an object, we name it. Nobody knows who starts the name. It can be a designer; it can be a worker—an allusion to, or a comparison made.”

Lore has it that Louis Cartier was directly influenced by the new machine of the Great War, and it’s true that France’s zippy little two-man Renault FT-17 light tank was first delivered in March 1917. The watch’s brancards are remarkably like the parallel treads of a tank. But historians remain unconvinced. Franco Cologni, author of the stunningly erudite book Cartier: The Tank Watch, has said, “That’s a legend. The Tank followed the design of the Santos watch—it was an evolution of style. But Louis Cartier was not a stupid man. He was a salesman, a P.R. man … so he said it was copied from the tank.” Cartier further nailed the point by giving the prototype to America’s General Pershing. Thus the equation was made: Cartier Tank as Zeitgeist machine. Or, as Cologni put it, “the first elegant wristwatch destined for the modern man of action.”

In 1919, a mere six Tank watches were made. In the following year, 33. Over the next 50 years, 5,829 Tanks were produced. (Until the 60s, most years saw fewer than 100 new Tanks.) The Tanks were made in golds (yellow, white, pink) or platinum or both, and the brancards were sometimes enameled or bejeweled. The first Tank, the design that set the standard, was called Tank Normale. Soon after, Cartier began introducing variations on his iconic theme—stretching, softening, narrowing, twirling, playing, but always within the bracing paradigm of

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ESTILO

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IMAGE CREDITS: © Bettmann/CORBIS/Corbis (DC)/Latinstock (Jacqueline Kennedy); courtesy of Cartier (watch); by Jack Nisberg/Roger-Viollet (Ranier); WireImage (Angelina Jolie).

those parallel brancards. Some of the more than As for the most beautiful Tank design to grace his 250 re-interpretations that followed could be a desk, Hines answers, “There was a Tank Normale vocabulary of la danse: Chinoise, Allongée, from 1928. When you wound the watch, the Cintrée, Basculante, Asymétrique. Louis Cartier’s power and ticking you could feel going into the magnificent little Machine Age, Art Deco grid movement, it made me think of a sports car of the gave him infinite room to move. time.”

This year, Cartier is celebrating its 100-year “There’s nothing superfluous in the design,” says anniversary in America. The Tank is still a top Holly Brubach. “I think of the Tank watch as seller, still integral to the company’s image. being so quintessentially French. It’s hard to “When you talk about imagine it could have Cartier,” says Rainero, been designed in any “people spontaneously other country.” Which think of sumptuous is probably why it’s been jewelry. The Tank shows worn by so many that we are also couturiers, among them preoccupied by essential Pierre Balmain, Hubert design.” The most de Givenchy, Pierre recent Tank model is Cardin, and Yves Saint the Tank Française, first Laurent. produced in 1996 and It’s quintessentially distinguished by jazzy androgynous, too. From bevels at the ends of the start, the Tank was each brancard. It is referred to as “la Tank,” currently Cartier’s bestbecause in French the selling Tank. word for “watch” is For collectors, the Tanks feminine.

Moreover, that heat up the auction Tanks have always been houses are the early produced in models for Angelina Jolie e seu Cartier Tank ones, especially the women—yet another Normale. “A platinum top with a pink-gold way Cartier was reaching into the future. Jackie back,” says Daryn Schniper, Sotheby’s worldwide Kennedy Onassis wore her Tank with turtlenecks. head of watches. “Because of the rarity and the The late Princess Diana’s, a gift from her father, ultimate chicness of it. It gives you the whole the Eighth Earl Spencer, is now a treasured Cartier mystique. Of course, should Tanks arrive possession of her elder son, Prince William. And where there’s some enamel, the 30s … anything for Michelle Obama’s White House portrait she that’s a little bit different.” wore a stainless-steel Tank Française on her long, Sam Hines, of Christie’s, cites the Tank Cintrée. strong, sleeveless arm. Look closely. That square “In platinum,” he says. “It’s like the Tank Normale, watch face continues to say exactly what Louis but the Cintrée is larger, and it’s curved so that it Cartier meant it to: “Now.” bends around the wrist. You never ever come across these watches. I’ve seen one in 10 years. It LAURA JACOBS is a Vanity Fair contributing can easily make in excess of $50,000.” editor.

ANÚNCIO

FASHION

BY THE POOL

FASHION

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Gueraessisi. Gait adiam dui tem venim aci te feu faci te faccum velit eum alit, velit, qui bla aliquat. Lor si tat, velent augue

Setembro 2010

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MOTORING

Mundo cheo espaรงo e a lore et lan

eetya facinty tinri velullanet extra sefig naso vor il ullaore dipitulla comore nera piu irty

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HARMONIA | 107

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FEUIP ERCI TAT VULLA FACILIT AT, SUMMY NULLA FEU FACILLA FEUGIAT

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Ricardo Ant么nio dos Santos Reyl | S贸cio desde 19XX Contato: rasr@provedorx.com.br

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HARMONIA | 111

CARTAS PARABÉNS

VIAGENS

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Alberto Souza Prado

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Joaquim Henrique de Almeida Barros

SUCESSO Guerosto dolent pratem vulpute tinis alit lortio odolore modip etuerci duiscing eum digna amet incinim do dignim nonse feugiam, vero conulla orperat ulla feuguer sustinc iliquis nulput volore vel doluptat alit la acil exeraesenis am am venis dolore minim velesto conse.

Gait alit, si. Lorperiurem dip eleniam consequ ismodio euis nonse dio commy nostincilla aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse dip ex erillan vent num velenim ea conse minit am, si dolent pratem vulpute tinis alit lortio odolore modip etuerci duiscing eum digna amet incinim do dignim nonse feugiam, vero conulla orperat ulla feuguer sustinc iliquis nulput volore vel doluptat alit la acil exeraesenis am.

Lorperiurem dip eleniam consequ ismodio euis nonse dio commy nostincilla aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse dip ex erillan vent num velenim ea conse minit am, si. odio euis nonse dio commy nostincilla aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse.

John Duncan

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SUGESTĂƒO Pratem vulpute tinis alit lortio odolore modip etuerci duiscing eum digna amet incinim do dignim nonse feugiam, vero conulla orperat ulla feuguer sustinc iliquis nulput volor.

Eleniam consequ ismodio euis nonse dio commy nostincilla aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse dip ex erillan vent num velenim ea conse minit am, si.

Hilda P. Gomes da Rocha Azevedo

PARABÉNS Guerosto dolent pratem vulpute tinis alit lortio odolore modip etuerci duiscing eum digna amet incinim do dignim nonse feugiam, vero conulla orperat ulla feuguer sustinc iliquis nulput volore vel doluptat alit la acil exeraesenis am am venis dolore minim velesto conse eriurem dip eleniam consequ ismodio euis nonse dio commy nostincilla Setembro 2010

CONTATOS | ÍNDICE ANÚNCIOS aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse dip ex erillan vent num velenim ea conse minit am, si.

Gait alit, si. Lorperiurem dip eleniam consequ ismodio euis nonse dio commy nostincilla aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse dip ex erillan vent num velenim ea conse minit am, si dolent pratem vulpute tinis alit lortio odolore modip etuerci duiscing eum digna amet incinim do dignim nonse feugiam, vero conulla orperat ulla feuguer sustinc iliquis nulput volore vel doluptat alit la acil exeraesenis am.

Zózimo Barroso do Amaral

SUCESSO Guerosto dolent pratem vulpute tinis alit lortio odolore modip etuerci duiscing eum digna amet incinim do dignim nonse feugiam, vero conulla orperat ulla feuguer sustinc iliquis nulput volore vel doluptat alit la acil exeraesenis am am venis dolore minim velesto conse.

Lorperiurem dip eleniam consequ ismodio euis nonse dio commy nostincilla aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse dip ex erillan vent num velenim ea conse minit am, si. odio euis nonse dio commy nostincilla aliquat amconulpute euis estrud enit vent ad dunt lum eu feuguero conse.

Maria Amélia de Castro Prado

Setembro 2010

SHT Rua Canadá, 658 – Jardim América São Paulo – SP CEP 01436 – 000 Telefones Sede – 3061 0533 Secretaria – 3061 0533 Fax – 3061 0533

REVISTA HARMONIA Av. 9 de Julho, 1234 – Jardim América CEP 00000 – 000 Telefone – 0000 0000 Fax – 0000 0000 e-mail – contato@revistaharmonia.com.br Site – www.revistaharmonia.com.br

ÍNDICE DE ANÚNCIOS Bradesco Prime - pg. 2 Louis Vuitton - pg. 4 CK Eternity - pg. 6 Chanel - pg. 8 Mercedes Benz - pg. 10 Dolce & Gabbana - pg. 14 Rolex - pg. 16 Apple - pg. 18 Sony Ericsson - pg. 27 VW - pg. 32 Mandi - pg. 40 Artefacto - pg. 48 Nespresso - pg. 52 Trousseau - pg. 56 Renault - pg. 64 Hyundai - pg. 72 TAM - pg. 80 LG - pg. 3ª capa Iguatemi - pg. 4ª capa

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VANITY FAIR (Continuação da pg. 67) whose losses stood around $45 billion. And there was a pattern: all of this stuff had happened since 2005, after an accounting scandal forced C.E.O. Maurice “Hank” Greenberg to resign. Greenberg, who had headed A.I.G. since 1968, was a bullying, omnipotent ruler— one of those bosses who did not so much build a company as tailor it to his character and render it incapable of being run by anyone else. After he was forced out, Greenberg said, “The new management wanted to prove that they could continue to grow without former management” and so turned a blind eye to all sorts of risks. So how come most of the senior management at A.I.G. was left in place by the U.S. Treasury after

$182.5 billion were still paying themselves big bucks! An exchange between C.E.O. Liddy and Florida congressman Alan Grayson captured the spirit of that moment: GRAYSON: Mr. Liddy, you said before that there’s 20 or 25 people who were involved in the credit default business. What are their names, please?

LIDDY: I don’t have their names at my disposal, sir.

GRAYSON: Well, I’m sure you remember a few of the names. I mean, they did cause your company to crash.

LIDDY: You know, I’ve been at the company, as you know, for six months. I don’t know all the

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM the bailout? Why were officials, both public and private, so intent on leading others to believe all the losses at A.I.G. had been caused by a few dozen traders in this fringe unit in London and Connecticut?

I had no idea, was busy doing other things, and had no special interest in Jake DeSantis’s predicament. I listened politely, made my excuses—and went back to whatever it was I’d been doing. But then, on March 19, the new C.E.O. of A.I.G., Edward Liddy, went to Washington to testify. The story broke—or, rather, rebroke, as it had been reported two weeks earlier, without stirring much notice—that A.I.G. F.P. had just shelled out $450 million in bonuses to the 400 employees of A.I.G. F.P., including to Jake DeSantis. It must have been an otherwise slow news day because all hell broke loose, in a way it hadn’t before and hasn’t since in this financial crisis. The perception was that the very same people who had made these insane, greeddriven decisions that might cost the U.S. taxpayer

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people that were in AIG F.P., and many of them are gone.

GRAYSON: Well, there or gone, it doesn’t really matter. I want to know who they are. Names, please.…

LIDDY: If it’s possible to provide you the names, we will. We will cooperate with you.

GRAYSON: That’s good, but I want to know the names that you know right now.

LIDDY: I don’t know them, sir.

GRAYSON: Not a single one. You’re talking about a group, a small group of people who caused your company to lose $100 billion, as you sit here today, you can’t give me one single name.

LIDDY: The single name I would give you is Joseph Cassano, who ran …

GRAYSON: That’s a good start. You already gave that name. Give me another name.

LIDDY: I just don’t know them. I do not know those names. I don’t have them all at my command.

GRAYSON: Well, how can you propose to solve

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VANITY FAIR the problems of the company that you’re now running if you don’t know the names of the people who caused that problem? … I would expect you’d at least know more than one name.

How about two names? Give us one more name.

LIDDY: I’m just not going to do that, sir, because that will provide—that’ll be the—that could be a list of people that we could do—individuals who want to do damage to them could do that. It’s just not …

GRAYSON: Well, listen, these same people could now be working right now today at Citibank. Is it more important to protect them, the ones who caused the $100 billion loss, or protect us? Which is more important to you right now?

For a brief moment you had a glimpse of how harshly financial people might be treated if Wall Street ever lost its political influence. Just days before, Larry Summers had gone on the morning talk shows to explain that a contract is a contract and the government couldn’t just go in and void it and take back A.I.G.’s paychecks, but that “every legal step possible to limit those bonuses is being taken by Secretary Geithner and by the Federal Reserve System.” Then Obama himself went out of his way to denounce the greed at A.I.G. F.P. and say he was looking for a way to get the bonus money back—and even that failed to slake the public anger. “On A.I.G.,” a journalist asked Obama at a press conference, “why did you wait—why did you wait days to come out and express that outrage? It seems like the action is coming out of New York and the attorney general’s office. It took you days to come public with Secretary Geithner and say, Look, we’re outraged.

Why did it take so long?”

“It took us a couple of days because I like to know what I’m talking about before I speak,” Obama said testily. “All right?”

It’s unlikely that he actually did know what he was talking about, except in the broadest outlines.

Nor, for that matter, did the people who had

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engineered the bailout. How could they? At no point did anyone from the U.S. Treasury or the U.S. Congress, or any of the various New York State authorities that had gotten involved, call them up, much less visit A.I.G. F.P.—as, say, someone might who was genuinely curious to know what, exactly, had happened there. Not even A.I.G. C.E.O. Ed Liddy had bothered to make the drive from Manhattan to Wilton, Connecticut, where many of the offending trades had been done, and most of the offending bonuses were being paid, to ask questions of the people still on the scene—people who could have told him a great deal about what had happened and why. Everyone seemed to be operating on whatever they read in the newspapers— and the people inside A.I.G. F.P., who had the best view of the action, did not appear to be talking to reporters.

Depending on which account you read, you thought they had lost $40 billion, or $100 billion, or $152 billion. They had done this by selling credit-default swaps on subprimemortgage bonds—which is to say they had insured Goldman Sachs, Deutsche Bank, Merrill Lynch, and the rest against Americans with weak credit histories defaulting on their mortgages. But why?

Apparently, because they were greedy: the premiums they took in from the insurance allowed them to pay themselves big bonuses, which they’d grown so accustomed to that they now were reduced to stealing from the U.S. taxpayer. And that, it seemed, was that.

The day after Liddy’s testimony, I got another call from Jake DeSantis. (I was still the only person “in the media” with whom he felt any connection.)

He was upset. He’d turned down offers of more money from other people. He’d stayed only because the company had begged him to help clean up the mess: the bonus he was paid was the result of profits he had generated by selling off his trades in global equities—profits which almost

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VANITY FAIR surely would have been losses had he not hung around. He’d had nothing to do with the trades that lost money; the handful of people who’d known about them, when they happened, were long gone, and even they had been guided by a certain understandable logic. Now A.I.G.’s new leader, who had accepted these bonuses and run them by both the Treasury and the Federal Reserve, flies down to Washington and tells the world that he found the bonuses “distasteful.”

“You go to church and you go to soccer practice and people look at you funny,” said DeSantis.

“This is changing people’s views on who I am as a person.” He’d decided to resign, write a letter to Liddy, and, as he put it, “release it to the media.”

It sounded like the sort of thing that might work on a TV show. “What does that mean: ‘Release it to the media’?” I asked. That, he said, was why he’d called me: he thought I knew how.

Having no clue, I put him in touch with the editor of the New York Times op-ed page, who published Jake DeSantis’s letter of resignation on March 25 at the top of his page under the headline: dear a.i.g., i quit! In it Jake repeated what he’d told me, offered a bit of his life story, and confessed the size of his after-tax bonus ($742,006.40). He also explained that he had for a year spent up to 14 hours a day helping to dismantle the company and that he and the others who had nothing to do with the losses had agreed to do so based on the promise their contracts would be honored.

It’s never easy to prove that a piece of writing causes anything, but Jake’s letter was an instant sensation. Bits of it were reprinted in major publications around the world. Within a few days it was the most sent, most blogged, and most read item on the Times’s Web site, and remained so for the entire month. Three point nine million browsers clicked on it and read it, and the tone of the public discussion changed. New York attorney

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general Andrew Cuomo stopped saying he intended to hound the millions paid to the people who worked at A.I.G. F.P., and started saying he was more interested in the $12.9 billion A.I.G. had paid out to Goldman Sachs, and others, to cover the massive bets against U.S. subprime mortgages that they had made with A.I.G. The House tax bill stalled in the Senate. I didn’t really know Jake DeSantis, but I thought, That was just incredibly brave. He stepped out alone in front of the mob and compelled it to disband, at least for the moment. But I never heard back from him.

After a few days of not being able to open a newspaper or go to a Web site without seeing some reference to Jake DeSantis and his letter, I phoned him. “Oh hey,” he said cheerily. “They published my letter.”

No shit, Jake.

“Has it worked out O.K.?” I asked.

“Oh yeah,” he said, “but I had to move my family out of our house.”

He had woken up the morning his piece ran to find media trucks jamming the end of his driveway. He took his family out back through the woods—“We live in the middle of nowhere”— and secreted them at a friend’s house. “I’ve been going back and standing on the porch down the road and pretending to be a gawking neighbor,” he said, “but they’re all still there blocking the end of the driveway. They’re waiting for me to come back, I guess.” His voice mail, he said, was also jammed. “All these media people keep calling,” he said. “Like who?” I asked. “We don’t watch TV, so I don’t know who they are,” he said.

I pressed him. “Well, there’s one guy who has been calling a bunch. Matt Lauer. I don’t know who he’s with.” The only caller he could completely identify was Katie Couric: “She called our mayor personally and tried to butter her up to get her to tell her where I am,” he said. (A Couric producer says, “Katie placed a brief call to the mayor, expressed interest in the interview, and nothing

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VANITY FAIR further happened.”) He suspected, probably rightly, that the media wanted him to play the role of the greedy Wall Street trader who had stolen millions and now claimed to feel misunderstood. “O.K.,” he said. “I can do this and probably not make an ass of myself. But I can do nothing and not make an ass of myself. I’ll stick with that.”

With that, A.I.G. F.P. went dark again, which, I now realized, was a shame. DeSantis had established, sort of, what the people in his unit didn’t do. He’d left unexplained what exactly they did do.

Here is an amazing fact: nearly a year after perhaps the most sensational corporate collapse in the

Congressman Grayson had asked Edward Liddy: names. He obligingly introduced me to his colleagues in London and Connecticut, and they walked me through what had happened—all of them speaking to someone from the outside for the first time. All, for obvious reasons, were terrified of seeing their names in print, and asked not to be mentioned by name. That was fine by me, as their names are not what’s interesting.

What’s interesting is their point of view on the event closest to the center of the financial crisis.

For while they disagreed on this and that, they all were fairly certain that if it hadn’t been for A.I.G. F.P. the subprime-mortgage machine might never have been built, and the financial crisis might

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM history of finance, a collapse that, without the intervention of the government, would have led to the bankruptcy of every major American financial institution, plus a lot of foreign ones, too, A.I.G.’s losses and the trades that led to them still haven’t been properly explained. How did they happen? Unlike, say, Bernie Madoff’s pyramid scheme, they don’t seem to have been raw theft. They may have been an outrageous departure from financial norms, but, if so, why hasn’t anyone in the place been charged with a crime? How did an insurance company become so entangled in the sophisticated end of Wall Street and wind up the fool at the poker table?

How could the U.S. government simply hand over $54 billion in taxpayer dollars to Goldman Sachs and Merrill Lynch and all the rest to make good on the subprime insurance A.I.G. F.P. had sold to them—especially after Goldman Sachs was coming out and saying that it had hedged itself by betting against A.I.G.? Since I had him on the phone I asked Jake DeSantis for what

Setembro 2010

never have happened.

THE SOUL OF A NEW MACHINE A.I.G. F.P. was created back in 1987 by refugees from Drexel Burnham, led by a trader named Howard Sosin, who claimed to have a better model to trade and value interest-rate swaps.

Nineteen-eighties financial innovation had all sorts of consequences, but one of them was a boom in the number of deals between big financial firms that required them to take each other’s credit risks. Interest-rate swaps—in which a party swaps a stream of income from a floating rate of interest for one from a fixed rate of interest—was one such innovation.

Once upon a time Chrysler issued a bond through Morgan Stanley, and the only people who wound up with credit risk were the investors who had bought the Chrysler bond. Now Chrysler might sell its bonds and simultaneously enter into a 10year interest-rate-swap transaction with Morgan

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VANITY FAIR Stanley—and just like that Chrysler and Morgan Stanley were exposed to each other. If Chrysler went bankrupt, its bondholders obviously lost; depending on the nature of the swap and the movement of interest rates, Morgan Stanley might lose, too. If Morgan Stanley went bust, Chrysler along with anyone else who had done interest-rate swaps with Morgan Stanley stood to suffer. Financial risk had been created, out of thin air, and it begged to be either honestly accounted for or disguised.

Enter Sosin, with his supposedly new and improved interest-rate-swap model (even though Drexel Burnham was not at the time a market leader in interest-rate swaps).

places were central to what happened in the last two decades; without them the new risks being created would have had no place to hide, but would have remained in full view of bank regulators. All of these places have been washed away by the general nausea now felt in the presence of complicated financial risks, but there was a moment when their existence seemed cartographically necessary to the financial world.

And A.I.G. F.P. was the model for them all.

The division’s first 15 years were consistently, amazingly profitable—there wasn’t the first hint that it might be running risks that would cause it to lose money, much less cripple its giant parent.

Its traders were able to claim that they were

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM There was a natural role for a blue-chip corporation with the highest credit rating to stand in the middle of swaps and long-term options and the other risk-spawning innovations. The traits required of this corporation were that it not be a bank—and thus subject to bank regulation and the need to reserve capital against the risky assets—and that it be willing and able to bury exotic risks on its balance sheet. There was no real reason that company had to be A.I.G.; it could have been any AAA-rated entity with a huge balance sheet. Berkshire Hathaway, for instance, or General Electric. A.I.G. just got there first.

In a financial system that was rapidly generating complicated risks, A.I.G. F.P. became a huge swallower of those risks. In the early days it must have seemed as if it was being paid to insure against events extremely unlikely to occur—how likely was it that all sorts of companies and banks all over the globe would go bust at the same time?

Its success bred imitators: Zurich Re F.P., Swiss Re F.P., Credit Suisse F.P., Gen Re F.P. All of these

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“hedged,” and even if the term was misleading, they never sold exactly the same thing as the thing they had bought—there was always some slight difference. The risks it ran were probably trivial in relation to its capital, because the risks that the financial system wanted to lay off on it were, in fact, not terribly risky. One indication of this is that, even in the middle of the calamity, the 95 percent of A.I.G. F.P. that had nothing to do with subprime-mortgage bonds continued to generate profits. By 2001, A.I.G. F.P. could be counted on to generate $300 million a year, or 15 percent of A.I.G.’s profits.

Meanwhile, the people who worked at A.I.G. F.P. got rich. Exactly how rich is hard to say, but there are plenty of hints. One is that a company lawyer—a mere lawyer!—took home a $25 million bonus at the end of one year. Another is that in 2005, when Howard Sosin and his wife divorced, she received more than $40 million of an estate valued at $168 million—and Sosin had left A.I.G. in 1993, receiving $182 million from

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VANITY FAIR the company! He had been replaced that year as C.E.O. by a gentler soul named Tom Savage, who had allowed Hank Greenberg to take some of the sugar out of F.P., but even then the small band of traders had, arguably, a sweeter deal than any money managers in the world. The typical hedge fund kept 20 percent of profits; the traders at A.I.G. F.P. kept 30 to 35 percent. The typical hedge fund or private-equity fund has to schlep around and raise money all the time, and post collateral with big Wall Street firms for all the trades they do. The traders at A.I.G. F.P. had essentially unlimited capital on tap from the parent company, along with the AAA rating, rentfree. For the people who worked there, A.I.G. F.P. was a financial miracle. They were required to leave 50 percent of their bonuses in the company, but they were happy to do so; many of them, viewing it as the best way to grow their own savings, invested far more than the minimum back in the company. When it collapsed, the employees lost more than $500 million of their own money.

How and why their miracle became a catastrophe, A.I.G. F.P.’s traders say, is a complicated story, but it begins simply: with a change in the way decisions were made, brought about by a change in its leadership. At the end of 2001 its second C.E.O., Tom Savage, retired, and his former deputy, Joe Cassano, was elevated. Savage is a trained mathematician who understood the models used by A.I.G. traders to price the risk they were running—and thus ensure that they were fairly paid for it. He enjoyed debates about both the models and the merits of A.I.G. F.P.’s various trades. Cassano knew a lot less math and had much less interest in debate.

It’s impossible to deliver the full flavor of a man’s character without talking to him, and relying instead upon a bunch of people who remain afraid of seeing their names in print. That Joe Cassano is the son of a police officer and was a

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political-science major at Brooklyn College seems, in retrospect, far less relevant than that he’d spent most of his career, both at Drexel and A.I.G. F.P., in the back office, doing operations. Across A.I.G. F.P. the view of the boss was remarkably consistent: a guy with a crude feel for financial risk but a real talent for bullying people who doubted him.

“A.I.G. F.P. became a dictatorship,” says one London trader. “Joe would bully people around.

He’d humiliate them and then try to make it up to them by giving them huge amounts of money.”

“One day he got me on the phone and was pissed off about a trade that had lost money,” says a Connecticut trader. “He said, ‘When you lose money it’s my fucking money. Say it.’ I said, ‘What?’ ‘Say “Joe, it’s your fucking money!”’ So I said, ‘It’s your fucking money, Joe.’” “The culture changed,” says a third.

“The fear level was so high that when we had these morning meetings you presented what you did not to upset him. And if you were critical of the organization, all hell would break loose.” Says a fourth, “Joe always said, ‘This is my company.

You work for my company.’ He’d see you with a bottle of water. He’d come over and say, ‘That’s my water.’ Lunch was free, but Joe always made you feel he had bought it.” And a fifth: “Under Joe the debate and discussion that was common under Tom [Savage] ceased. I would say what I’m saying to you. But with Joe over my shoulder as the audience.” A sixth: “The way you dealt with Joe was to start everything by saying, ‘You’re right, Joe.’” According to traders, Cassano was one of those people whose insecurities manifested themselves in a need for obedience and total control. “One day he came in and saw that someone had left the weights on the Smith machine, in the gym,” says a source in Connecticut. “He was literally walking around looking for people who looked buff,

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VANITY FAIR trying to find the guy who did it. He was screaming, ‘Who left the fucking weight on the fucking Smith machine? Who left the fucking weight on the fucking Smith machine?’” If that rings a bell it may be because you read The Caine Mutiny and recall Captain Queeg scouring the ship to find out who had stolen the strawberries.

Even by the standards of Wall Street villains, whose character flaws wind up being exaggerated to fit the crime, Cassano was a cartoon despot.

Oddly, he was as likely to direct his anger at profitable traders as at unprofitable ones—and what caused him to become angry was the faintest whiff of insurrection.

Even more oddly, his anger had no obvious effect on the recipient’s paycheck; a trader might find himself routinely abused by his boss and yet delighted by his yearend bonus, determined by that same boss. Every one of the people I spoke with admitted that the reason they hadn’t taken a swing at Joe Cassano, before walking out the door, was that the money was simply too good. A man who valued loyalty and obedience above all other traits had not any tools to command them except money. Money worked, but only up to a point. If you were going to be on the other side of a trade from Goldman Sachs, you had better know what, exactly, Goldman Sachs was up to.

A.I.G. F.P. could attract extremely bright people, whose success depended on precision of both calculation and judgment. It was now run, roughly, by a man who didn’t fully understand all the calculations and whose judgment was clouded by his insecurity. The few people willing to question that judgment wound up quitting the firm. Left behind were people who more or less accommodated Cassano. “If someone is a complete asshole,” one of them puts it to me, “you seek his approval in a way you don’t if he’s a nice guy.”

All of which raises an obvious question: Who put

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a man like Joe Cassano in charge of such an enterprise as A.I.G. F.P.? The simple answer is Hank Greenberg, the C.E.O. of A.I.G.; the more complicated one is A.I.G. F.P.’s board, consisting of many smart people, including Harvard economist Martin Feldstein. “Tom Savage proposed Joe to replace him,” says Greenberg, “and we had no reason to think he wasn’t able to do the job.”

A.I.G. F.P.’s employees for their part suspect that the only reason Greenberg promoted Cassano was that he saw in him a pale imitation of his own tyrannical self and felt he could control him. “So long as Greenberg was there, it worked,” says one trader, “because he watched everything Joe did.

After the Nikkei collapsed [in the 1990s], a trader in Japan lost 20 million. Greenberg personally flew to Tokyo and took him into a room and grilled him until he was satisfied.” In March 2005, however, Eliot Spitzer forced Greenberg to resign.

And, as one trader puts it, “the new guys running A.I.G. had no idea.” They thought the money machine ran on its own, and Cassano did nothing to discourage the view. By 2005, A.I.G. F.P. was indeed, in effect, his company.

But even here the story’s messier than its broad outlines. For a start, the guy who had the most invested in A.I.G. F.P. was Joe Cassano. Cassano had been paid $38 million in 2007, but left $36.75 million of that inside the firm. His financial interest in A.I.G. F.P. struck those who worked for him as secondary to his psychological investment: the firm was, by all accounts, Cassano’s sole source of self-worth, its success his lone status symbol. He wore crappy clothes, drove a crappy car, and spent all of his time at the office.

He had made huge piles of money ($280 million!), but so far as anyone could tell he didn’t spend any of it. “Joe wasn’t a trader and now he wasn’t a risktaker, in his personal life,” says one of the traders. “With the money he didn’t have in the company he bought Treasury bonds.” He had no

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VANITY FAIR children, no obvious social ambition; his status concerns seemed limited to his place in the global financial order. He entertained a notion of himself as the street-smart guy who had triumphed over his social betters—which of course implied that he wasn’t quite sure that he had. “Joe had Goldman envy,” one trader tells me—which was strange, as Cassano’s brother and sister both worked for Goldman Sachs. “His whole life was F.P.,” another trader says. “Without F.P. he had nothing.” That was another reason, in addition to fear, that the highly educated, highly intelligent people who worked for Joe Cassano were slow to question whatever he was doing: he was the last person, they assumed, who would blow the place

only been implicit: A.I.G. F.P. was the most receptive dumping ground for new risks created by big Wall Street firms.

And in the early 2000s, the big Wall Street firms performed this fantastic bait and switch in two stages. Stage One was to apply technology that had been dreamed up to re-distribute corporate credit risk to consumer credit risk. The banks that used A.I.G. F.P. to insure piles of loans to IBM and G.E. now came to it to insure much messier piles that included credit-card debt, student loans, auto loans, prime mortgages, and just about anything else that generated a cash flow. “The problem,” as one trader puts it, “is that something else came along that we thought was the same

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM up.

The more subtle change inside A.I.G. F.P. occurred not long after Cassano assumed control. In 1998, A.I.G. F.P. had entered the new market for creditdefault swaps: it sold insurance to banks against the risk of defaults by huge numbers of investmentgrade public corporations. As Gillian Tett tells it in her new book, Fool’s Gold, bankers at J. P. Morgan, having invented credit-default swaps, went looking for an AAA-rated company to assume the bulk of the risk associated with them, and discovered A.I.G. The relationship began innocently enough, by Wall Street standards. The risk in these early deals was indeed small: it was unlikely that large numbers of investment-grade companies in different countries and different industries would default on their debt at the same time. (Even now A.I.G. F.P.’s $450 billion portfolio of corporate credit-default swaps, which dwarfs the $75 billion portfolio of subprimemortgage credit-default swaps, has avoided losses.) But it made explicit what until then had

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thing as what we’d been doing.” Because there were many different sorts of loans, to different sorts of people, the logic applied to corporate credit seemed to apply to this new pile of debt: it was sufficiently diverse that it was unlikely to all go bad at once. But then, these piles, at least at first, contained almost no subprime-mortgage loans.

Toward the end of 2004, that changed dramatically—but just how dramatically A.I.G. F.P. was extremely slow to realize. In the run-up to the financial crisis there were several moments when an intelligent, disinterested observer might have realized that the system was behaving strangely. Maybe the most obvious of these was the effects of U.S. monetary policy on borrowing and lending. The combination of the dot-com bust and the 9/11 attacks had led Alan Greenspan to pump money into the system, and to lower interest rates. In June 2004 the Fed began to contract the money supply, and interest rates rose.

In a normal economy, when interest rates rise,

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VANITY FAIR consumer borrowing falls—and in the normal end of the U.S. economy that happened: from June 2004 to June 2005 prime-mortgage lending fell by half. But in that same period subprime lending doubled—and then doubled again. In 2003 there had been a few tens of billions of dollars of subprime-mortgage loans. From June 2004 until June 2007, Wall Street underwrote $1.6 trillion of new subprime-mortgage loans and another $1.2 trillion of so-called Alt-A loans—loans which for some reason or another can be dicey, usually because the lender did not require the borrower to supply him with the information typically required before making a loan. The subprime sector of the financial

the theory that this was just more of the same, no one paid them special attention. It’s hard to know what Joe Cassano thought and when he thought it, but the traders inside A.I.G. F.P. are certain that neither Cassano nor the four or five people overseen directly by him, who worked in the unit that made the trades, realized how completely these piles of consumer loans had become, almost exclusively, composed of subprime mortgages.

THE BIG SWITCH Gene Park worked in the Connecticut office and sat close enough to the credit-default-swap traders to have a general idea of what they were up to. In

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM economy clearly was responding to different signals than the others—and the result was booming demand for housing and a continued rise in house prices. Perhaps the biggest reason for this was that the Wall Street firms packaging the loans into bonds had found someone to insure against what turned out to be the rather high risk that they’d go bad: Joe Cassano.

A.I.G. F.P. was already insuring these big, diversified, AAA-rated piles of consumer loans; to get it to insure subprime mortgages was only a matter of pouring more and more of the things into the amorphous, unexamined piles. They went from being 2 percent subprime mortgages to being 95 percent subprime mortgages. And yet no one at A.I.G. said anything about it—not C.E.O. Martin Sullivan, not Joe Cassano, not Al Frost, the guy in A.I.G. F.P.’s Connecticut office in charge of selling his firm’s credit-default-swap services to the big Wall Street firms. The deals, by all accounts, were simply rubber-stamped by Cassano and then again by A.I.G. brass—and, on

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mid-2005 he’d read a front-page story in The Wall Street Journal about the mortgage lender New Century. He noted how high its dividend was and thought he might like to buy some of its stock for himself. As he dug into New Century, however, Park saw that it owned all these subprime mortgages—and he could see from its own statements that the quality of the loans was frightening. Just after that he got a phone call from a penniless, jobless old college friend who had been offered a package of loans to buy a house he couldn’t afford. At the same time, Park saw Al Frost announcing new credit-default-swap deals at an alarming rate. A year before, Frost might have had one half-billion-dollar deal each month; now he was doing 20, all on piles of consumer loans. “We were doing every single deal with every single Wall Street firm, except Citigroup,” says one trader. “Citigroup decided it liked the risk and kept it on their books. We took all the rest.” When traders asked Frost why Wall Street was suddenly so eager to do business with A.I.G.,

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VANITY FAIR says a trader, “he would explain that they liked us because we could act quickly.” Park put two and two together and guessed that the nature of these piles of consumer loans insured by A.I.G. F.P. was changing, that they contained a lot more subprime mortgages than anyone knew, and that if U.S. homeowners began to default in sharply greater numbers A.I.G. didn’t have anywhere near the capital required to cover the losses. He told Andy Forster, Cassano’s right-hand man in London, who brought this up at a meeting, but Cassano dismissed the concerns as overblown.

Oddly, this dramatic increase in the amount of risk A.I.G. F.P. was assuming came at exactly the moment when it lost the reason for its existence.

The day after Hank Greenberg was forced to resign, in March 2005, the credit-rating agencies downgraded A.I.G. from AAA to AA. The AAA rating was the competitive advantage; without it, the natural course of action would have been to close or dramatically shrink A.I.G. F.P.’s business.

Instead, Cassano grew it.

Toward the end of 2005, Cassano promoted Al Frost, then went looking for someone to replace him as the ambassador to Wall Street’s subprimemortgage-bond desks. As a smart quant who understood abstruse securities, Gene Park was a likely candidate. That’s when Park decided to examine more closely the loans that A.I.G. F.P. had insured. He suspected Joe Cassano didn’t understand what he had done, but even so Park was shocked by the magnitude of the misunderstanding: these piles of consumer loans were now 95 percent U.S. subprime mortgages.

Park then conducted a little survey, asking the people around A.I.G. F.P. most directly involved in insuring them how much subprime was in them. He asked Gary Gorton, a Yale professor who had helped build the model Cassano used to price the credit-default swaps. Gorton guessed that the piles were no more than 10 percent subprime. He asked a risk analyst in London,

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who guessed 20 percent. He asked Al Frost, who had no clue, but then, his job was to sell, not to trade. “None of them knew,” says one trader.

Which sounds, in retrospect, incredible. But an entire financial system was premised on their not knowing—and paying them for their talent!

By the time Joe Cassano invited Gene Park to London for the meeting in which he would be “promoted” to the job of creating even more of these ticking time bombs, Park knew he wanted no part of it. He announced that, if he was made to take the job, he’d quit. (Had he taken it he would now be a magazine cover.)

This, naturally, infuriated Joe Cassano, who, says one trader, thought Park was being lazy, dreaming up reasons not to do the deals that would require work. Confronted with the new development—his company was insuring not consumer credit generally but subprime mortgages— Cassano didn’t blink. He simply claimed that the fact was irrelevant: for the bonds to default, U.S. house prices had to fall, and Cassano didn’t believe house prices could ever fall everywhere in the country at once. After all, Moody’s and S&P still rated this stuff AAA! Still, Cassano agreed to meet with all the big Wall Street firms and discuss the logic of their deals— to investigate how a bunch of shaky loans could be transformed into AAA-rated bonds. Together with Park and a few others, Cassano set out on a series of meetings with Morgan Stanley, Goldman Sachs, and the rest—all of whom argued how unlikely it was for housing prices to fall all at once. “They all said the same thing,” says one of the traders present. “They’d go back to historical real-estate prices over 60 years and say they had never fallen all at once.” (The lone exception, he said, was Goldman Sachs. Two months after their meeting with the investment bank, one of the A.I.G. F.P. traders bumped into the Goldman guy who had defended the bonds, who said, Between

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VANITY FAIR you and me, you’re right. These things are going to blow up.) The A.I.G. F.P. executives present were shocked by how little actual thought or analysis seemed to underpin the subprimemortgage machine: it was simply a bet that U.S. home prices would never fall. Once he understood this, Joe Cassano actually changed his mind. He agreed with Gene Park: A.I.G. F.P. shouldn’t insure any more of these deals. And at the time it didn’t really seem like all that big of an issue.

A.I.G. F.P. was generating around $2 billion year in profits. At the peak, the entire credit-defaultswap business contributed only $180 million of that. He was upset, it seemed, mainly that he had been successfully contradicted.

What no one realized was that it was too late. A.I.G. F.P.’s willingness to assume the vast majority of the risk of all the subprime-mortgage bonds created in 2004 and 2005 had created a machine that depended for its fuel on subprimemortgage loans. “I’m convinced that our input into the system led to a substantial portion of the increase in housing prices in the U.S. We facilitated a trillion dollars in mortgages,” says one trader. “Just us.” Every firm on Wall Street was making fantastic sums of money from this machine, but for the machine to keep running the Wall Street firms needed someone to take the risk. When Gene Park informed them that A.I.G. F.P. would no longer do so—Hello, my name is Gene Park and I’m closing down your business— he became the most hated man on Wall Street.

The big Wall Street firms solved the problem by taking the risk themselves. The hundreds of billions of dollars in subprime losses suffered by Merrill Lynch, Morgan Stanley, Lehman Brothers, Bear Stearns, and the others were hundreds of billions in losses that might otherwise have been suffered by A.I.G. F.P. Unwilling to take the risk of subprime-mortgage bonds in 2004 and 2005, the Wall Street firms swallowed the risk in 2006

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and 2007. Lending standards had fallen, property values had risen, and the more recent loans were thus far riskier than the earlier ones, but still they gobbled them up—for if they didn’t, the machine would have ceased to function. The people inside the big Wall Street firms who ran the machine had made so much money for their firms that they were now, in effect, in charge. And they had no interest in anything but keeping it running.

A.I.G. F.P. wasn’t an aberration; what happened at A.I.G. F.P. could have happened anywhere on Wall Street … and did.

As recently as August 2007, A.I.G. F.P. traders were feeling almost smug: all these loans made in 2006 and 2007 were going bad, but the relatively more responsible 2005 vintage that they had insured didn’t look as if it would suffer any credit losses. They were, they thought, the smart guys at the poker table. Joe Cassano even went on an investor conference call and said, famously, “It is hard for us, without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 on any of those transactions.”

SAY IT AIN’T SO, JOE What no one realized is that Joe Cassano, in exchange for the privilege of selling credit-default swaps on subprime-mortgage bonds to Goldman Sachs and Merrill Lynch and all the rest, had agreed to change the traditional terms of trade between A.I.G. and Wall Street. In the beginning, A.I.G. F.P. had required its counter-parties simply to accept its AAA credit: it refused to post collateral. But in the case of the subprimemortgage credit-default swaps, Cassano had agreed to several triggers, including A.I.G.’s losing its AAA credit rating, that would require the firm to post collateral. If the value of the underlying bonds fell, it would fork over cash, so that, for instance, Goldman Sachs would not need to be

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VANITY FAIR exposed for more than a day to A.I.G. Worse still, Goldman Sachs assigned the price to the underlying bonds—and thus could effectively demand as much collateral as it wanted. In the summer of 2007, the value of everything fell, but subprime fell fastest of all. The subsequent race by big Wall Street banks to obtain billions in collateral from A.I.G. was an upmarket version of a run on the bank. Goldman Sachs was the first to the door, with shockingly low prices for subprimemortgage bonds—prices that Cassano wanted to dispute in court, but was prevented by A.I.G. from doing so when he was fired. A.I.G. couldn’t afford to pay Goldman off in March 2008, but that was O.K. The U.S. Treasury, led by the

exiting his house with his racing bike. Apart from that he had as good as vanished. His absence is as frustrating as it is expected—the people best positioned to explain this financial disaster have all similarly vanished from view. It would be nice if Joe Cassano came out of hiding and tried to explain what he did and why, but there is little chance of that.

The people still left inside A.I.G. F.P. like to list just how many things had to go wrong for their business to implode. Any one of a number of things might have sufficed to avert their catastrophe: our political leaders might have decided against the Wall Street argument not to regulate credit-default swaps; the ratings agencies

TIN RIBETI VELVE ULLA DREANET NOS SITYEL TRAMBOR VOLORS USCIPSUM former head of Goldman Sachs, Hank Paulson, agreed to make good on A.I.G.’s gambling debts.

One hundred cents on the dollar.

A pair of ancient maples shade Joe Cassano’s London home. It’s a tasteful, almost inconspicuous place on a square, one of the best in London, just around the corner from Harrods. Only the livingroom drapes are left open, to let in the spring light. Four black porcelain elephants decorate the windowsill. Behind them a shadow moves through the room.

Cassano resigned from A.I.G. F.P. early last year, but he didn’t simply leave. He continued to turn up at his desk and spend the day staring at his Bloomberg TV. The traders thought it strange; only later did they learn that A.I.G. was still paying him $1 million a month to consult. As far as anyone could tell, he had nothing to do. And then one day he simply stopped showing up.

From time to time they spotted him cycling past their Mayfair office. Every now and again some British newspaper snapped a picture of him

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might have resisted the Wall Street argument to rate subprime bonds AAA; Wall Street banks, in 2006 and 2007, might have declined to replace A.I.G. F.P. in the role of subprime risktaker of last resort; and on and on. Their list is mostly a catalogue of large, impersonal forces. But impersonal forces require people to conspire with them. Joe Cassano was the perfect man for these times—as responsible for a series of disastrous trades as a person in a big company can be. He discouraged the dissent of subordinates who understood them better than he did. He acted with the approval of A.I.G., but he also must have known that A.I.G. wasn’t able to evaluate his trades. Once he was persuaded to stop insuring subprime-mortgage bonds, the logical course of action was to reverse the deals he had already done. In 2006 he might have found a way to do this, if he had been willing to accept the costs involved, but he wasn’t. Had he been, the machine he helped to create would have kept running—by then it had a life of its own—and the losses would

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VANITY FAIR have simply wound up more concentrated inside the big banks. But he’d have saved his company.

No one would be blaming Jake DeSantis for blowing up the world.

And yet the A.I.G. F.P. traders left behind, much as they despise him personally, refuse to believe Cassano was engaged in any kind of fraud. The problem is that they knew him. And they believe that his crime was not mere legal fraudulence but the deeper kind: a need for subservience in others and an unwillingness to acknowledge his own weaknesses. “When he said that he could not envision losses, that we wouldn’t lose a dime, I am positive that he believed that,” says one of the traders. The problem with Joe Cassano wasn’t that he knew he was wrong. It was that it was too important to him that he be right. More than anything, Joe Cassano wanted to be one of Wall Street’s big shots. He wound up being its perfect customer.

MICHAEL LEWIS is a Vanity Fair contributing editor.

A tradução das matérias da Vanity Fair para a Revista Harmonia é feita por

MARIA CLARA FORBES-KNEESE Sócia desde 19XX Clave Comunicações Rua Pero Leão, 119 info@clavecom.com.br

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anything worth doing

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is worth overdoing mick jagger

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