Begone, Bungling Bankers . . . .

What is it with these international banking fund guys, anyway? It wasn't that long ago that we had the wolfowitz/World Bank incident and now this by way of Reuters:

Probe clears IMF chief of abuse of power
Sat Oct 25, 2008 8:11pm EDT - By Lesley Wroughton


WASHINGTON (Reuters) - The International Monetary Fund's board on Saturday cleared Managing Director Dominique Strauss-Kahn of harassment, favoritism and abuse of power following an inquiry into his affair with a subordinate.

While the board stopped short of any type of disciplinary action, its leader, Shakour Shaalan, acknowledged there was concern among female staff about Strauss-Kahn's behavior.

Shaalan said he had warned Strauss-Kahn, a former French finance minister, against any further improper conduct.

"The executive board noted that the incident was regrettable and reflected a serious error of judgment on the part of the managing director," the IMF's board of member countries said in a statement.

_______________


The investigation by an outside lawyer into allegations of improper conduct by Strauss-Kahn found that his affair with Piroska Nagy, who worked in the IMF's Africa department as a senior economist until taking a buyout in August, had been consensual.

"I very much regret the incident and I accept responsibility for it," said Strauss-Kahn who is married to French television personality Anne Sinclair.

_______________


The board sought to deal with the investigation quickly so as not to distract the IMF from its role in dealing with the global financial crisis that has sent markets plunging on fears that the world economy is in for a long and deep recession.

Shaalan told a conference call with reporters that Strauss-Kahn still had the confidence of the board.

"Our conclusion was that this will in no way affect the effectiveness of the managing director in the very challenging and difficult period ahead," said Shaalan, who represents Egypt and other Arab countries on the board.

"This was an unfortunate incident where he expressed his regrets and the board has accepted his apologies," he said, adding, "I personally spoke to him after the meeting and informed him this should not happen again."

Well, isn't that just great? A little slap on the wrist, and all is well again.

Now, on to ruling over the nations of the world banking systems like nothing's happened. These are the guys we are supposed to entrust with major international financial decisions? Get real.

This crew is so damn out of touch with reality. Betcha they had their fingers in the sub-prime loan mess, derivatives and credit swaps if truth be told.

What a crock . . . .

(Cross-posted from Moved to Vancouver)

Yup. The Bastard is Back . . . .

We warned ya'.

CNN reports:

Wolfowitz to head State Department arms control panel
January 24 - 6:25 PM ET

WASHINGTON (CNN) — Ousted World Bank President Paul Wolfowitz has been appointed to head a State Department advisory panel on arms control, the department said Thursday.

Secretary of State Condoleezza Rice has named Wolfowitz chairman of her International Security Advisory Board, an 18-member panel that makes recommendations to the State Department on arms control, disarmament, non-proliferation and other issues related to international security.

The board meets quarterly to provide independent advice to Rice and her deputy, John Negroponte, on some of the most urgent foreign policy issues of the day, based on classified intelligence. The board has access to “the resources of all the department’s bureaus and offices at its direction,” the State Department charter says.

There is not even the appearance of doing what is right with this crowd.

They obviously delight in rubbing our face in their sh_t . . . .

(Cross-posted from Moving to Vancouver)

Wolfie's Baacckkkk . . . .

This oughta make your day: (Compliments of Newsweek)

An Old Face Resurfaces


The Bush administration has offered the former World Bank president a new public service position.

By Michael Isikoff | NEWSWEEK - Dec 10, 2007 Issue


Don't ever say the Bush administration doesn't take care of its own. Nearly three years after Paul Wolfowitz resigned as deputy Defense secretary and six months after his stormy departure as president of the World Bank—amid allegations that he improperly awarded a raise to his girlfriend—he's in line to return to public service. Secretary of State Condoleezza Rice has offered Wolfowitz, a prime architect of the Iraq War, a position as chairman of the International Security Advisory Board, a prestigious State Department panel, according to two department sources who declined to be identified discussing personnel matters. The 18-member panel, which has access to highly classified intelligence, advises Rice on disarmament, nuclear proliferation, WMD issues and other matters. "We think he is well suited and will do an excellent job," said one senior official.

And in case you're wondering:

The sources said Wolfowitz has already accepted Rice's offer to fill the part-time position, though it won't be announced until the completion of a standard check for conflicts of interest. But he won't have to worry about any complaints from pesky Democrats. The position doesn't require Senate confirmation. (Emphasis mine.)

Of course, we all knew he wouldn't just fade away into the night, didn't we? As a matter of fact after his debacle at the World Bank, he found a cushy position at The American Enterprise Institute: the bastion of US conservative policy. The more things change . . . .

(Cross-posted from Moving to Vancouver)

Waterloo . . . .

'Ya gotta love ABBA . . . .

(Cross-Posted at Moving to Vancouver)

Wolfowitz, got laid but lost his job

Paul Wolfowitz, war-fighting genius and comb-licker, (I said comb... get your mind back on the page), is looking for work.

World Bank President Paul D. Wolfowitz resigned this afternoon, effective June 30, giving in to overwhelming pressure from bank staff and governments around the globe that he depart to end the ethics controversy that has consumed the institution.

Wolfowitz agreed to resign in negotiations with the bank's executive board, pre-empting a growing likelihood that he would have been formally reprimanded or fired, said bank officials who spoke on condition they not be named, citing the political sensitivity of the proceedings.

His resignation came as key members of the bank's 24-member executive board were mobilizing to push through a resolution expressing no-confidence in his leadership, a step that would have made it effectively impossible for him to continue, senior bank and Bush administration officials said.

The bank's board was moving toward that unprecedented step after a committee report that found that Wolfowitz broke ethics rules and undermined the reputation of the institution when he directed staff to award a substantial raise to his girlfriend and then covered up the details.

Wolfowitz, had to "negotiate" this departure, along the same lines the way a Cosa Nostra torpedo negotiates a late payment from a "client".

But in agreeing to leave, Wolfowitz extracted a significant measure of exoneration -- his key demand in the negotiations. Sources said the board will soon issue a statement ascribing to the bank some of the blame for the ethics controversy while acknowledging that Wolfowitz believes he acted ethically.

Extracted? No, no, no. That's extorted.

Here is the World Bank press release.

Over the last three days we have considered carefully the report of the ad hoc group, the associated documents, and the submissions and presentations of Mr. Wolfowitz. Our deliberations were greatly assisted by our discussion with Mr Wolfowitz. He assured us that he acted ethically and in good faith in what he believed were the best interests of the institution, and we accept that. We also accept that others involved acted ethically and in good faith. At the same time, it is clear from this material that a number of mistakes were made by a number of individuals in handling the matter under consideration, and that the Bank’s systems did not prove robust to the strain under which they were placed. One conclusion we draw from this is the need to review the governance framework of the World Bank Group, including the role as well as procedural and other aspects of the Ethics Committee. The Executive Directors accept Mr. Wolfowitz’s decision to resign as President of the World Bank Group, effective end of the fiscal year (June 30, 2007). The Board will start the nomination process for a new President immediately.

That was the negotiated stuff. Notice all the great ethics being tossed around. Everyone acted ethically. That's why people get fired. Too much ethics.

Wolfowitz responded to the World Bank statement by the Executive Directors. It was filled with the usual stuff from someone who is claiming they left to spend more time with the kids, although in his case, I suppose he'll be working on getting as much out of his "relationship" as possible. Unless Shaha Riza doesn't get naked for unemployed war geniuses. In any case, the stuff Wolfowitz said in his response is about as useful as his original timeline for the invasion of Iraq.

Now, Wolfowitz will become some kind of think tank pundit, or maybe even find a faculty position at some university. Stranger things have happened.

H/T liberal catnip

Arrogant Prick

Paul Wolfowitz, architect of the Iraq war, president of the World Bank, (after being appointed by George W Bush) and general all around slimebag has refused to resign from his position according to his lawyer.

World Bank President Paul Wolfowitz will not resign under the current "cloud" and would rather push the matter to a vote of the bank's board to clear his name, his lawyer said on Wednesday.

"Mr. Wolfowitz will not resign under this cloud and he will rather put this matter to a full vote," Wolfowitz's lawyer, Robert Bennett, told Reuters.

The "cloud" Wolfowitz doesn't like being under and cannot seem to grasp is that he played favourites with his pelvic affiliate.

OK. Let's have the right-wingers start spouting the atmosphere of entitlement line. I've got the example right here.

So, it goes to a full vote. The Europeans have had their fill of this turkey. Hopefully Wolfowitz's next job won't involve any more responsibility than asking, "Would you like anything to drink with your McMeal?"

Harper's corruption fighting government supports Wolfowitz

The fur ball surrounding Paul Wolfowitz and his personal involvement in getting his pelvic affiliate, Shaha Ali Riza, a whopping pay raise and a transfer out of the World Bank to the US State Department was reviewed by a special committee of the World Bank. They submitted their findings to Wolfowitz on Sunday, finding he did indeed do wrong and called for his resignation.

The president of the World Bank is traditionally appointed by the United States. That long standing arrangement is being put to the test by the European block at the World Bank.

European officials had previously indicated that they wanted to end the tradition of the United States picking the World Bank leader. But now the officials are hoping to enlist American help in persuading Mr. Wolfowitz to resign voluntarily, rather than be rebuked or ousted.

The goal, they said, is to avert a public rupture of the bank board over a vote, possibly later this week, to sanction Mr. Wolfowitz. Even if the vote is a reprimand, they said, it could effectively make it impossible for him to stay on.

The Europeans worked to arrange a quick exit for Mr. Wolfowitz as a special bank committee concluded that he was guilty of breaking rules barring conflicts of interest in arranging for a pay raise and promotion for Shaha Ali Riza, his companion and a bank employee, in 2005.

Basically, what the Europeans are saying is, Wolfowitz goes voluntarily or we will vote to have him removed. And the Europeans have enough weight to pull it off.

The United States has 16.4 percent of the voting share at the 24-member World Bank board that chooses the president. Europeans have twice that share if they stick together, which many bank officials say they have signaled they are willing to do to remove Mr. Wolfowitz.

There is hesitation among the Europeans at creating too much of a rift with the United States on the issue and while many would like to avoid confrontation with the United States, the European Parliament voted last month to have Wolfowitz removed.

The World Bank assumed some responsibility for not making the ethics of Wolfowitz's decision clear to him. However, the corruption is undeniable and Wolfowitz bears the majority of the responsibility according to the report.

So, one would expect that any government which provides a representative to the World Bank would be voting to remove Wolfowitz should he refuse to resign voluntarily. Of course, the US would vote to retain him since the Bush administration has been standing by him throughout this scandal and appointed him amidst a furor of protest from dozens of countries. That can be dismissed as a patently corrupt regime supporting one its corrupt operators.

You have to go down to the last paragraph of the New York Times article to get the full effect. Besides the United States supporting the retention of Wolfowitz, there are two other countries who would vote in favour of keeping Wolfowitz in his chair.

Bank officials say that, as of now, only the United States, Japan and Canada would vote in favor of Mr. Wolfowitz. They represent less than 30 percent of the voting shares.

WHAT?!!!

So, the board of the World Bank issues a finding directly to Wolfowitz which boils down to explaining that he's a corrupt sonofabitch and Canada, instead of accepting the majority view of the board of that world body, intends to support the corrupt appointee of a corrupt regime.

And, just in case you were wondering, the marching orders for the Canadian member of the board on the World Bank come from the minister of finance, Jim Flaherty and the Prime Minister's Office.

These guys aren't even trying to hide it anymore.

Wolfowitz wants to attack corruption. Unless he's getting laid. Then it's OK.

Paul Wolfowitz, architect of The War Without End™ and now president of the World Bank has a little ethics problem. He publicly apologized for being such an overtly corrupt turd.

World Bank President Paul D. Wolfowitz publicly apologized yesterday for the "mistake" of personally orchestrating a high-paying job and guaranteed promotions for a bank employee with whom he is romantically involved, as new details of his role in the arrangement emerged and staff members angrily demanded his resignation.

Wolfowitz attempted to address about 200 staffers gathered in the bank's central atrium but left after some began hissing, booing, and chanting "Resign. . . . Resign." He had approached the gathering after holding a news conference in which he said, "I made a mistake for which I am sorry."

OK. So he apologizes for personally orchestrating all those cool perks for his personal pelvic affiliate. But there's more.

... the bank ethics committee, citing conflict of interest regulations, ruled that she had to leave the institution. It agreed to give her a pre-departure promotion to compensate for the career disruption. Until yesterday, Wolfowitz and his aides had insisted that "all arrangements concerning Shaha Riza were made at the direction of the bank's board of directors." Bank sources said, however, that neither the board nor the ethics committee was aware of the terms of the final agreement.

Umm, that makes Wolfowitz a goddamned liar, doesn't it? Pop a chocolate covered WMD and think about that for a minute.

You'd think after being booed, hissed at, exposed for pressuring the HR department of the World Bank and getting his girlfriend more money than the Secretary of State that he'd be a little on the contrite side of things and just keep his mouth shut. But, oh no! He proves how unbelievably dumb he really is:

Wolfowitz bemoaned that the controversy threatens to overshadow the official agenda of the bank's annual spring meeting opening here today -- including ratification of a global anti-corruption strategy and funding to reduce poverty in Africa.

Timing is everything, isn't it?