View Full Version : The JB World Economic Forum 2009 (for those who couldn't make it to Davos)...

27th Jan 2009, 15:19
May I wish a warm welcome to everyone here, the 1st JB World Economic Forum 2009.

The main (non-exclusive) agenda for this year:

Bail-outs and other stimulus funding - are you getting your fair share?

Bonuses and other incentive schemes - how best to defer awards whilst keeping government and shareholders happy.

Military-industrial complexes - what future and how best to adequately resolve the recurrent problems of rotating senior executives between government and private enterprises?

Global warming and the Montreal protocol - you've offshored a maximum of your dirtiest manufacturing facilities to the 3rd World and developing countries. Over the next decade, these countries will lose their privileges under the protocol. So, where next?

Before officially declaring this forum open, I'd like to just take a moment to extend a special invitation and welcome to all the others who won't be attending Davos in 2009 (http://news.bbc.co.uk/2/hi/business/davos/7830633.stm) (at least in any official capacity...):

Richard Fuld - ex. boss of the collapsed investment bank Lehman Brothers

Ramalinga Raju - founder and chairman of IT services giant Satyam

Bernard Madoff - or "Madeoffwitz", the most recent reinventor of the Ponzi scheme. BTW Bernie (may I call you Bernie?), the $5m Van Gough sent via US Mail still hasn't arrived - must have got lost in the post huh? Or did you send it to me c/o PPRuNe - Danny, have you been a naughty boy...?!

Henry Paulson - ex. US Treasury secretary and architect of the original $700billion "rescue package", half of which has already been disbursed to the financial sector. In 2006, former Goldman employees headed the New York Stock Exchange, the World Bank, the U.S. Treasury Department, the White House staff, and firms such as Citigroup and Merrill Lynch. In September 2008, both Morgan Stanley and Goldman Sachs (once headed by Henry Paulson) applied for and became traditional bank holding companies, coincidentally allowing them, access to some of the US Govt.'s largesse. I guess Hank (may I call you that?) will be going back into private enterprise now that there's a new US Treasury secretary.

So everyone, just relax, contribute to the JB World Economic Forum 2009 from the comfort of your own armchair at home. And give your pilots and CC the week off...?! :ok:

27th Jan 2009, 15:37
Do not contribute to banks. Take a look at their profit statements over the last eight years.

Do not contribute to aboriginal communities...that is money just thrown away.

Do not contibute aid to Gaza or other third world communities other than for desparate humanitarian needs and only directly to those in need and not run by some stupid, greedy maniac.

Contribute to industry only under strict conditions for performance and attitude changes, head office personnel changes, industry target changes.

Prosecute and jail to the fullest extent those fraudsters running industry and banking associated concerns who are cheats of the largest orders.

Ban some future trading....oil, currency, pork bellies, wheat, corn......

That's a start.

27th Jan 2009, 21:31
welcome to all the others who won't be attending Davos in 2009 (http://news.bbc.co.uk/2/hi/business/davos/7830633.stm)John Thain (aka "I Robot"), ex CEO of Merrill Lynch, who spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. Some people have spending other people's money in their genes.$87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.On January 27, 2009 New York Attorney General issued a subpoena to John Thain in a probe into the bonuses he paid and received just days before the BofA takeover. Charges of criminal fraud against those involved in the payouts could be brought under the Martin Act

Michel Tilmant, ex CEO ING Bank. Was dished today,(not without receiving 1,35 Mio Eurie for doing such a wonderful job) because he was exhausted. Tilmant, 56, is succeeded by Jan Hommen who's 9 years older...

28th Jan 2009, 07:18
Richard Fuld (ex CEO of Lehman Brothers - I hope he answers for what he has done in front of a jury....) has just sold one of his houses in Florida worth millions of dollars to his wife for $100 dollars.
When Benoit Savoret was terminated from employment of Lehman Brothers in Europe without prejudice, he was paid $16 million dollars.

When Fuld cuts deals like the two above, no wonder his investment bank went bust.

28th Jan 2009, 09:47
D SQDRN - I was about to mention Dick Fuld.

The mansion that he sold to his wife for $100 on November 10 last year was bought for $13.75 million in March 2004.

Now that's some depreciation!

Fuld was paid $22 million (note I don't say 'earnt') in 2007 so is obviously suffering. :suspect:

28th Jan 2009, 14:29
Poulsen, Greenspan, et al. With no attempt at hiding the theft(s), does one infer a COMPLICIT CIVIL JUDICIAL SYSTEM??? The greater and more bold the crime, the less exposure one has to retribution.??

Just sayin'


28th Jan 2009, 15:29
The greater and more bold the crime, the less exposure one has to retribution.?? There is some truth to support that historically I believe. Though I wouldn't always call it (all) a crime. For example, San Francisco is today recognised as one of the World's capitals for gays and lesbians. That wouldn't have happenned without some appreciation from one side, and self-determination on the other side surely? Perhaps Paulson, Greenspan and others are merely appealing to our more basic instincts?

How (or why) do hitherto selflish capitalists repeatedly allow themselves to engage themselves for years at a time in positions of selfless government service?! :confused:

I mean, once again, why bother with any of it...?! Why should a CEO bother encouraging the purchases by directors of 100s of thousands of shares in their companies in an effort to stablise their companies' share prices? If only to be forced to cancel their order with Dassault for an executive jet at great cost (ie. loss of initial deposit, penalties etc.?!

By the time everything once again becomes hunky-dory in probably 2-3 years' time, we have to examine all (and every) means in order to look good, or at least waive off the vultures until the better days.

So yes to increased VAT rates. And a lowering of CGT and top-level income tax rates... :ok: