Brazil Bank War: Banco Master Owner Claims Itaú Armed Journalists

Messages sent by Daniel Vorcaro, the owner of the liquidated Banco Master, to Martha Graeff on 13 Ağustos 2024, took the media war among Brazil's leading financial institutions to a new dimension. In these messages, Vorcaro claimed that Itaú bank hired a journalist to run a smear campaign against him and his bank. In the correspondence accessed by Fórum magazine, Vorcaro suggested that a special individual was appointed by Itaú to 'arm' (municiar) the newspapers. However, none of these claims have been definitively confirmed with the documents currently available. The name of the journalist in question was intentionally withheld from publication due to a lack of documentary evidence for the claims.

According to the statements in Vorcaro's messages, the aim of the journalist, who was allegedly hired by Itaú, was to directly harm Banco Master. In the details of the correspondence, Vorcaro stated that he had 'definitive' information, obtained through another name, 'Loures', that the journalist was hired by Itaú. He also hypothesized that a communications agency was used as an intermediary to carry out this operation. When Graeff asked how a meeting with a journalist went, Vorcaro stated that the meeting went very badly and that the counterparts were 'bloodshot'. In contrast, he added that subsequent meetings with newspaper executives followed a more positive course.

The correspondence in which the claims were put forward caused Martha Graeff to experience great astonishment and concern. In the messages, Graeff described the situation as 'very serious' and expressed her reaction by stating that the successive attacks no longer followed any logic. Pointing to this situation, Vorcaro claimed that Itaú hired a special agency solely to spread negative news and that there was an 'established conspiracy' afoot. These thoughts reveal the dimensions of the tension that caused a huge repercussion in the corridors of Brazil's financial sector. However, the content of the messages does not include any official contract or payment receipt indicating a transaction between the bank and a journalist or agency.

This incident stands out as merely a part of a large-scale background war that encompasses massive financial institutions such as Banco Master, Itaú, and BTG Pactual, as well as major media groups. Information previously revealed by Fórum magazine shows that Vorcaro is not alone in such claims of media manipulation. In previous reports, Vorcaro was seen mentioning his meetings with 'the owners of newspapers and television channels' and speaking of a figure who 'armed' the media war waged against BTG Pactual's boss, André Esteves. Therefore, these new messages profoundly reveal the dimension of the competition and image struggles between the banks.

The message traffic in question continued for months after Ağustos 2024, showing that the tension between the parties persisted. By Ekim 2024, Vorcaro continued sending Martha Graeff news regarding Itaú's top-level executives. In this context, he shared a link about attempts to turn Daniela Setubal, referred to as Itaú's 'first lady', into a tabloid topic on Portal LeoDias. The following day, he forwarded an article by O Globo columnist Lauro Jardim regarding Fitch Ratings' decision to upgrade the rating by two notches. These developments prove that the competition in the financial world is not limited to numbers, but is pursued intensely over media and public perception.