May 18, 2007


Predictably, the long-overdue news comes via Josh Marshall.

TIME has more:
"He assured us that he acted ethically and in good faith in what he believed were the best interests of the institution and we accept that," the board said in its announcement of his resignation...

The board said it was clear that a number of people had erred in reviewing the pay package.
That's his girfriend's pay package they are talking about. But the next big discussion will be all about Wolfie's "golden parachute" payout. His contract calls for severance equal to one year's pay (i.e. $400K) based on completing at least one year on the job (which he has).

If Wolfowitz does have "dirt" on other senior World Bank figures, then he should share it now: wasn't he the one who promised to root out corruption?

It's a pity, but no surprise, that the World Bank has made a deal with him. He did not deserve even a semi-dignified exit. They should tie up his severance pay so that he never gets his blood-soaked hands on the money.

Now the Bank will have to struggle to resurrect their tarnished image. I suspect the spotlight of recent weeks will leave it irreparably damaged. So much the better. The world is waking up.


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