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The Russian economy has passed through a long and wrenching depression. Official Russian economic statistics indicate that from 1990 to the end of 1995, Russian GDP declined by roughly 50%, far greater than the decline that the United States experienced during the Great Depression.
Matra (1988) Paribas – privatized in 1987 and merged with BNP to form BNP Paribas. Saint-Gobain – created in 1665 by minister of Finance Jean-Baptiste Colbert; privatized in 1986. Société Générale privatized in 1987. Suez – privatized and merged with the stated-owned Gaz de France (GDF) in 2008 to form GDF Suez.
A few months later, Long-Term Capital Management collapsed after its saw the value of its trades drop 50% as a result of Russian currency devaluations and a flight to US treasuries. In late 1998, Albourne released a report stating that investors should avoid Madoff Investment Securities.
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