Oligarchs unload Sochi Olympics assets to recoup investment

[ryoder 1,590]

Two lessons here:

1. The idiocy of spending billions of dollars to build infrastructure for a one-time event.

2. How the Russian kleptocracy works.

http://finance.yahoo.com/news/oligarchs-unload-sochi-olympics-assets-074451467.html

"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

[wolfriverjoe 1,523]

#1 - Every country seems to think that hosting the Olympics will bring huge economic returns for the huge investment. Most of them find that once the Olympics are over, the investment becomes a huge liability.

#2 - Putin has sold his soul to the "Oligarchs" (or are they "Kleptogarchs"?) to have his appearance of power.
If he doesn't keep them happy, he's done.
If he does keep them happy, the people get screwed.
But he does a pretty good job of keeping a lid on it, so he's reasonably safe there.
I kinda doubt that any Russian news agency will be covering this.

"There are NO situations which do not call for a French Maid outfit." Lucky McSwervy

"~ya don't GET old by being weak & stupid!" - Airtwardo

[Andy9o8 2]

The Russians are as corrupt as the Mexicans, and that's really corrupt, so no surprises there. And in fairness, no major American politician who has real power can attain that without whoring him/herself to the oligarchy, either.

[jclalor 12]

I've read that Putin's approval rating has plummeted To 85%.