Plunge in Russian stocks affects only the elite - for now

The stock market here has sputtered so often in recent weeks that regulators have repeatedly shut it down, as if Russia, which aspires to be a financial powerhouse, has become just another bumbling backwater. The oligarchs, those Kremlin-connected magnates who once dazzled the world with their riches, are reeling. And Prime Minister Vladimir Putin is facing a threat to his long-sought legacy of bringing economic growth, stability and renewed swagger to this nation. The global financial crisis has not spared Russia, wiping out about $1 trillion in wealth and impelling the government to adopt a broad rescue plan, signed into law Monday, to shore up banks. At stake is the Russian economy, which for the first time over much of the past decade has given many Russians a taste of comforts long enjoyed in the West. For now, the... [read full story]