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The myopia of the entire Global Finance industry is beyond belief - At the World Economic Forum in Davos, bankers are plotting how to reassert their influence with regulators and governments.
Chief executive officers including Bank of America Corp.’s Moynihan, UBS AG’sGruebel and Deutsche Bank AG’s Ackermann convened yesterday, a week after U.S. President Barack Obama shocked financiers with plans that may force large banks to limit their size and curb investments in hedge funds and private equity. The private meeting, held down a hallway near the back entrance of the Davos conference center, aimed to prepare executives for another private gathering in Davos on Jan. 30 with top policymakers and regulators, including U.S. House Financial Services Committee Chairman Barney Frank.