Bob Diamond steers clear of Davos

What with the setting, high in the Swiss Alps, and the illustrious company, the annual World Economic Forum in Davos used to be a must for any self-respecting Master of the Universe. But as the annual jamboree kicks off today, several old faces are missing - among them Dick ‘The Gorilla’ Fuld, former head of the collapsed bank Lehman Brothers, and Sir Fred ‘The Shred’ Goodwin, ousted boss of the Royal Bank of Scotland. Both men have remained at home to lick their self-inflicted wounds.

While no one really expected these two to show up, there are others who have raised eyebrows by giving the forum a miss this year. Bob Diamond (pictured), president of Barclays Capital, pulled out at the last minute. Citigroup chief executive Vikram Pandit and former Merrill Lynch chief John Thain - famed for spending $1,400 on a rubbish bin – are also absent.  

It was all so very different last year when Brad Pitt and Angelina Jolie were in attendance, as was Bono, who used the opportunity to quiz Condoleezza Rice and Gordon Brown about the progress on the UN's Millennium Development Goals. Even if he were to show up today, it is unlikely he would be so indulged again.

But as the money men hold back, the politicians are reasserting their grip: 41 heads of state, compared to 21 last year, are attending, including Gordon Brown, arguably the world's biggest spender right now. He is joined by entrepreneurs like Richard Branson and Google founders Sergey Brin and Larry Page.

Among the economists will be Nouriel Roubini, the New York professor who was one of the few to predict the crunch. And a dash of raffishness will be added by Labour's Business Secretary Lord Mandelson, Tory shadow chancellor George Osborne, Nat Rothschild and Oleg Deripaska. It is doubtful the four will be getting together, given the row that ensued over an alleged Tory party donation when their paths famously crossed in Corfu last summer. ·