Davos Diary: JD, CEO JPM, coins LOL acronym
Friday 28 January 2011
Jamie Dimon, the CEO of JPMorgan Chase, is widely admired as a banker but it looks as if his marketing skills still need a little honing. Dimon professes himself unhappy with the official description of the plan for an orderly wind-up of a failing bank as a "resolution scheme". He wants to call it the MDBFBDB plan instead. It stands for "minimal damage bankruptcy for big dumb banks". We get the point, but it's not the catchiest of titles.
It ain't what you know...
Organisers of the World Economic Forum make members of the press feel very welcome, providing excellent facilities and endless soft drinks. Still, one can't help wondering what they really think of the grubby hacks. The Congress Centre in Davos is plastered with quotations from some of the great minds of the past, which are obviously intended to inspire. The one outside the entrance to the press centre is Benjamin Franklin's famous observation: "The doorstep to the temple of wisdom is a knowledge of our own ignorance." A subtle message to the know-it-all journalists?
Few women can get on with the job
The good intentions of the WEF organisers on the issue of gender equality have been well documented, but their strategy of requiring strategic partners to ensure that at least one member of their delegations is female seems not to have been entirely successful. For one thing, there are still very few women at the WEF meeting. For another, the women who are there can often be heard complaining about how much of their time they are spending fending off inquiries about under-representation of women following publicity about the WEF's initiative.
Nick is agreeable even in Greece
Yesterday's debate on the problems of the eurozone had some cute moments. Nick Clegg, the Deputy Prime Minister, said he had wanted to join the euro at its launch 12 years ago. Did he still feel the same way? asked one delegate. "Not now," said Clegg, grinning from ear to ear. The session was a harmonious affair that ended with George Papandreou, the Prime Minister of Greece, concluding "I agree with Nick." Now that sounds eerily familiar.
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