When Alan Garcia ’s first term as president of Peru ended in 1990, the economy had shrunk by 10 percent, inflation was raging at 7,000 percent, and half the population lived in government-declared emergency zones where Maoist guerrillas were active.
The U.S. Securities and Exchange Commission approved a rule barring financial advisers to state and local governments from engaging in deceptive practices, one of the first steps to regulate the business.
The race to succeed President Alan Garcia of Peru, a country where one-third of the populace lives in poverty, may be decided in up-and-coming neighborhoods such as Independencia where children of peasants who fled the countryside now work and shop at the nation’s biggest mall.
As confetti and balloons fall from the ceiling, scores of bankers dressed as characters from TV shows and movies hit the dance floor in a circus-sized party tent in Lima, Peru. Jedi knights from Star Wars wave glowing green light sabers while the Flintstones groove to blasting techno-pop. Carlos Rodriguez-Pastor, one of Latin America’s least known billionaires, joins the throng, wearing a white wig, a silly hat and a big smile.
Peruvians began casting their votes today to elect President Alan Garcia ’s successor after a campaign that pit the daughter of a jailed former president against a one-time army officer promising to assert control over the nation’s mining wealth.