Business leaders rally for rightist

Sao Paulo Leaders of Latin America’s largest economy are stifling concerns to support the leading candidate Jair Bolsonaro, a retired army captain who repeatedly said he doesn’t understand the economy.

For many Brazilians, the Sunday vote has provoked fears due to Bolsonaro’s penchant for nostalgia over Brazil’s 1964-1985 dictatorship and his stream of derogatory comments about women, blacks, indigenous peoples and gays. Industry titans worry about his pro-big-government remarks and voting record.

The decision by the business community to hold its nose is driven by Bolsonaro’s decision to name an esteemed banker to head his economic team to fear of the leftist Workers’ Party.

The markets’ darling, former Sao Paulo Gov. Geraldo Alckmin, largely faded in recent weeks despite party support and more free air time than other candidates. Bolsonaro leads 13 candidate, followed by Workers’ Party candidate Fernando Haddad, a likely rival in an Oct. 28 runoff.

“For the markets, Bolsonaro is not a dream candidate, but represents less risk than Haddad,” said Ibnec University finance professor Gilberto Braga in Rio.

Some are skeptical Bolsonaro represents less risk for Brazil. He vowed to fill his cabinet with current and former generals. In 27 years in Congress, Bolsonaro, who represents Rio de Janeiro, accomplished little: Only two of his bills were made into laws.