How Corrupt Russian Officials Looted Hermitage Capital

For all their corporate governance problems, U.S. markets are still pretty good compared to most emerging markets. Take it from someone who’s worked in some.

Or better yet, take it from this video about Hermitage Capital. It tells the story of how Russian officials looted and prosecuted this Russian-based investment manager, simply for not playing along with their extortion.

The criminals involved went after $230 million in the process. That would be pretty hard to explain to investors in your next monthly statement.

“While our investments for the month outperfomed the market, we were forced, at gun-point, to realise a $230 million write down to our money market accounts. This resulted in some undue liquidity in our pants. We hope this will prove to be a one-time expense”

Check out the video below, in all seriousness it’s a pretty scary story. We wish their associates the best.

(Via Zero Hedge)

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