Most of us are worried about job security, stagnant incomes, loss of pensions and benefits, lack of health insurance, home foreclosures. But the banksters are not most of us, and their worries are, well, on a different level. The big annual Versailles confab in Davos, Switzerland began this week, and some top banksters have told Bloomberg, "they think the biggest challenge for the industry is overcoming public anger about bonuses and compensation." Read more.
Leaders of some of the world’s biggest banks met today on the sidelines of the World Economic Forum in Davos, Switzerland, to plot ways to reassert their influence with regulators and governments.
Chief executive officers, including Bank of America Corp.’s Brian Moynihan and UBS AG’sOswald Gruebel, convened one week after U.S. President Barack Obama shocked financiers with plans that may force large banks to limit their size and curb investments in hedge funds and private equity.
The closed-door meeting, held down a hallway near the back entrance of the Davos conference center, aimed to prepare executives for another private gathering in Davos on Jan. 30 with top policy makers and regulators, including U.S. House Financial Services Committee Chairman Barney Frank.