Financial giants gather in Davos to fight fingerpointing

From January 27 to 31, 2010 the Winter Davos World Economic Forum (WEF) Annual Conference will be held in the Swiss town of Davos. From the list of participants people can see those financial giants who were absent in the previous conference will come to this forum.

Analysts believe that at the critical moment when the government of various economies are preparing for drastic financial reform of regulation, these financial giants find it hard to express their own ideas, and the Davos Forum is to give them precisely the stage to fight for their own initiative, and try to push back torrents of financial reforms that will surely hurt their bottomline.

Two weeks before the official opening of the Forum, Citigroup, Swiss Reinsurance, Bank of Zurich and other financial giants released a joint report "Global Risks Report." To have a say is the first step these financial giants make to escape the blame of "causing the crisis but still enjoy high salaries".

The report warns that investors need to guard against a second wave of financial crises, and pointed out that the financial crisis and the collapse of asset prices in the United States and the United Kingdom and other developed countries will be one of the biggest risks global stability faces this year and the next few years.

The report also said that leaders must make the right choice to withdraw from the economic stimulus measures at an appropriate time in a progressive, reliable way to prevent a reversal in the momentum of economic recovery.

Those financial giants who missed the last forum will be at the scene and this has become a major highlight of this year's forum. Heads of Wall Street giants including Gary D. Cohn, president of Goldman Sachs, Morgan Stanley chairman John Mack, Citigroup CEO Vikram Pandit, and Bank of America CEO Brian Moynihan will attend this Forum. In addition, the major European financial institutions are also interested in attending the forum. Barclays Bank president Bob Diamond, chairman of HSBC Bank Stephen Green, Credit Suisse CEO Brady Dougan and Deutsche Bank CEO Josef Ackermann have all registered at organizing committee of the Forum.
(Source: People's Daily Online)