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Fernando Collor De MelloFernando Affonso Collor de Mello, "O Bom" ("The Great") (born August 12, 1949) was president of Brazil from 1990 to 1992. In 1989 he defeated Luiz Incio Lula da Silva in a very close presidential race. The first democratically elected president of Brazil in 29 years, Collor spent the early years of his government battling inflation, which at times reached rates of 25% per month. His measures against inflation were very radical: he confiscated all the population's savings: "no money, no inflation" was his motto. It was not successful. This strategy, many economists say, was in fact a cover up for lowering the high public debt bill. The "confiscated" money had negative real interest rates while in the government's hands and this negative difference was indirectly used to significantly lower the brazilian sovereign debt. Those economists state that lowering the high inflation was never the real first objective of the plan. In 1992, Collor was accused by his brother Pedro of corruption, leading to investigations by both congress and the press. The crescendo of evidence of bribery and misappropriation of state funds led to popular demonstrations and civil disorder across the main cities of Brazil. In October, the congress voted to suspend him. While an impeachment process was ongoing in the senate, Collor resigned on December 29, 1992. He was succeeded by his vice president, Itamar Franco. In December 1994, he was acquitted of the corruption charges by the Brazilian supreme court, his civil right of being voted was suspended for 8 years. He tried to run for mayor in So Paulo, but he was not successful. Most of the population still identifies him with corruption. In 2002, he ran for governor in his home state, Alagoas, but he lost again. His political future was uncertain by 2005. Fernando Collor de Mello
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