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Putin’s Hunger for Money

Slate News

Slate Podcasts

News, News Commentary, Politics

4.56K Ratings

🗓️ 21 April 2022

⏱️ 23 minutes

🧾️ Download transcript

Summary

Bill Browder has been sounding the alarm about Vladimir Putin for decades. Formerly one of Russia’s largest foreign investors, Browder has made it his life's work to expose corruption in the country. Unsurprisingly, he’s one of Putin's personal targets. Browder believes that money is what's really driving the war in Ukraine.


Guest: Bill Browder, founder and CEO of Hermitage Capital Management. Browder ran the largest foreign investment firm in Russia until 2005, when he was kicked out of the country. His new book is Freezing Order: A True Story of Money Laundering, Murder, and Surviving Vladimir Putin's Wrath


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Transcript

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0:00.0

Bill Browder wanted to make lots of money, but not for the usual reasons.

0:14.9

It was a strange motivation.

0:16.6

I come from an unusual American family.

0:20.6

My grandfather was the head of the Communist Party of America.

0:25.6

And my father was a left-wing, left-leaning professor.

0:31.6

And so in my teenage rebellion, I decided to put on a suit and tie and become a capitalist to upset my family.

0:41.2

He went to Stanford Business School, and he happened to graduate the same year that the Berlin Wall got torn down.

0:47.5

And I had this epiphany one day, which is that if my grandfather was the biggest communist in America

0:52.8

and the Berlin Wall has come down,

0:54.4

I'm going to become the biggest capitalist in Russia.

0:57.7

And that's what I set out to do.

1:00.1

He eventually did just that.

1:02.8

Over about a decade, Browder made billions and became the largest foreign investor in Russia

1:07.6

by buying up cheap shares in newly privatized, wildly corrupt Russian companies.

1:13.6

His strategy was to expose the company's corruption and then watch their valuations rise as

1:18.5

they went legit. This worked great for a while, until powerful people in Russia, in particular

1:24.6

Vladimir Putin, decided they didn't want Browder shining a spotlight on

1:28.7

them and getting rich in the process. In 2005, Browder got booted from Russia permanently.

1:36.3

Not long after, Browder's lawyer, a Russian named Sergei Magnitsky, who'd helped Browder expose

1:42.1

corruption, was arrested, jailed, tortured, and

1:46.3

eventually killed by Russian authorities. Browder has since made it his life's calling to

1:52.3

avenge Magnitsky's death. Along the way, he's become such a thorn in Putin's side that the

...

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