Brazil says Monaco has agreed to extradite fugitive banker

Brazil's justice ministry says Monaco has agreed to extradite fugitive banker Salvatore Cacciola, who is charged with masterminding one of Brazil's biggest banking scandals in 1999. Banco Marka head Cacciola was jailed on bank fraud charges for 37 days in 2000 after allegedly buying inside information and bribing officials to arrange a 1.5 billion real — then a US$1 billion — bailout of his bank. The bank had lost hundreds of millions when a currency devaluation boosted the value of its debt, pushing it toward bankruptcy. Cacciola persuaded a judge to free him while awaiting trail. He then fled the country. A Brazilian court sentenced him in absentia to 13 years in prison in 2005. He was arrested in Monaco last September and has fought extradition since. Today in Business with... [read full story]