This is an exhaustively researched story of how
dirty money from corrupt regimes in Eastern Europe and elsewhere was first
stolen by small circles of autocrats and their favored cronies, then traveled
out through the international financial system to corrupt and distort the
financial watchdogs and overseers in the Western world, particularly in the UK
and the United States.
Focused especially on a group of billionaire
oligarchs and autocrats in Kazakhstan who were able to buy up state-owned natural
resources and processing plants for a small fraction of their value in the
twilight days of the Soviet system, it shows clearly the complementary roles of
extreme wealth and autocratic power in facilitating and controlling the
narrative about these crimes.
One noteworthy aspect of this dynamic is the
important role of private security and espionage agencies employed by the
oligarchs, to create an information environment where any story can be created
and believed, based on the ability of the powerful and their agents to
selectively present a mix of fact and fiction (about themselves and their
critics) to the public, to support their own self-serving narratives.
It is the same demoralizing function that
autocrats use within their totalitarian states to limit and control their
populations’ understanding of “truth”, but here it is employed effectively in
western media markets by private interests, in service of their own personal
wealth and corrupt purposes.
Not surprisingly, Donald Trump’s story makes a
late appearance in the book, for his own real estate and money laundering
activities, which often intersected with the interests and activities of
the corrupt oligarchs from Eastern Europe and Russia. It also makes clear the extent to which he too
has succeeded in shaping a narrative about himself and his business activities that
does not rely on the truth of who he really is, or what he has actually done or
failed to do.
A useful history of recent “dirty money” developments and operations,
especially those coming out of the collapse of the Soviet Union. It's all the more relevant to understanding the world of the post-Soviet oligarchs, whose yachts and airplanes are now being seized around the world as a result of Russia's war in Ukraine and the international sanctions campaign against it. Recommended.