Pfizer Reveals More Details of $68 Billion Deal

Mood of sobriety and self-recrimination at Davos

In recent years, Goldman Sachs has been renowned for hosting one of the hottest parties during the World Economic Forum’s glittering annual meeting in Davos. No longer.

This year, in a nod to the new mood of sobriety and self-recrimination, the US broker has quietly cancelled its party and sharply reduced its delegation to the event, which starts on Wednesday.

I guess class warfare isn't a sustainable economic model. Who knew?

Activism by Shareholders Picks Up Steam Online

Some campaigns aim to unseat board members. The CtW Investment Group, which is affiliated with a coalition of labor unions, wants board members at six financial firms, including Citigroup and Merrill Lynch, to explain what they did to manage subprime-loan risks. Says CtW's Mike Garland: "Absent compelling explanations, we'll recommend that shareholders vote against reelection."

Department of about damn time. Notice that it is labor unions taking action, NOT institutional investors. Remember who your friends are, it is not the manager of your mutual fund.