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|22 okt 2016|
Putin Made the Market Crush for the Second Time but Already Consciously
Quotations of the American depositary receipts (ADR) "Mechel" on results of tenders on July, 28 2008 at the New York stock exchange (NYSE) decreased on 25,57%. On results of exchange day the price for one ADR (it is issued one in one ordinary share) "Mechel" made 19,50 dollars that's on 25,57% (or on 6,70 dollars) less, than the price of the closing on July, 25. The volume of tenders made 34 million 724 thousand 350 dollars.
Thus as it was informed, as of 5:55 p.m. of Moscow time on July, 28 quotations of ADR "Mechel" fell almost on 39% - from 26,2 dollars up to 16,23 dollars. However, then the falling stopped and as of 7:50 p.m. of Moscow time on July, 28 quotations of ADR fell on 27% - up to 19,14 dollars for ADR.
At today's session of presidium of the government of the Russian Federation V.Putin again spoke about "Mechel" which, as he said, sold the product to a foreign market under the price four times lower, than on internal one.
"So, on home market the product is being delivered at the price of 4,1 thousand roubles and abroad, to the offshore companies - at the price of 1,1 thousand roubles, that is 4 times cheaper and then sells this product under the world prices - for 323 dollars. Whether it's normal?" - V.Putin noted.
From editorial board: It is possible to sneer at controllability of the Russian share market, certainly. When Putin on Friday said that "Mechel" sold products at home market 2 times more expensively, than at external one, shares of the company fell by one third. While when on Monday he informed that internal prices of "Mechel" were already 4 times higher, than external ones - capitalization of the company fell already on 50%. If tomorrow Putin will say that the company sells products at home market 10 times more expensively, capitalization of "Mechel", probably, will turn into negative size.
On the other hand, let's recollect just for a second that prime-minister Putin corrected his charges to "Mechel" between Friday and Monday 2 times. It frankly calls into question validity of these claims. Probably, Jury Mukhin who wrote about Friday's speech of the prime-minister was absolutely right: "Putin read his angry philippics from paper and his words that "internal price means - world" was a sample of stupidity both his and those who wrote that paper for him".
Though here the matter is, obviously, nevertheless not in stupidity but in replacement of priorities - it's not important to Putin and his environment to speak to the point, it is important - how and to whom to speak. Here's the reason of seeming stupidity - he shits on what we think reading his words, for him the feelings of those to whom he refers is important. They should feel not simply chillness between shoulder bones but strong desire "to shit" and to become small or dissappear.
Besides Putin is obstinate and in this case his obstinacy is based on that important circumstance that if he wouldn't succeed in clearing situation with "Mechel", his authority will begin to melt as shagreen leather further. So it turned out so that, probably, not wishing it he played shit-and-bust.
The essence of a problem (and the conflict inside authority) that struggle against corruption became inevitability. Everybody understands it. There appeared a conflict between new president Medvedev and old prime-minister Putin, conflict of interests expressed by very simple formula: who should be appointed corrupted official? Medvedev has own list, Putin - own one. It is impossible to agree as high contracting parties are not interested to agree. Everyone should win - Меdvedev so that really to come to power, to Putin - to remain.
"Mechel" became a field of fight.
Let's look at Medvedev's reaction after "black Friday" which prime-minister declared. Assistant of the president of the Russian Federation Arcady Dvorkovich acted on Monday with own position. As to the check of activity of "Mechel" by Federal Anti-Monopoly Service, A.Dvorkovich noted that "FAS has been engaged in this problem for already several weeks and there is no haste and promptness here, decision will be born in the put terms", telechannel "Vesti" transfers.
According to the assistant to the head of the state, "FAS has the right to bring in corresponding sanctions and, certainly, it will make it in case of infringement of legislation by the company". A.Dvorkovich positively estimated that fact that "Mechel" "all these weeks cooperates with FAS and gives all necessary information". If infringements will be revealed, turnaround penalties will be imposed on the company in size from 1% up to 15% from the turnover on the market of certain goods (metallurgical coal) but no more than 2% from the turnover of all company.
That is he made an announcement deducing company "Mechel" from under the criminal liability. It's clear that the assistant of the president cannot have own position which is not coordinated with the head of the state. Especially such skilled and very sensible, educated and simply clever assistant as Dvorkovich. It means, it's position of the president.
This very fact - that the president has certain position related to "Mechel" and it seriously differs from position of prime-minister caused the second series of charges on the part of Putin. As well as amplification of the charges.
Here, actually, a real episode of political strike in new realities. In the country the two-party system was formed at last - Putin's party and Medvedev's one.
What do we have in the dry rest? While the rest is not dry. On Monday the Russian share market tried to calm down after Friday's panic and practically all sectors of the market since morning were in positive territory. But after Putin's performance the falling on RTS made 34%, new negative statements of the prime minister led to a turn of the share market below the levels of the opening. If Putin sells short, he does it powerfully.
There was a question on forum, what the reason of our felling solicitude for the share market is, say, it has no relation to a real life and this all is capitalist game with cheating. That is doubtless indeed but only we live precisely inside this capitalist bubble, under the laws of the bubble and in space of the bubble. By virtue of that, it is necessary to reckon with conditions of environment, let it be adverse. At communism there will be no stock exchanges but under present capitalism the national economy lost from Putin's game on downturn and the lost's not so little.
Tomorrow somebody will buy up depreciated Russian shares - may be prime-minister himself (to be more exact, certainly, people who work for him). Or it will be made by someone "from side" - who managed to interest prime-minister in the result of such negation.
I shall remind that right at the beginning of 90s, I have already wrote about it recently, after tobacco crisis of August - September of 1990 all tobacco factories of Russia without exception were bought up by world monopolists - under below cost price and at the most favorable opinion of a society (the true owner came, foreign investments came, etc). Why not to repeat this simple way with profitable companies which will be declared "corrupted?
However there is in this business one difficulty. Corruption is a process with two participants, one (the company) gives and other (official) - takes.
Who is that official who "got something" from "Mechel"? If criminal case against the company will be initiated and it will be investigated up to the end, corruption communications (what Russian company does not have corruption communications?) will be thoroughly revealed, investigated and anyhow become property of public opinion. If investigation will be carried out by FAS and it will end in let it very big but penalty, corruption communications will stay confidential information of the company.
The question is that anyhow some companies will be declared corrupted. Their corruption lists will be made public - to whom, for what and how many.
The matter is that a surname will head these "unexpectedly" arisen lists of corrupt bureaucrats. Meanwhile there are only two surnames.
Аnatoly Baranov, editor-in-chief of FORUM.msk
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