5 thoughts on “Wolfowitz resigns in nepotism scandal

  1. Bank probity claims hollow

    THE World Bank insists on a number of conditions before approving loans to developing nations, one of which is a clampdown on corruption.

    The Wolfowitz affair illustrates the hollow nature of the bank’s claim to probity, with the George W Bush-nominated neocon wriggling for weeks and banking on his sponsor to save his skin.

    His chutzpah in trying to brazen his way out of a clear case of corruption shows the extent to which the US administration views the bank as its personal fiefdom.

    It also validates the decision of such states as Venezuela and Ecuador to distance themselves from the World Bank and the IMF and to set up alternative sources of finance to improve people’s living standards rather than banking profits.


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