In authoritarian systems, the punishment of wealthy and powerful individuals serves as a powerful deterrent to others, as demonstrated by Russia's 99.7% conviction rate and the public trial of oil billionaire Mikhail Khodorkovsky, whose imprisonment signaled to other oligarchs that their fortunes and freedom depended on loyalty to the state.
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The Russian Billionaire Putin Locked AwayAdded:
In Russia when you are put on trial, there's a 99.7% conviction rate in criminal court in Russia.
And then Putin allows the television cameras to come in the room >> [music] >> to film the richest man in Russia sitting in a cage.
And this had a profound effect on all the other oligarchs.
Imagine that you're on your yacht.
You're parked off in Antibes, France.
Flick on CNN.
And there you see a guy far smarter, far more powerful, far richer than you sitting in a cage.
What's the natural reaction?
You don't want to sit in that cage yourself.
>> Khodorkovsky was found guilty of fraud and sent to jail. [music]
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