Mar 9, 2009

But what of the Russian Tycoons?

Because most of the world is struggling to, we often overlook the real victims of the economic crisis: The Tycoons. The Wall Street Journal reports today that Russia's debt-burdened tycoons might have to part with their assets amid the deepening global crisis as the government no longer has the resources to bail them out. Says Gregory White:

Like many other governments, Russia's has consistently underestimated the severity of the global downturn. After promising generous aid to a swath of industries late last year, the Kremlin quietly scrapped nearly all of those plans in the past few months, officials say. Other costly decisions were delayed by Russia's bureaucracy.

So Russian tycoons have to part with assets AKA diamond studded cars, yachts that are too heavy to float, and fur clad models??? And Russian bureacracy saved money this time??? I just don't understand the world anymore.


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