Russian Oligarchs Losing A Ton In Financial Meltdown (SLIDESHOW)

In the past decade, while you were trying to survive the dotcom collapse and $4 gas, commodity-owning Russia was getting rich (well, some Russians, anyway). Moscow became a city of billionaires, and a year ago, these young, impossibly wealthy moguls were taking over the world.

And now? They're still dynastically wealthy, of course. But they've taken it on the chin. In fact, by some estimates, the Russian oligarchs have lost more than $230 billion in the past six months. Some are even reaching for Putin's modest $50 billion bailout wad. (And getting it.)

Read the whole story here.

Comments

[imsosure]

And this is my problem, I don't think so. I have no empathy for these guys or the Harvard endowment or any of the others who have been snubbing the public taxing ordinary guys who built up and maintained the infrastructure that allowed these guys to get fat ing the first place. I hope they can get some sleep, eventually. . .

[anastasiabeaverhousen]

до свидания, напыщенные жопы

[dukeitout]

I agree entirely, comrade.

[AContrario]

meaning?

[gcallaghan]

The petrobillionaires and KGB thugs have as much a grasp on history as UU does. The last time the masses rose in russia, the moneyed dudes and their families didn't fare too well. Remember them, Ivan?

[datone]

Well now, history is repeating itself. With Merrill Lynch predicting oil at $25 a barrel it looks like more folks will be coming across our southern border soon. In 1982 the Mexican economy (and any other oil producer's) operated on the basis of $28 a barrel. When it got to $12 the banks were nationalized, the peso was severely devalued (but not before a Mexicana Airlines plane full of gold left for Switzerland) and the poor took a real hit - tortillas and beans tripled in price while wages remained stagnated. Russia will drown in its vodka, the poor will suffer and they will blame it on the west. At least the Saudis have sand to eat. I say good riddance.

[L3ftofC3nter]

The end of your statement is already coming true. Russia is already blaming the West for the financial meltdown happening over there from the drop in oil prices.

[Sundialsvc4]

When the morning comes, the leprechaun's golden treasure-room is once again a smelly stable full of straw.

Why don't we insist upon "the real stuff?" Why don't we look straight-ahead at the fact that we have been robbed by those whom we entrusted ... duly punish and evict those people ... and get busy putting our nation back on track again? We closed the factories but we didn't tear them down. We have the capacity to refurbish them, to favor domestic supply. And... we even have the money, without turning to "Uncle Sugar's Leprechaun."

"300 million very pissed-off people" is all the "market" you could ever dream of. The mistake that we made was only made starting in Nixon's or maybe Eisenhower's time. It can be reversed... and money can be made by doing it. I think we have little TIME for whining.

[djgonebad]

Follow the leader, and fall off the cliff!!!!

[Sundialsvc4]

Uhh... don't follow THAT leader. :-D

[davidwayneosedach]

If there's any money left after bailing out AIG and the Big Three maybe we should offer to bailout these Russians as well.

[Cogitoe]

I say as long as we have the printing presses working over time, let's offer to buy Siberia. Just think, we would get a huge piece of real estate with lots of oil, natural gas and minerals with no wildlife refuges. Worse case we trade it to Chinese for our Treasury Bonds if they ever tire of holding them. It would also give us a good place to transfer Gitmo prisoners when Obama shuts it down. More importantly, when the next Russian revolution comes, they won't have anywhere to send political prisoners. Lastly, if you are a Democrat, such a purchase would completely remove Sarah Palin's foreign affairs credentials as she would now be looking at our 51st state. :)

[Indie2008]

After the collapse of the Soviet Union, our government was urging Americans to give to the starving Russians. Memba that?

[Hawka]

Don't know, since they turned to Putin afterward maybe this was the one time we should have listened.

[nogimmicks]

May be Russia should follow the example of the US bailout and give them a trillion dollars of the taxpayer money.

[leftLibertarian]

My tiny violin has been playing a lot these past few weeks.

But for you 'comrade' I will play it too.

[Hawka]

Go down Putin, and take your 'oligarchs' with you!!

[tomas0808]

Burn baby burn disco inferno

[trucap]

a ton of what ? maybe a ton of $100 bills !!! . i could use a pound . lol

[AMERIKA]

there goes Chelsea's purchasing power!

[hellboundtrain]

Is the $230 billion labeled right for this article?
Cuz the Russians use Roubles at 27.90050 to the USD, or, 1 Rouble=$.03584 US
So, just checking is the 230 billion Roubles or USD?

[trucap]

i see a $ sign next to the number 230 .

[wendynyc]

Does this mean they've finished buying up most of Manhattan and Western Europe??