Bradesco, one of Brazil's biggest banks, published its 2008 results, profits are up 5% compared to 2007.
Whilst most Banks in US and Europe are showing colossal losses, Brazilians banks are showing profits, and growing.
More important is the speed with which Brazilian Banks report their earnings in Brazil. Due to infflation in the past, financial statements and management reports are available in hours, not months.
In the 1998 Crisis, Lopes the President of the Brazilian Central Bank, knew the exact net equity of two failed banks in a question of hours.
How long will it take to find the same number for Lehman brothers?
Real time accounting is a must in a modern financial world. The lack of if in the US and Europe is one of the causes of thi Crisis, which till today no one knows exactly how big it is due to snail pace accounting standards.