How russian oligarchs obtained their wealth

Dictator takes the land of the people and hands it out in thank yous to those who tow the line and know their place and keep them and their offspring in power and wealth
 
According to Panorama - Abramovich became an oil trader when left the KJB in the early 1990s, In this period the assets of the USSR were available at knockdown prices to those with contacts. Abramovich bought a major State Oil company for around £150m and sold it 7 years later for £3.5bn. The losers were of course, were the Russian people.
 
jam69 said:
Is akin to how centuries ago the royals, Lords and nobility obtained theirs.
Worth remembering next time we bow to them
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it's more like how tories make their money.. sell off publically owned assets then overcharge the public for the use of those assets.

privatise profits, nationalise losses

how much did the airport cost stobbart again? how about teesworks? our entire council housing stock? etc etc etc
 
Council house sales is the biggest intentional hit on poor people as long as I can remember. I am a Blairite, he should have stopped it and the opening of gambling.

The policy was and is a disgrace.
 
Yes I agree council sales were the same in this country. I know a relative that bought their 3 bed terraced council house for £8k in the mid 1980s on Teesside now worth £80k at least. In some areas of the country it would be £200k.

It was a strategy to win votes, nothing to do with economics.

I agree too why did Blair continue with it - votes?
 
Redwurzel said:
Yes I agree council sales were the same in this country. I know a relative that bought their 3 bed terraced council house for £8k in the mid 1980s on Teesside now worth £80k at least. In some areas of the country it would be £200k.

It was a strategy to win votes, nothing to do with economics.

I agree too why did Blair continue with it - votes?
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I don't know but it was wrong.
 
Redwurzel said:
According to Panorama - Abramovich became an oil trader when left the KJB in the early 1990s, In this period the assets of the USSR were available at knockdown prices to those with contacts. Abramovich bought a major State Oil company for around £150m and sold it 7 years later for £3.5bn. The losers were of course, were the Russian people.
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Sounds a lot like the sale of Royal Mail who was sold at a massively knocked down price but only a select few were allowed to buy. Although not to that extent our country is corrupt too.
 
Its taken from t he Tory party manifesto of the Thatcher era.

hawk off public owned assets and utilities to friends and family, sorry the "private sector" , only an Oligarch is bad and a capitalist is good.

We are absolutely no better that Russia in that respect.
 
jam69 said:
Is akin to how centuries ago the royals, Lords and nobility obtained theirs.
Worth remembering next time we bow to them
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Indeed.

The difference being that it was centuries ago. I'm not condoning that practice for one minute, but the key difference is that this is the 21st Century, one in which we're supposedly much more enlightened.
 
In a smaller way, the same happened in the UK. Nationalised industries were privatised and time-serving managers who had never run the proverbial whelk stall in the private sector suddenly found they could get serious money. Remember Cedric of British Gas?
 
Anton_Berg said:
In a smaller way, the same happened in the UK. Nationalised industries were privatised and time-serving managers who had never run the proverbial whelk stall in the private sector suddenly found they could get serious money. Remember Cedric of British Gas?
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Can you imagine being answerable to a bunch of politicians, who think they know what they are doing. IME it's how good you are at bulls*****g as to how far you get and that is being polite about it. Some of the so called experts that were brought in to run the industries after privatisation were no great shakes.
 
Redwurzel said:
According to Panorama - Abramovich became an oil trader when left the KJB in the early 1990s, In this period the assets of the USSR were available at knockdown prices to those with contacts. Abramovich bought a major State Oil company for around £150m and sold it 7 years later for £3.5bn. The losers were of course, were the Russian people.
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Where did the 150m come from out of interest?

Dodgy money or did he come from wealth?
 
I believe he was loaned some of the money from Russian bankers. He also had been a dodgy physical oil trader in the early 1990s when the USSR collapsed.
 
Emmersons_BrazillianDong said:
Where did the 150m come from out of interest?

Dodgy money or did he come from wealth?
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He was an orphan raised by his grandparents. Reports I’ve read said he was a trader in illegal goods before the breakdown of the USSR and made a decent living from that. The recently released BBC reports say he would often sell stolen fuel to officers when he was in the army. They also say that he later stole a train full of fuel with forged documents and the charges were just dropped without explanation. I think he was eventually given a licence to trade fuel and made a lot from that.

When their nationalised industries were being sold off, he was able to buy a $600m oil company for $100m split with another man through a dodgy government backed finance scheme. The company was sold back to the government for a massive profit a few years later. There are other allegations like bribes to win auctions at a lower price than competitor bids and kidnapping a Chinese representative of a competitor to get them to pull out of a bidding war.
 
SilentProf said:
He was an orphan raised by his grandparents. Reports I’ve read said he was a trader in illegal goods before the breakdown of the USSR and made a decent living from that. The recently released BBC reports say he would often sell stolen fuel to officers when he was in the army. They also say that he later stole a train full of fuel with forged documents and the charges were just dropped without explanation. I think he was eventually given a licence to trade fuel and made a lot from that.

When their nationalised industries were being sold off, he was able to buy a $600m oil company for $100m split with another man through a dodgy government backed finance scheme. The company was sold back to the government for a massive profit a few years later. There are other allegations like bribes to win auctions at a lower price than competitor bids and kidnapping a Chinese representative of a competitor to get them to pull out of a bidding war.
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The russian equivalent to del boy managed to amass 150 million ?
 
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