The House of Unions, like so many buildings in Russia, has served many different masters. In the 18th century, a Crimean prince commissioned its construction in Moscow. Russian nobles later converted it to a private club. Lenin, Stalin and Brezhnev lay in state behind its bright green facade.
And in June, as Russia lurched toward a financial crisis that set off global shock waves, the House of Unions was rented for a glittering celebration of capitalism, with one of the country's most ardent bankers, Goldman, Sachs & Company, as its host. Goldman flew in former President George Bush, paying him more than $100,000, and entertained Russia's former Prime Minister. But between toasts to United States-Russian ties, the talk was about what really mattered to Goldman and many Wall Street brethren: deals.
True, Russia was a mess, the Government's bank accounts were almost empty and even the postal system was near collapse. But Goldman wanted to become Russia's leading deal maker, paid handsomely to finance the Government and newly private businesses. Now was the time to prove that Goldman could come through with money in a crisis.