It’s strange to cover the World Economic Forum in the small village of Davos, Switzerland. Considering the list of attendees who are all hanging out together – CEOs, lawmakers, presidents, prime ministers – there should be big news coming out of this meeting. I have big ideas about various problems in the world.
Still nothing is achieved. Very little real news.
I say this from my office in New York, not from my chalet within walking distance of the conference center, or from where the alleged conduct took place. Years have passed and I have to say that I crave the real hot chocolate served there as opposed to the fake Swiss Smith ones I grew up with.
But not much else.
As you may recall, in January 2020, then-President Donald Trump told CNBC that early fears of the deadly coronavirus spreading around the world and shutting down major economies were a big deal. You may remember some big “news” happening as we spoke. In his words, “We have it under control. It will work.
I know what happened next.
This year’s event, which ended on Friday, is clearly attuned to the futility of the forums, increasingly awakening and Proposed progressive solution Most Americans couldn’t care less. According to my sources in attendance, the big players there are the looming global recession, global warming, China’s declining population, war in ukraine, lower wages in places like Asia. Did I mention global warming?
There are many panels and speeches on those subjects, not many solutions Aside from the same old bromides about forcing Americans to give up gasoline gluttony for unaffordable electric cars or raising taxes to cure world hunger. In comical relief, Oliver Stone spoke of his new documentary about the need to embrace nuclear power in order to avoid it. climate change.
It doesn’t take a rocket scientist to understand that these concerns aren’t inherent or real-time. The usual set of solutions is, and has always been, rather unrealistic.
That’s why there’s no reason to fly to Switzerland, further pollute the air, and indulge in paranoia about the coming end of humanity.
So why do people go? I went there as a reporter because I wanted to meet the CEO and talk to Jamie Dimon and Larry Fink.
The CEO, I think, escape my wifeget good press through Virtue Signal, and maybe do some business.
We saw beleaguered Goldman Sachs CEO David Solomon in attendance, trying to brief reporters on his bank’s recent troubles.
Solomon wasn’t about to leave his wife, but it’s possible the more skeptical US-controlled media (mainly here at The Post) have documented how he’s been facing it. seething rebellion from some of his partners who were offended by his management style — he’s been described as surly as if to break the CEO mold — and how he’s cut jobs and bonuses in a year of poor trading.
So he went to Davos and showed that he was seriously in control Explains Goldman’s fourth-quarter profit plunge — again, as if his previous naked eye wasn’t good enough.
Did this do much to change the narrative? Not much; people who hate Solomon still hate him, according to my sources at the Manhattan firm.
BlackRock CEO Larry Fink went on a trip as usual. It makes sense on paper. BlackRock is the world’s largest money manager and had more than a few large clients in attendance. So did hedge fund impresario Anthony Scaramucci, who runs Skybridge Capital, a so-called fund of funds that invests in other hedge funds and is always looking for clients.
But again, both feel better at home. Davos hot chocolate isn’t enough to convince some sovereign wealth funds to fork over billions of dollars amid rising interest rates and volatile markets.
And think about what’s going on with both of them here. Fink has been accused by conservatives of being an ESG investment enthusiast. It is seen as left-wing capitalism designed to use BlackRock’s investments in companies to encourage them to reduce their carbon footprint.
he is not enthusiastic. Based on the facts and what’s really coming out of his mouth and what BlackRock is actually doing, it’s a far cry from that. It’s down to the new Republican majority in Congress and red state officials looking to target BlackRock with populist anti-ESG outrage.
Mooch is wrapped up in a whole Sam Bankman-Fried mess. This was not as a target for prosecutors investigating fraud allegations, but because, like many others, they saw SBF as a white knight.
SBF invests in SkyBridge to try to get out of the chaos.
It’s not clear how going to Davos for hot chocolate accomplishes that.
https://nypost.com/2023/01/21/davos-is-a-swiss-miss-at-solving-world-problems/ Davos is the Swiss ‘miss’ to solve the world’s problems