Davos Post Mortem

Tyler Durden's picture

And like that, this year's Davos World Economic Forum has come and gone, having achieved nothing except allowing a bunch of representatives of the status quo to feel even more self-righteous and important in the world's biggest annual circle jerk, in which fawning journalists ask the questions their cue cards demand, knowing too well their jobs are on the line if they ask anything even remotely provocative (and with the price of admission in the tens of thousands of dollars, one wonders just how many Excel classes these "journalists" could have taken as an alternative, in order to actually do some original math-based research, yes, shocking concept, to present to their readers instead of merely regurgitating others' talking points). Bloomberg TV has compiled the best video summary of the highly irrelevant soundbites by economists, CEOs and other people of transitory power, who provide absolutely no original insight into anything, and in which ironically it is Mexico's Felipe Calderon who summarizes it best: "we have a timebomb the bomb is in Europe and we are working together to deactivate it before it explodes over all of us." Lastly, we provide a quick glimpse into current and previous guests of Davos to show just how utterly worthless is the "braintrust" of those present.

And some further persepctives, from Davos Sherman Okst of Psychopathic Economics:

Economic Nirvana

It became quickly apparent that People are desperate to learn about Davos and what the elite are doing to “fix” the economy.

Some “Search Terms” [my blog's trends] for this week: Davos attendees, Davos World Economic Forum attendees, Davos WEF list, Davos wants 150 trillion dollars, did Obama go to Davos, Joe Biden at Davos, Davos and the Greece default, WEF attendees, Bill Gross on Davos, Davos is a joke, Citi at Davos, Davos sluts, Economic Forum 2012 2600 participants bio, Davos world depression, Davos elite guest list, Fix economy at Davos.

You get the idea.  The terms in bold gave me an idea for an article.

Some Bios of Those Who Attend Davos

So here is a short piece, the bios of some (past and present) elite over there at the Davos World Economic Forum.  The guise is that they are there to make the economy and the world a better place.  If that was the case, in one short sentence I could sum up a better way to do so: “Davos attendees, stay the [ehem] home—free markets are meant to be free for a reason—and if you want to fix the economy go to my blog and click on the 30 or so links there under Best Economic Blogs ”.

But when you read the bios you’ll probably draw the conclusion that the elite go to Davos to serve their interest—not ours.

Shocker, I know.

Some Select Bios of Those at Davos This Year or Years Prior

Bestand:Joe Biden - World Economic Forum Annual Meeting Davos 2005 Portrait.jpgJoe-”We asked Jon Corzine for Economic Advice”-Biden:  Right after Obama & Biden got in the White house these economic imbeciles faced with a financial crisis called—drum roll please—MF Global’s Jon-”I Bet My Clients’ Money on Greece”-Corzine for advice on what do do.  You can watch the short YouTube video here.  People should posses a basic IQ just to be allowed to visit the White House.  The very track record of this for an administration should disbar them from running, or even living in DC.

 

Larry-”I Lost $1,800,000,000.00 for Harvard Betting on Derivatives”-Summers:  He’s got some other serious claims to fame, Obama is considering him for the top post at the World Bank, he helped Alan Greenspan muzzle Brooksley Born who wanted to regulate derivatives in the 1990s.  You can watch that here.  I wouldn’t let Summers advise me on investing for my late dog.  He must have been impressed with how Summers falls asleep at White House meetings.  This year Larry is attacking “Capitalism” and says it needs to be reformed.  We don’t have capitalism, if we did the banks that made idiot decisions would have failed.  We have Corporatcracy as I wrote about here and on this one site it got 145,000 reads which indicates that people–other than these morons at Davos–get this.

 

Gordon-”I sold 60% of England’s Gold Reserves When Gold was at the Rock Bottom Price of $275 an Ounce”-Brown.  Like Summers he sleeps at important meetings.   Another economic genius.

 

 

Jon-”I Bet 36,000 Clients’ $1,200,000,000.00 on Greece MF”- Corzine.  Don’t feel too bad, he was going to be tapped for Timmy Geithner’s job of United States Treasury Secretary.  At Davos in 2008 he predicted a “mild recession.”

Then we have the companies.

BP Who drilled for 12 hours of global consumption under a mile of water and 3 additional miles of rock.

 

 

 Citi 1.2 trillion in assets and 37.6 trillion in off balance sheet derivatives.

 

 

 

Deutche Bank Under fire from internal whistleblower for accusing bank of fudging numbers.

 

 

 

Ernst & Young accused of helping hide financial risks at Lehman Brothers, you can read about it here.

 

 

 

GE (Who Obama has as its head as his Council on Jobs) took money in bailouts, owns MSNBS and CNBS and GE Capital slashed about 11,000 jobs or 10% of its workforce, you can read about it here.

 

 

JP Morgan Chase 1.4 trillion in assets and 89.9 trillion in off balance sheet derivatives.  Its former executive is Obama’s Chief of Staff.

 

 

 

I could go on for hours, but I think that should help a lot of the folks stumbling across my blog looking for a complete list, which I published here.