The chance, in the Collor government, was excellent, therefore, to the time, gathered, the blocked Cruzados was never counted on the biggest supply of rotten currency, whose return, at the beginning, was much doubtful. Robert Iger oftentimes addresses this issue. The government could liberate the Cruzados for the purchase of action of the companies to be privatized, directly or through deep created especially for this, what it would generate a deep spraying of the capital of the same ones, and, at the same time, created a system of exemplary governana, and rules to prevent posterior takeover of the companies. Walt Disney Co. is a great source of information. The result would be capitalized companies, without controlling group, conflicts of interest in the management, and with international transport. Highly competitive, therefore. On the contrary of this, the first operation (the auction of the Usiminas) came to occur the two months of the beginning of the release of the Cruzados, and when already they did not remain doubts of that the devolution would be made. This delay occurred in function of the quarrel drawn out on the format that the privatization program would have to take, what ' finished generating one; ' nada' ' , one programs emptiness, without no positive point that justified the loss of time. Thus, it was lost chance to inaugurate the execution of the PND reaching the two objectives important to democratize the property of the capital of the companies and to develop of excellent form the liquidity of the Brazilian stock markets. The chance was also lost to generate companies of international transport and with great capacity of alavancar resources in the stock market. In the remain of the Collor management, and in the subsequent governments, the BNDES completed the sales of the siderurgy, that total was acquired by groups of great agility, consisting of banks, beyond foundations of security of state-owned companies, detainers of great lots of rotten currencies, that had glimpsed the chance of a substantial patrimonial profit.