Davos cross-post: AIG vice chairman Jacob Frenkel says it’s not his fault because he’s vice chairman in name only

The Tayyip Erdogan-Shimon Peres rumble last night was partly about Gaza. But it was also about the limitations of panel moderation at Davos. I don’t mean to single out David Ignatius, whose failure to keep Israeli President Peres from vastly exceeding his allotted time apparently incensed the Turkish prime minister. I had been at another [...]

New article: How to fix a broken financial system

My report on the day one TIME Board of Economists’ session at Davos is in the new international edition(s) of TIME and online here. It begins: Last year, the annual gathering of TIME’s Board of Economists on the first day of the World Economic Forum in Davos was dominated by a debate over just how [...]

Davos cross-post: The parties go on (because, you know, they were already paid for anyway)

One of the major themes of the World Economic Forum this year and every year is “Full payment required in advance.” This, more than anything else, explains why the show is going on in somewhat inappropriate style here in the midst of global economic crisis. Sponsors’ dollars were already in, hotel rooms were already paid [...]

Davos cross-post: Three questions for Peter Thiel

The PayPal co-founder, Facebook investor, and manager of the hedge fund Clarium Capital Managment had a far better year than most in 2008 (Thiel says Clarium was flat for the year). So where does he think things are headed? What has surprised you most over the past year? In a weird way I was most [...]