Davos Man and "The System"

Daniel Gross writes from Davos that, just like Wall Street, at Davos, success is privatized, failure socialized.

The preferred strategy at Davos is to simply ignore failure. By and large, screw-ups don't make the agenda. It's just not that sort of place. If you screw up, you don't get invited, and you don't show up. This explains why I couldn't see a single economist or official associated with the Bush administration on the roster, and why there are very few American bankers at Davos this year. As John Thain's career at Merrill came to a close, he suffered the ultimate indignity: Bank of America told him it wouldn't be a good idea for him to come to Davos. The only thing worse than being attacked is being ignored. You don't matter anymore. You're not even worth mentioning. As World Economic Forum founder Klaus Schwab put it: Davos is not a place for "has-beens."

But I hear the skiing is excellent.