Petrobras overhaul calls for much more than corruption clean-up

RIO DE JANEIRO:  Petrobras' decision to take a massive $17 billion write-down to account for overvalued assets and corruption-related costs is only the start of a broad overhaul needed to revive Brazil's troubled state-owned oil company.

While many have focused on the $2.1 billion, or 12 percent of the write-down, related to money siphoned off in a price-fixing, bribery and political-kickback scheme - Brazil's biggest-ever corruption scandal - it is the remaining $15 billion that calls for greater attention.