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Wolfowitz Damned By Bank Board

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by Yves Smith and Felix Salmon
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May 15 2007 12:00am EDT

Wolfowitz Damned by Bank Board

I don't have time right now to give the World Bank's Wolfowitz report the attention it deserves: I'm off to midtown, where lots of the world's mayors are congregating for the Large Cities Climate Summit. In any case, worldbankpresident.org should fulfill all your Wolfowitz needs for the time being. Suffice to say that despite the damning nature of the report, Wolfowitz and the Bush administration aren't giving up, and I was wrong about Hank Paulson: Steven Weisman reports that

Treasury Secretary Henry M. Paulson Jr. was on the telephone during the day with counterparts in at least half a dozen countries to tell them that “these facts do not rise to the level of warranting dismissal,” according to a senior Treasury official.

There seems no way now that this whole thing isn't going to become very ugly. The worst possible outcome, really, for the Bank – unless it somehow results in a new president from a developing nation.

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