McPherson - not greedy, just wrong. Writing in the FT, John Dizard argues that the World Bank selection process shows the weakness at the heart of George Bush's international policy making.

He's glad that public mockery has driven Carly Fiorina and Paul Wolfowitz from the race, but lays into Peter McPherson with gusto.

Dizard met McPherson when he was working in Iraq. His performance, Dizard believes, while not motivated by greed, was abysmal.

"Mr McPherson told me he had deliberately bypassed the private Iraqi banking sector in setting up facilities to clear letters of credit for Iraqi government agencies, which has helped retard the rebuilding of the country’s financial sector.

"His team cancelled the debts among Iraqi ministries and state-owned companies, therefore rewarding the least efficient enterprises and punishing the most profitable and effective."

Dizard writes that McPherson got the job as payback from Dick Cheney - he got Cheney his first post at the White House.

"Apparently, the vice-president has never forgotten the favour. But there is no reason why the rest of the world should pick up the bill to pay it back."

We've also picked up lots of backchat about McPherson's performance in Iraq. If you know more, get in touch...

David Steven ~ March 14, 2005

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