Brazil: Investors Beware

One reason that Yankee dollars are traveling to Europe is that opportunities in Latin America look dark. Last year U.S. businessmen took $32 million more direct investment capital out of Latin America than they put in. Last week in Brazil, the U.S. -owned American & Foreign Power Co. found itself in the kind of mess that makes other risk cap ital feel like not taking such risks.

The biggest U.S. electric utility operator in Latin America, "Amforp" has dams, plants and transmission lines in Brazil worth more than $350 million.

But it has not kept pace with Brazil's growth. The company...

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