Today it would seem the plans he and Wolfowitz and Bush were making regarding the IMF and World Bank are falling apart. See, Wolfowitz broke the rules because he could and not that he should. When people are wealthy, they like more of it. When they hold power to continue to be wealthy they feel they can do what they want in the face of any propriety.
Shall we?
By Associated Press
WASHINGTON (AP) - The International Monetary Fund needs to step up monitoring of currency exchange rates, the Bush administration said Saturday, a demand reflecting U.S. frustration with China's slow pace of financial reform.While seeking new ways to pressure Beijing, Treasury Secretary Henry Paulson also advocated "bold action" to overhaul the IMF. The organization founded 62 years ago to foster economic stability "no longer looks like the economic world in which we live," he said.Paulson conveyed the U.S. positions in remarks at the spring meetings of the IMF and World Bank, which were overshadowed by controversy surrounding the bank's president, Paul Wolfowitz and his involvement in a huge pay raise awarded to a close female friend.Bank employees planned a demonstration later Saturday calling for his resignation. Wolfowitz is a former deputy defense secretary and one of the architects of the administration's Iraq war strategy.The board of the 185-nation bank, whose mission is to fight poverty and improve living standards for the poor, is looking into the matter. The White House says President Bush has confidence in Wolfowitz and Paulson has called him a dedicated public servant.Some African officials attending the meetings also expressed support, saying Wolfowitz has made the continent a greater priority at the bank."We have seen visionary leadership, steadfast progress under Mr. Wolfowitz," said Liberia's finance minister, Antoinette Sayeh....
WASHINGTON (AP) - The International Monetary Fund needs to step up monitoring of currency exchange rates, the Bush administration said Saturday, a demand reflecting U.S. frustration with China's slow pace of financial reform.While seeking new ways to pressure Beijing, Treasury Secretary Henry Paulson also advocated "bold action" to overhaul the IMF. The organization founded 62 years ago to foster economic stability "no longer looks like the economic world in which we live," he said.Paulson conveyed the U.S. positions in remarks at the spring meetings of the IMF and World Bank, which were overshadowed by controversy surrounding the bank's president, Paul Wolfowitz and his involvement in a huge pay raise awarded to a close female friend.Bank employees planned a demonstration later Saturday calling for his resignation. Wolfowitz is a former deputy defense secretary and one of the architects of the administration's Iraq war strategy.The board of the 185-nation bank, whose mission is to fight poverty and improve living standards for the poor, is looking into the matter. The White House says President Bush has confidence in Wolfowitz and Paulson has called him a dedicated public servant.Some African officials attending the meetings also expressed support, saying Wolfowitz has made the continent a greater priority at the bank."We have seen visionary leadership, steadfast progress under Mr. Wolfowitz," said Liberia's finance minister, Antoinette Sayeh....
If one will recall, in recent history, the Republicans have little regard for ethics. Abramoff. Libby. DeLay. Why do you suppose? Now in complete disregard except for creature comforts and greed, the same reigns true with Wolfowitz at of all places, The World Bank. As far as I am concerned The World Bank is lucky they caught him disrupting rules and by-laws early on and in such a 'seemingly' benign way. If I were a member of the committee to dismiss Mr. Wolfowitz I would be calling for a full investigation and audit of all his influences with the bank as I believe this is just the tip of the iceberg. It would seem where there are Republicans there is corruption and to date no one can dispute that reality. It would seem "Hank" Paulson has no regard for ethics rules either. Hm. Curious.
Wolfowitz Is Rebuked by World Bank Panel as Paulson Backs Him (click here)
By William McQuillen and Christopher Swann
May 15 (Bloomberg) -- A World Bank panel rebuked President Paul Wolfowitz for arranging a pay raise for his companion and suggested the agency's directors consider firing him.
In response, U.S. Treasury Secretary Henry Paulson argued that his mistakes aren't grounds for dismissal. Paulson, who lobbied fellow finance ministers on Wolfowitz's behalf, said the circumstances were ``unique'' and blamed the furor partly on a communications breakdown.
The panel's report, released yesterday in Washington, found that Wolfowitz violated the terms of his contract and urged the board to decide whether Wolfowitz ``will be able to provide the leadership needed to ensure that the bank continues to operate to the fullest extent possible in achieving its mandate.''
By William McQuillen and Christopher Swann
May 15 (Bloomberg) -- A World Bank panel rebuked President Paul Wolfowitz for arranging a pay raise for his companion and suggested the agency's directors consider firing him.
In response, U.S. Treasury Secretary Henry Paulson argued that his mistakes aren't grounds for dismissal. Paulson, who lobbied fellow finance ministers on Wolfowitz's behalf, said the circumstances were ``unique'' and blamed the furor partly on a communications breakdown.
The panel's report, released yesterday in Washington, found that Wolfowitz violated the terms of his contract and urged the board to decide whether Wolfowitz ``will be able to provide the leadership needed to ensure that the bank continues to operate to the fullest extent possible in achieving its mandate.''
My, my, it would seem good, ole' "Hank" did his old firm a turn for the good.
Contact Information
The Goldman Sachs Group, Inc.
85 Broad St.New York, NY 10004
NY --> -->Tel. 212-902-1000Fax 212-902-3000
Type: Public
Type: Public
On the web: http://www.goldmansachs.com
Employees: 31,005
Employee growth: 41.4%
Goldman Sachs has traditionally possessed the Midas touch in the investment banking world. A global leader in mergers and acquisitions advice and securities underwriting, Goldman offers a gamut of investment banking and asset management services to corporate and government clients, as well as institutional and individual investors. It owns Spear, Leeds & Kellogg Specialists, one of the largest market makers on the NYSE, and is also a leading market maker for fixed income products, currencies, and commodities. Among its other business units are Goldman Sachs Execution & Clearing and private equity firm GS Capital Partners.
Key numbers for fiscal year ending November, 2006:
Goldman Sachs has traditionally possessed the Midas touch in the investment banking world. A global leader in mergers and acquisitions advice and securities underwriting, Goldman offers a gamut of investment banking and asset management services to corporate and government clients, as well as institutional and individual investors. It owns Spear, Leeds & Kellogg Specialists, one of the largest market makers on the NYSE, and is also a leading market maker for fixed income products, currencies, and commodities. Among its other business units are Goldman Sachs Execution & Clearing and private equity firm GS Capital Partners.
Key numbers for fiscal year ending November, 2006:
Sale: $69,353.0M
One year growth: 59.8%
Net income: $9,537.0M
Income growth: 69.5%
Not bad, "Hank," not bad at all. I want an investigation ! I am sure they just can't help themselves.
