Motley Fool Money Understanding the Oligarchs
Mar 13, 2022
Best-selling author Ben Mezrich, known for books like 'The Accidental Billionaires', dives into the world of Russian oligarchs during a chat with Dylan Lewis. He unpacks the history and rise of these billionaires post-Soviet Union, likening their influence to that of organized crime. Mezrich also discusses how the Ukraine conflict is reshaping oligarch loyalties and the precarious position they find themselves in amidst sanctions. His insights reveal the complex interplay of power, wealth, and storytelling in today's geopolitical climate.
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Rise of the Oligarchs
- Russian oligarchs gained wealth and power during the 1990s post-Soviet Union collapse.
- This period was marked by crony capitalism, with Boris Yeltsin distributing national resources.
Outsiders to Power Players
- Many original oligarchs were outsiders in Soviet society, often Jewish or from Siberia.
- Yeltsin, influenced by his daughter, chose these individuals, elevating them to control major industries.
Putin's Power Grab
- The oligarchs initially installed Putin, believing they could control him.
- Putin quickly consolidated power, warning oligarchs to stay out of politics or face consequences.
