Bloomberg have published some interesting comments in recent days as the latest wave of the market crisis has evolved.
"In his office outside Geneva, about a three-hour drive from Davos and overlooking the French Alps, Schwab (the World Economic Forum CEO) says the WEF began issuing warnings in 2003 to investment banks, insurance companies and hedge funds about the systemic risk gnawing at the foundation of the global economy.
``But the financial community didn't listen,'' Schwab says. ``They were told that any serious look at the economic fundamentals showed that we were in an unstable situation. It was denial, total psychological denial.''
As for the merrymaking, Schwab vows ``it won't happen again.'' Unlike Bretton Woods, companies will still pay as much as $750,000 each in annual fees to send executives to Davos.
William Browder, founder of Hermitage Capital Management Ltd. in London and an eight-year WEF veteran, isn't so sure Schwab can pull it off.
``An exercise in moderation is something the private sector doesn't do very well,'' Browder says.
The e-mail was one of several documents made public today at a hearing of the House Oversight and Government Reform Committee in Washington, which is reviewing the role played by Moody's, Standard & Poor's and Fitch Ratings in the global credit freeze.
``The story of the credit rating agencies is a story of colossal failure,'' Committee Chairman Henry Waxman, a California Democrat, said at the hearing. ``The result is that our entire financial system is now at risk.''