• culprit@lemmy.ml
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      6 days ago

      LMAO, they were created via the liberalization of the USSR economy. You are making my point for me.

      https://en.wikipedia.org/wiki/Russian_oligarchs

      The Russian oligarchs first emerged as entrepreneurs under Mikhail Gorbachev (General Secretary, 1985–1991), exploiting various loopholes during the economic liberalisation of his perestroika programme. Boris Berezovsky, a mathematician and former researcher, became the first widely recognised Russian business oligarch.

      The oligarchs became increasingly influential in Russian politics during the presidency of Boris Yeltsin (1991–1999), a period often referred to as the wild nineties; they helped finance his re-election in 1996. Well-connected oligarchs such as Roman Abramovich, Mikhail Khodorkovsky, Boris Berezovsky and Vladimir Potanin acquired key assets at a fraction of their value at the loans for shares scheme auctions conducted in the run-up to the election. Defenders of the oligarchs who later fell out of favour have argued that the companies they acquired were not highly valued at the time because they continued to operate on Soviet principles, with non-existent stock control, huge payrolls, no financial reporting and scant regard for profit.

        • culprit@lemmy.ml
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          5 days ago

          The Russian oligarchs first emerged as entrepreneurs under Mikhail Gorbachev (General Secretary, 1985–1991), exploiting various loopholes during the economic liberalisation of his perestroika programme.