The World Economic Forum Annual Meeting in Davos, Switzerland routinely engendered a fair amount of concern and derision among free-market advocates and devotees of the U.S. Constitution – conspiracy theorists, in other words – who were convinced that participants used the occasion to scheme and plot the emergence of George H.W. Bush’s New World Order.
Apparently, the meetings were little more than an exercise in preening. Bloomberg’s Craig Copetas reports in ‘Out of Control’ CEOs Spurned Davos Warnings on Risk that Wall Street titans took more interest in snow polo and the sizes of their party rooms than in the serious seminars organizers had prepared for them:
“The partying crept in,” says Klaus Schwab, the 70-year-old WEF founder and executive chairman. “We let it get out of control, and attention was taken away from the speed and complexity of how the world’s challenges built up.”