Post by Ceci on May 18, 2007 7:19:04 GMT -5
Another interesting story from another day in the empire: Paul Wolfowitz has finally decided to exit his position from the World Bank due to the scandal of giving perks to his girlfriend. Although this story had been quietly percolating for some time, the crescendo happened today with his quitting. The White House has wasted no time in trying to find replacements.
I don't know about you. But, this seems like just more icing on top of the cake of corruption to me.
Here's a couple of sources about the Wolfowitz resignation:
The Council of Foreign Relations:
World Bank President Paul Wolfowitz will step down June 30, ending a drawn-out dispute that cast a cloud over the Bank’s governance agenda. The Washington Post said Wolfowitz agreed to leave after it was clear he faced reprimand or dismissal by the Bank’s board over charges he provided a promotion and pay-raise to his girlfriend, a Bank employee. After protracted negotiations, Wolfowitz won acknowledgement from the Bank that he acted “ethically and in good faith,” and said he was resigning for the good of the institution. A board statement said “a number of mistakes were made by a number of individuals in handling the matter” and a review of the Bank’s governance procedures was necessary.
Wolfowitz’s departure won’t necessarily end the World Bank’s woes. First there is the issue of picking a successor. Washington currently bears responsibility for this process, though European leaders say they are keen to change this dynamic (FT). Any candidate too close to President Bush could be a political non-starter. Der Spiegel suggests three possible candidates: Paul Volcker, the former U.S. Federal Reserve chairman; Tony Blair, Britain’s outgoing prime minister; and Stanley Fischer, the governor of the Bank of Israel. The Wall Street Journal cautions that the selection process could be contentious and argues a highly publicized dogfight could further weaken the Bank’s standing in the world.
And, from the Baltimore Sun:
Paul Wolfowitz, the embattled president of the World Bank, announced yesterday that he would resign from that position effective June 30, bringing an end to weeks of controversy over accusations that he violated ethics policies in arranging a job transfer and substantial salary increases for a bank official with whom he was romantically involved.
Wolfowitz, who decided to step down without acknowledging wrongdoing, is considered by many to be the intellectual architect of President Bush's foreign policy, especially the war in Iraq.
His departure sets up a struggle over the future of the World Bank and other international financial institutions established at the end of World War II. Critics have said that the bank is overdue for change, particularly in the way its president is chosen.
"I regret that it's come to this," Bush said yesterday morning, signaling the end of his unqualified support for his former deputy secretary of defense. "I admire Paul Wolfowitz. I admire his heart. And I particularly admired his focus on helping the poor."
Wolfowitz's conflict-filled two years as bank president and the circumstances of his departure are expected to intensify discussion about whether it is time to change the tradition by which the United States, as the bank's largest shareholder, gets to choose its president.
The White House moved quickly to quell such speculation. "The president will have a candidate to announce soon," spokesman Tony Fratto said.
What do you guys think of this?
I don't know about you. But, this seems like just more icing on top of the cake of corruption to me.
Here's a couple of sources about the Wolfowitz resignation:
The Council of Foreign Relations:
World Bank President Paul Wolfowitz will step down June 30, ending a drawn-out dispute that cast a cloud over the Bank’s governance agenda. The Washington Post said Wolfowitz agreed to leave after it was clear he faced reprimand or dismissal by the Bank’s board over charges he provided a promotion and pay-raise to his girlfriend, a Bank employee. After protracted negotiations, Wolfowitz won acknowledgement from the Bank that he acted “ethically and in good faith,” and said he was resigning for the good of the institution. A board statement said “a number of mistakes were made by a number of individuals in handling the matter” and a review of the Bank’s governance procedures was necessary.
Wolfowitz’s departure won’t necessarily end the World Bank’s woes. First there is the issue of picking a successor. Washington currently bears responsibility for this process, though European leaders say they are keen to change this dynamic (FT). Any candidate too close to President Bush could be a political non-starter. Der Spiegel suggests three possible candidates: Paul Volcker, the former U.S. Federal Reserve chairman; Tony Blair, Britain’s outgoing prime minister; and Stanley Fischer, the governor of the Bank of Israel. The Wall Street Journal cautions that the selection process could be contentious and argues a highly publicized dogfight could further weaken the Bank’s standing in the world.
And, from the Baltimore Sun:
Paul Wolfowitz, the embattled president of the World Bank, announced yesterday that he would resign from that position effective June 30, bringing an end to weeks of controversy over accusations that he violated ethics policies in arranging a job transfer and substantial salary increases for a bank official with whom he was romantically involved.
Wolfowitz, who decided to step down without acknowledging wrongdoing, is considered by many to be the intellectual architect of President Bush's foreign policy, especially the war in Iraq.
His departure sets up a struggle over the future of the World Bank and other international financial institutions established at the end of World War II. Critics have said that the bank is overdue for change, particularly in the way its president is chosen.
"I regret that it's come to this," Bush said yesterday morning, signaling the end of his unqualified support for his former deputy secretary of defense. "I admire Paul Wolfowitz. I admire his heart. And I particularly admired his focus on helping the poor."
Wolfowitz's conflict-filled two years as bank president and the circumstances of his departure are expected to intensify discussion about whether it is time to change the tradition by which the United States, as the bank's largest shareholder, gets to choose its president.
The White House moved quickly to quell such speculation. "The president will have a candidate to announce soon," spokesman Tony Fratto said.
What do you guys think of this?