The Oligarchs

Focusing on six of Russia's most feared power brokers - the oligarchs, David Hoffman reveals how a few players managed to take over Russia's cash-strapped economy and then divvy it up in loans-for-shares deals. Before perestroika, these men were normal Soviet citizens, stuck in a dead-end system, claustrophobic apartments, and long bread lines. But as Communism loosened, they found gaps in the economy and reaped huge fortunes by getting their hands on fast money. They were entrepreneurs. As the government weakened and their businesses flourished, they grew greedier. Now the stakes were higher. The state was auctioning off its own assets to the highest bidder. The tycoons went on wild borrowing sprees, taking billions of dollars from gullible Western leaders. Meanwhile, Russia was building up a debt bomb. When the ruble finally collapsed and Russia defaulted, the tycoons tried to save themselves by hiding their assets and running for cover. They turned on one another as each one faced a stark choice - annihilate or be annihilated.