Join more than 165,000 subscribers and keep yourself informed with the latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
An account already exists for this email address, please log in.
Ludicrous schmooze fest for the rich
It's not the overly wealthy at the Davos schmooze fest that we should be celebrating. It's the real entrepreneurs.
Davos impresario Klaus Schwab poses with gullible showbiz folk
At the piano bar of the Hotel Europe in Davos, billionaire hedge-funders knock back expensive champagne while Kevin Spacey croons an impromptu version of Frank Sinatra's In The Wee Small Hours Of The Morning.The party, one of many at the World Economic Forum, is just getting started, says Paul Scott in The Mail on Sunday.
At another hotel across the road, "executives from tax-avoiding Google are necking weapons-grade cocktails created by a mixologist' specially flown in for the occasion". Outside, the narrow streets are jammed with blacked-out limousines "plus an accompaniment of mini-skirted lovelies of dubious occupation..."
"It's easy to mock Davos," says Steve Hilton in The Observer. "So I will. It's the annual schmooze fest where rich white men debate inequality and diversity. Where fleets of carbon-gushing private jets fly in philanthropists to pontificate about climate change. Where the world's biggest corporations earnestly set out footling strategies'... to give the impression they're addressing the social and environmental problems that they caused in the first place."
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
It's the place where rich people go to congratulate each other on being rich, says Matt Levine on Bloomberg, while gullible showbiz folk help give it legitimacy. "It's so incredible to be here the past couple of days," gushed Kevin Spacey to The New York Times, "and realise that change can happen." Which is pure fantasy, says Hilton. Instead of indulging this gang of central bankers and "grey corporate bureaucrats" hanging outwith each other every year,we should be championingreal entrepreneurs.
George Osborne was there but keeping a low profile, says Anne McElvoy in The Mail on Sunday. "Austerity George" even refused a helicopter lift home, joking he had to "keep his feet on the ground". When Nat Rothschild held his bash in a private chalet, "complete with lithe Russian dancers and bucket loads of champagne", Osborne opted instead for a quiet dinner. The low-key approach, says McElvoy, is all part of his plan to succeed Cameron.
No one counts the cost of Davos.One reveller said the women were so rich they didn't worry about leaving £10,000 Herms handbags "lying around unguarded". Even modest two-bedroom chalets were fetching £6,500 in rent, while a Silicon Valley "top-ranker" told Anne McElvoy he was offered a converted luggage room at the Hotel Belvedere for a short private chat with the president of Estonia. The price? £6,000.
This article was amended on 2February 2016
Tabloid money: Alex Salmond, the portly prat from Jockistan
"Proof that a title means diddly squat?" says Fiona Phillips in the Daily Mirror. "Dame Lin Homer, outgoing boss of the tax office, raises a champagne glass as she jets off on holiday instead of dealing with the chaos at HM Revenue and Customs. Cheers from the first-class cabin,' she posted on Facebook. From no class to first class. How did that happen?"
"This is a first. Never before has The Sun agreed with John McDonnell on anything. But like a stopped clock, even he is not wrong all the time. And he's absolutely right to attack the pathetic tax settlement with Google a sweetheart deal so obviously unfair that the government tried to sneak the news out Paying £130m over ten years is loose change to Google Mr Osborne should stop being in awe of tech giants and ensure they all pay their fair share."
Modern Family actress Sofia Vergara is suing a beauty company for $15m after accusing it of using her image without permission, says the Daily Mail. Vergara has filed a lawsuit against Venus Concept, which she says falsely claimed to have her endorsement in ads used around the world.
Sign up for MoneyWeek's newsletters
Join more than 165,000 subscribers and keep yourself informed with the latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
