Putin’s Pals: Billionaire Junkies

Arkady Rotenberg, a former judo coach, became a billionaire industrialist by selling pipe to the state-owned gas monopoly, Gazprom. Meanwhile, owning a minority state in a small bank in St. Petersburg that won control of another of Gazprom subsidiaries, Yuri Kovalchuk gained a net worth of $1.5 billion. Gennady Timchenko, “once the little-known sales manager of a local oil refinery,” went on to become one of the richest men in the world by co-owning “a commodity trading company that moves about $70 billion of crude oil a year, much of it through major contracts with Rosneft, the Russian national oil company.” What these billionaires shared besides getting rich was a certain connection—namely to Vladimir Putin.

Vladimir Putin arrives for a campaign rally in Moscow.  Agence France-Presse/Getty Images

The full essay is at "Putin's Pals."

The Profitable Aristocracy: On the Conditionality of the Managerial Elite

Downton Abbey, a television series that began in 2011 on PBS’s Masterpiece Classics, depicts through narrative life in a British manor beginning with the sinking of the Titanic in 1912. For European viewers and more generally for the rest of us, the program proffers a glimpse of the world a century back. The advent of the telephone and phonograph seem to pierce through the manor’s socio-economic hierarchy that had undoubtedly been in place for centuries. It is the sheer social distance between the servants, almost regardless of their particular rank within their hierarchy, and the nobility in the house that is so striking to me. Moreover, the “Your Lordship” and “Your Ladyship” are not contingent on the manor’s owner employing or even paying the servants.

The full essay is at "The Profitable Aristocracy."