It’s only the first day of the World Economic Forum festivities in Davos, and already the gloves are coming off.
Jamie Dimon, the chief executive of JPMorgan Chase, clashed with an official of the International Monetary Fund in a debate over the financial system, as Jack Ewing reported in DealBook. In addition, Mr. Dimon tangled with Paul Singer, head of the hedge fund Elliott Management, over bank transparency.
In response to Mr. Singer’s assertion that it was impossible to know which banks were “actually risky or sound,†Mr. Dimon said, according to The Financial Times: “With all due respect hedge funds are pretty opaque too.â€
The talk turned to regulation â€" specifically, limits on proprietary trading, a central aim of the Dodd-Frank law. Lauren LaCapra of Reters reported:
Hedgie Paul Singer says defining prop trading is a “metaphysical exercise.†#davos
Mr. Dimon was sporting an unusual accessory on Wednesday, as David Enrich of The Wall Street Journal noticed:
Jamie Dimon is sporting FBI cuff links at #Davos. Sadly he wouldn’t let me take a picture of them.
The day was full of celebrity-spotting. In addition to the bold-face names in attendance (including Charlize Theron, Derek Jeter and the writer Paulo Coelho) some big financial heavyweights roamed the Congress Hall at Davos.
Daniel S. Loeb of Third Point was spotted standing near Mr. Dimon. Ray Dalio of Bridgewater Associates was “holding forth†about markets, according to Daniel Gross of Newsweek/Daily Beast. Steven A. Cohen of SAC Capital Advisors was spotted by Felix Salmon of Reuters:
Stevie Cohen, walking around in circles, trying - and failing - to find a place to sit down to have his conversation #davos
Mr. Enrich snapped a picture of Michael Dell, who is in talks with a private equity backer to acquire his company.
Stephen A. Schwarzman of the Blackstone Group, who once compared the Obama administration’s tax proposals to Hitler’s invasion of Poland (and later apologized), appeared to soften his tone at Davos. “I like President Obama as a person, and he’s well-intentioned,†Mr. Schwarzman told Bloomberg TV.
But he made some more pointed remarks in an encounter with Ms. LaCapra of Reuters. Mr. Schwarzman, who was sitting alone at a small table, referred to President Obama as “the guy who forgot to mention the economy after four years as presidentâ! € in his! inauguration speech this week, according to Ms. LaCapra. “That wasn’t an accident,†Mr. Schwarzman said.
The overall mood was more sober than in years past, with some well-known parties off the agenda, Andrew Ross Sorkin reported. Even the swag bag for attendees was “serious and well-meaning,†as well as “pragmatic†and “boring,†according to Henry Blodget of Business Insider.
One thing everyone could agree on: the weather was chilly. Mr. Coelho observed:
Davos: either too hot (indoor ) or too cold (outside). Like love #WEF
