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Changing of the guard in the 0.01%

At the end of a long article in Vanity Fair on uber-expensive homes in London that nobody actually lives in, we get this:

London real-estate agents confirm that these commodity plutocrats dethroned the financiers some time before the financial crisis hit. “I can’t remember the last time I sold a property to a banker,” says Stephen Lindsay, of the real-estate agency Savills. “It’s been hard for anyone to compete with the Russians, the Kazakhs. They are all in oil, gas—that is what they do. Construction—all that kind of stuff.”

Even the Arab money has taken a backseat to the new buyers, says Hersham. “The wealth of the ex-Soviets is incredible,” he says. “Unless you are talking about [Goldman Sachs C.E.O. Lloyd] Blankfein or [Stephen Schwarzman], the head of Blackstone, or the head of one of the very big banks, there is no driver from the City of London at these levels anymore.”

So, hmm. I wonder what the political implications of this are? Lots of resource extraction, of course, which is happening.

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wanderindiana's picture
Submitted by wanderindiana on

All the losses from the housing bubble, all the payouts to the winning bettors on default swaps, beyond the JPMorgan Chases and AIGs, their clients who were on the cash side of our economic disaster...

... Those people were never identified.

Until now?

As a subscriber to the zero-sum theory, someone out there has reaped unfathomable reward over the last six years. Who?