Davos not as chic anymore

Via The Daily Beast:

GENEVA — The titans of Wall Street no longer sit atop the magic mountain.

Not long ago, at the World Economic Forum’s annual gathering in Davos, Switzerland, Richard S. Fuld Jr. of Lehman Brothers held forth on the state of the global economy before mesmerized journalists and cowering subordinates while other Wall Street stars mingled after-hours with the likes of Claudia Schiffer, the German supermodel.

As business, government and nonprofit leaders trek up the peak originally made famous by Thomas Mann’s novel, but now better known for the gabfest that begins Tuesday, star power is no longer in[…]

The crisis, to be sure, is hurting some more than others. While Davos will draw about 2,500 participants — roughly the same as last year — it looks as if there will be many fewer members of the tasseled-loafer set strutting down the resort’s snowy streets.

(I love the term “tasseled-loafer set” – perfect!)

At the same time, though, “the superclass parties on“:

In short, Fubini’s reporting suggests that despite the global financial catastrophe and the PR nightmare of the visit of Detroit’s “Big Three” CEOs to Washington via private aircraft, corporate jet traffic to the big party in the Alps is up 25 percent in just two years even as the number of attendees remains flat. As Federico wrote in his note, “It’s a relief as I thought there was a financial crisis and global recession out there. I was wrong.”

Mmm.

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