Russia

Another day in Davos, another bout of “commie-style” bank bashing. Or that, least, is what some frazzled financiers are now muttering as they slosh around the snowy Swiss mountains.

The frenzy kicked off at the start of the week with the arrival of Vladimir Putin, Russian prime minister, who addressed the opening session of the conference. With visible pleasure, he pointed out that “the pride of Wall Street banks” had crumbled, and railed against the folly of creating an economic system where financiers were allowed to run amok with “virtual money” and other forms of financial innovation.

No prizes for guessing what is worrying the 2,500-odd delegates due to arrive in Davos this week (albeit probably not too visibly in their corporate jets this year). Within minutes of the World Economic Forum permitting delegates to sign up for events at the meeting, which starts on Wednesday, some sessions were hugely oversubscribed.

A worthy debate on how corporations can affirm the “community” (featuring Jamie Dimon, CEO of JPMorgan Chase) was not one of these; yesterday that still had plenty of space.

Davos blog 2009

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