of interest, part 4

["dmschanoes" <dmschanoes@xxxxxxxxxxxxx>]

>From FT hardcopy 100603

Russia for Sale

[ or, the great patriotic national bourgeoisie in alliance with the working
class to march forward to a brighter future..]

'Over the next three to five years all the oligarchs will either sell the
assets and leave Russia, or they will joint-venture these assets like
BP-TNK,' says Stephen Jennings, head of Renaissance Capital, a Moscow-based
investment bank. 'Most Russian businesses are for sale at the right price
right now.'

The oligarchs....used their connections and skills to grab control of the
lion's share of Russia's national resources.  In some companies, Soviet-era
bosses known as 'red directors' managed to transfer their de factio control
into real ownership....[talk about administering the impulse to capitalist
restoration.....].

...in the first nine months of this year, Russia vaulted to fifth place in
the European M&A league, with $35 billion in deals....

..As owners, the Russians now have a strong incentive to bring foreigners in
and convert their winnings from the great privatisation scramble into cash.

Mr Jennings...[said]:  'These guys had a particular advantage in stealing
assets, in grabbing assets, in controlling assets... But they don't have the
skill to manage these assets to international quality.'

dms



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