Oligarchy

1967 WordsMay 19, 20158 Pages
Oligarchy isn’t beneficial to a country’s welfare In modern society is very popular to raise the most scandalous issues of the present, disclose famous politicians and high-ranked officials, we highlight the hidden truth of the power-driven machinations and governmental intrigues. Thankful to the magazine Forbes, which is well known for its rankings of world 's top companies and lists of the richest people all over the world, we know them by sight. Many call these people wealthy, rich, and fortunate, tycoons, business magnates, but we prefer to call them oligarchs. We use this term to describe the huge, fast-acquired wealth of some businessmen of the…show more content…
During Yeltsin 's presidency, oligarchs became increasingly influential in politics and played a significant role in financing the re-election of Yeltsin in 1996. With the insider information about financial decisions of the government, oligarchs could easily increase their wealth even further. The 1998 Russian financial crisis hit some of the oligarchs hard, however, and those whose holdings were based on banking lost much of their fortunes. The power of oligarchs diminished significantly after Vladimir Putin became president. During Putin 's presidency, many oligarchs came under fire for various illegal activities, particularly tax evasion in the businesses they acquired. However, it is widely speculated and believed that the charges were also politically motivated. Many of them in order to avoid legal proceedings left Russia. However, let’s take Roustam Tariko, one of Russia 's most successful businessmen and the creator of Russian Standard Vodka and the owner of Russian Standard Bank, is a rare case of an oligarch in that he did not get rich by capturing state assets during privatization, but created his empire completely from scratch. Kate: It’s one example out of a huge “bunch”. I guess everybody know Alexander Lebedev not by hearsay. Billionaire, philanthropist, art patron and former KGB agent has criticized the oligarchs, saying "I think material wealth for them is a highly emotional and spiritual
Open Document