Brazil’s Rousseff admits embezzlement at Petrobras

• Brazil Pres. Rousseff over the weekend for the first time admitted evidence exists that money was illegally diverted from Petrobras (PBR -3.4%), and says the state would seek reimbursement of any illegally diverted funds.
• According to local reports, top PBR executives have for years taken bribes to direct multimillion contracts to specific contractors, with part of the alleged kickbacks siphoned to politicians of Rousseff’s Workers Party and other parties that supported the government.
• “I never impeded the investigation,” Rousseff said in yesterday’s debate with challenger Aecio Neves in the third of four debates ahead of the Oct. 26 presidential runoff vote.