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How did all these people get rich in Russia?

T

TommyVercetti

Diamond Member
I think about a year ago the richest guy in Russia was arrested. He was an oil tycoon and owned a huge oil company. Soviet Union broke up in 1990. How in the hell did this guy, and so many others get so rich in such little time? I always thought that no one on the Soviet Union could get immensely rich, because they could not run their own businesses. Or maybe I am just misinformed about the whole Communist Russia thing.
 
There's a lot of executives and higher-ups from the state-run corporations. Also, in Russia, you still have private corporations, though the government heavily favors the state-run corporations. Though, that is all changing now..

Or maybe I'm wrong and I'm confusing Russia with China.
 
Corruption, just like how Putin stays in power.

Billions of dollars in assets were privatized, to the benefit of political insiders and other (non-political) criminals.
 
my uncle lives in russia and works for an oil company. hes pretty rich, but he just moved there recently so i guess i have no point. oops.
 
Most of today's Russia's business elite got their start right before the break-uo of the Soviet Union. They were either Communist Party insiders or very close to someone who was and were able to privatise some heavy state monopolies for next to nothing. Most of the are closely assosiated with organized crime and top-level politicians.
 
think about it, govt. run everything suddenly gets privatized. those who swoop in and pick up all the pieces have a nice little chunk of power for themselves.
 
Privatization. AKA stealing of govt owned businesses amassed during the soviet times. They bought up multibillion dollar companies for next to nothing. We are talking about oil corporations, natural resource mines, oil fields, bought up for pennies on the dollar.
 
SuperTool is right... with the breakup of the Soviet Union... a plan was instituted to "loan" government corporations like oil and natural gas companies to private individuals. This was supposed to be a win-win situation.... give the government enough time to recooperate from the cold war while the individuals were allowed to keep all of the profits of the oil / natural gas companies while they were "renting" them. The government had X amount of time to buy back the corporations but they never accomplished it. So now a handful of individuals own all of the natural resources in Russia. They only had to throw out ten million here and there to buy them, now they are some of the richest people in the world.
 
When public companies went private. shares issued to everyone then they're was going to be an auction of all the companies. SOme bosses forced workers to give them their shares. Others bought the credits cheap, payed with a different money that was worth something. Others corrupt gov officials. Somehow it ended up just a few owned the majority of shares and bought Russia's existing infrastructure. Then many sold off the capital of these purchases for enormus profit.
 
Originally posted by: matt426malm
When public companies went private. shares issued to everyone then they're was going to be an auction of all the companies. SOme bosses forced workers to give them their shares. Others bought the credits cheap, payed with a different money that was worth something. Others corrupt gov officials. Somehow it ended up just a few owned the majority of shares and bought Russia's existing infrastructure. Then many sold off the capital of these purchases for enormus profit.
Click to expand...

Yup, what he said
 
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