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[Rods2]

Very watchable and well worth watching, interesting interview and documentary with Russian investor Bill Browder, how it changed the world including the fallout and Magnisky Act. The interview is conducted by Grant Williams, on his TV channel, a gold trader who I used to follow and learn't a lot before his news letter was only available behind a paywall.

https://www.realvision.com/landing/tv/bill-browder

[biggriffin]

Wow, best I remember to watch this after I,ve washed my hair and indexed, and counted my biro collection.

[Lizzie Zoom]

So we haven't got corporate financial corruption and murder in the West then?

This guy is a American, so I suspect his views may slightly be biased.

We certainly are always in the old propaganda war between the West and Russia.  Some things never change

[Rods2]

So we haven't got corporate financial corruption and murder in the West then?

This guy is a American, so I suspect his views may slightly be biased.

We certainly are always in the old propaganda war between the West and Russia.  Some things never change

Bill Browder did very well during the Yeltsin years and early Putin years, turning a hedge fund with $25m seed  capital into $1bn, losing 90% in the 1998 Russian default and then turning the $100m into $4.5bn, mainly through a substantial investment in Gasprom, whose shares at the time were trading at about 2% of their real worth. While his and Putin's interests were fortunately aligned he made a lot of money, but when they eventually differed (with no direct involvement of Putin) it all went pear shaped but not before he had repatriated the $4.5bn back the the West! Corrupt police and organised crime then stole his business and applied to get back the $230m tax that had been paid to the  Russian government, which they did from application to receiving the money in 24 hours! Unfortunately, the lawyer that Browder employed Magnisky and who exposed what had happened was arrested, tortured and murdered by those who were involved or were bribed

Legally, no laws had been broken in the West, by the perpetrators of the financial crimes, so they were able to spend their ill gotten gains in the West with impunity. The passing of the Magnisky Act in the US and other countries following suit, so sanctions can be applied in cases like this. It is a small step forward in stopping them laundering their money through Western banks and other financial institutions. It is a sad fact if you try and launder $25,000 gained through corruption or the sale of drugs you will probably be reported by the western bank to the authorities. However, if you have made $250m and need to launder it, too many western banks and other financial institutions would pocket the fees and look the other way. The UK through London, the US and Cyprus are known with good reason as the money laundering capitals of the world. Hot money has been a major source of funds that have been spent in the UK on property, fueling the London property bubble and providing the owners with assets and a bolt hole along with 'clean' money from their buy-to-let houses and flats.

The Magnisky act is a step forward, but there is still along way to go.

[Lizzie Zoom]

Very interesting and informative Rod2

It tickles me he, and his father before him, were American Communists.  He becomes a capitalist and gets his fingers burnt in the "new" Russia.  There appears to be poetic justice somewhere in that!

[Rods2]

Very interesting and informative Rod2

It tickles me he, and his father before him, were American Communists.  He becomes a capitalist and gets his fingers burnt in the "new" Russia.  There appears to be poetic justice somewhere in that!

The irony was not on me.

[Sir Tigger KC]

Wow, best I remember to watch this after I,ve washed my hair and indexed, and counted my biro collection.

The long dark winter nights must fly by in the biggriff household!