Davos

As you may have heard, last week brought the annual World Economic Forum to Davos Switzerland. Besides one very important economist attending several very important meetings, this year felt a bit dull compared to previous ones, wherein the groundwork for major deals was laid,  love-children conceived. 2012, it seemed, was the year nothing really noteworthy or “big” happened. OR SO WE THOUGHT. Then this bombshell dropped. And everything changed. Because the truth was out. Continue reading »


[via @Nouriel]

As you may have heard, the World Economic Forum kicks off in Switzerland this week and fresh off of last year’s report on the Bitches o’ Davos (in descending order: The Wives, The Mistresses, The Aspiring Mistresses), Anya Schiffrin (wife of Joseph Stiglitz) is back with a few tips for her fellow second-class citizens. Continue reading »

Earlier this week in Davos, Jamie Dimon said that when his and other banks are asked to comply with ‘irrational regulation,’ the sensation feels a lot like taking it in the ass. Which is to say, he doesn’t like it. His dislike for the figurative equivalent of anal rape, however, pales in comparison to what he feels for idiot reporters who think everyone on Wall Street is the same, i.e. reckless, greedy and responsible for taking down the economy with their bare hands. JPMorgan and its commander and chief couldn’t be more different than the fuck-ups at places like, say, Lehman Brothers and Bear Stearns (and Citi). Just because they’re in the same industry doesn’t mean they’re the same. One ignorant twit at Davos panel entitled “The Next Shock, Are We Better Prepared?” was unaware of the distinction; and after asking the JPMorgan chief about what he thought of “Americans who had directed their anger against the banks for the bailout” was offered an explanation a media person could understand.

Dimon visibly turned more animated, replying that “it’s not fair to lump all banks together.” The TARP program was forced on some banks, and not all of them needed it, he said. A number of banks helped stabilize things, noting that his bank bought the failed Bear Stearns. The idea that all banks would have failed without government intervention isn’t right, he said defensively. “I don’t lump all media together….There’s good and there’s bad. There’s irresponsible and ignorant and there’s really smart media. Well, not all bankers are the same.”

Clearly “aggrieved by the question,” he went on. Continue reading »

Typically, when you read reports from Davos, it’s about the Men of Davos. When you do hear about women, it’s generally a complaint that their attendance is sparse in comparison to the males. Such, however, is not the case. There are tons of women at the World Economic Forum, but we never hear about them because they’re hidden behind their men, invisible– like second class citizens– and in some cases worse than that. Confused? Joseph Stiglitz’s wife, Anya Schiffrin, explains.

In Davos, you see, there is a tiering system for the ladies, each one worse than the last. At the top you have The Wives. Being a Davos wife is not much fun, Schiffrin says, because people only care what your husband has to say. Everyone gets a name tag with their name, occupation and affiliation. But if you’re just there because of your husband only your name is printed. No one cares about your job or interests or what you bring to the table and adding insult to injury? The wives’ name tags aren’t even colored-coded like their man’s. Just white.

The wives’ name tag guarantees that the Davos man in question will instantly decide you are of no value and so he immediately looks over your shoulder for the next best opportunity, i.e. someone without a white name tag who is, by definition, more important than you. Many wives refuse to be Davos wives and the white name tag is the reason they most often cite for their decision to stay home.

If you thought The Wives had it bad, though, you should check in with The Mistresses of Davos. Not only are The Mistresses there with men who keep promising they’re going to leave their wives and never do but they don’t even really get introduced to people as the ho this guy is banging.

Typically the Mistresses’ men are swallowed up by a tsunami of meetings and interviews and don’t have the time or inclination to take their mistresses around with them. Often these men go to high-level dinners to which wives and mistresses are not invited.

What is a mistress to do? Her options include sitting in her hotel room crying. Finding a gay boyfriend. Or using her time wisely to scope out the scene for a new sugar daddy. Continue reading »

Marc Faber, he of the Gloom, Boom & Doom report, popped over via satellite this morning for an interview with Bloomberg TV, where they asked him about the job President Obama has done so far. Faber asked if Bloomberg wanted him to be honest. Of course they did. Speak freely, they encouraged. “Well, then I would say he’s done a horrible job and I think that will continue,” Faber answered. “And he’s changed nothing and made things worse.” But didn’t the president come in at a pretty difficult time, when it was tough to make change, Carol Massar wanted to know? After catching his breath from laughing, Faber told the little lady “You are an optimist. Keep on dreaming. We foreigners just laugh about someone like Obama.” Did Faber think Bush was much better? “At least he didn’t prostitute himself.” Let’s change the focus- thoughts on Bernanke? “Maybe he’ll resign after he sees the disaster he’s created. Or [knowing glance] maybe he’ll be disposed.” Oh…okay. Hey, will you be going to Davos? “No- it’s not for thinkers. It’s a group of liars and people who go along with the system and perpetuate fraud and abuse and dubious practices in the financial system.” Continue reading »

The piano bar in Davos that is, where the Big Guy is headed this week for the first time ever. Once in Switzerland he’ll do whatever it is people do during the day (talk about Ideas?) and then presumably meet up with the gang (World Economic Forum mascots Nouriel Roubini, George Soros, et al) for some late night drunk karaoke at PB in the Tonic Hotel. If you’ve a request, get it in now. [Dealbook]