Saturday, September 22, 2007

And How Would You Like the Shirts?

September 23, 2007

From Russia With Cash: Seeding a Hedge Fund

ANDREI VAVILOV — Russian multimillionaire, well-connected energy magnate and nascent hedge fund manager — smiles broadly in a Manhattan restaurant as a lawyer, a lobbyist, an economist and a former congressman praise him over shots of vodka and a lavish spread of lamb, salmon and beef tenderloin.

They toast Mr. Vavilov, 46, as an architect of Russia’s fledgling market economy and a maverick financier whose philanthropic contributions to universities in the United States and abroad have produced important financial research.

“Congratulations on your newest venture, this hedge fund of yours,” says Thomas B. Evans Jr., a former Republican representative from Delaware. “I mean, I don’t know much about it, but I am sure it will be a big success.”

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They used to call it 'money laundering,' but I guess in the decade of the hedge fund, it's merely clipping the hedge.

Either way, can anyone truly believe the dough coming out of Russia is legal?


* For more in-depth articles by Jim on Outside America, check out Opinion-Columns.com