Going Blind at Davos, Spreading the Bull at Davos, Goldman at Davos ……..
“Goldman Sachs, the world’s richest investment bank, could be about to pay its chief executive a bumper bonus of up to $100 million in defiance of moves by President Obama to take action against such payouts.Bankers in Davos for the World Economic Forum (WEF) told The Times yesterday they understood that Lloyd Blankfein and other top Goldman bankers outside Britain were set to receive some of the bank’s biggest-ever payouts. “This is Lloyd thumbing his nose at Obama,” said a banker at one of Goldman’s rivals. Goldman Sachs is becoming the focus of an increasingly acrimonious political and financial showdown over the payment of multimillion-pound bonuses.Last week the US President described bonuses paid out by some banks as “the height of irresponsibility” and “shameful”…..……”
He deserves every penny of it. He did, after all, get the US Treasury to fund his huge profits, and he is getting away with it.
About Davos again: some well-meaning people show up. Mostly powerful people show up who go on massaging their own and each others’ egos: from blatantly lying leaders to blatantly lying CEOs. Some of them are probably delusional. Then there are the name-droppers and groupies, these are some of the media journalists who help the honchos sell their bull. I recall they did some of that at the IMF-World Bank annual meetings of which I attended many during my wild years; but the bureaucrats tended to be more serious, leaving most of the bull for the bankers to spread at their receptions.
At Davos, a little good is done, but it is often a long session of mutual “something” that could make you go blind in the old days.
Cheers
mhg
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