Davos round-up: Day 3

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Obama economic adviser Larry Summers cautions that the U.S. economy still has a long way to go before it’s fully back to normal, even though fourth quarter annualized growth came in at 5.7%.

Computer mogul Bill Gates promises $10 billion for vaccine research and delivery over the next decade, double what his foundation spent on vaccines over the past 10 years.

Bank of America CEO Brian Moynihan says forcing companies like his to get rid of businesses like hedge funds won’t help prevent future financial crises, and that what banks really need is better risk management.

British Chancellor of the Exchequer Alistair Darling reports he’s working with the U.S. to create an insurance fund that banks would have to pay into so that in the next crisis taxpayers dollars wouldn’t be tapped so quickly.

European Central Bank President Jean-Claude Trichet says people have no idea how close we came to having a global depression.

Mexican President Felipe Calderon commits to getting international climate change legislation back on track at November’s Cancun summit.

Zimbabwean Prime Minister Morgan Tsvangirai makes the case for bringing investment and foreign aid back to his country.