IMF boss suspected of crime

IMF chief Christine Lagarde slags the Greeks, cartoon

Once, there was a French boss of the International Monetary Fund. He preached austerity to Greece, other European countries, and poor Asian, African, and South American countries.

His name was Dominique Strauss-Kahn. He had to resign in a rape scandal.

Strauss-Kahn’s successor Christine Lagarde preached austerity to Greece, other European countries, and poor Asian, African, and South American countries, like him. She was French like him. But, unlike Strauss-Kahn, she was not a member of the French Socialist party, but of Sarkozy’s conservative party.

Christine Lagarde was in the news because of a honorary degree for her, against which there were protests.

There would have been even more protests, if the protesters would have known what is in the Financial Times:

January 24, 2013 6:04 pm

French police step up Lagarde probe

By Hugh Carnegy in Paris

French investigators have stepped up a probe into allegations that Christine Lagarde, head of the International Monetary Fund, acted illegally when as French finance minister she instigated an arbitration process that awarded €400m to Bernard Tapie, the controversial businessman.

The Brigade Financière, which investigates white-collar crime, said its officers raided the homes on Thursday morning of Mr Tapie and Stéphane Richard, chief executive of France Telecom and Ms Lagarde’s chef de cabinet at the time of the award in 2008, in connection with the case. …

Ms Lagarde, who denies any wrongdoing, has been under investigation since 2011 for her role in setting up an arbitration panel to settle a long-running dispute in which Mr Tapie claimed he was defrauded by Credit Lyonnais, a state-owned bank, over the sale of Adidas, the sportswear company he owned for a spell in the early 1990s.

The arbitration panel awarded him €285m plus interest, paid by taxpayers. The Court of Justice of the Republic, a special court which deals with cases of ministerial wrongdoing, ordered the investigation on suspicion that Ms Lagarde was guilty of abuse of power in imposing the arbitration process and that the government should have appealed the sum awarded.

At the time, the then Socialist opposition accused President Nicolas Sarkozy and his government of having rewarded Mr Tapie for his support in the 2007 presidential election. Before the arbitration panel was set up, the French state had strongly contested Mr Tapie’s litigation.

Mr Tapie is a colourful figure who served as a minister under François Mitterrand, the late former Socialist president. In 1997, he served six months in prison for match fixing involving his football team Olympic Marseille. He recently acquired a chain of local newspapers in the south of France.

9 thoughts on “IMF boss suspected of crime

  1. Pingback: IMF’s Christine Lagarde suspected of corruption | Dear Kitty. Some blog

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