The FT puts the boot in Following their blistering editorial yesterday the Financial Times has a lead story on its front page with much further evidence and information. The comment piece by Krishna Guha is also well worth a read.

Choice extracts:
"If the president stays, it risks becoming an object not of respect, but of scorn, and its campaign in favour of good governance not a believable struggle, but blatant hypocrisy."

"Paul Wolfowitz was under pressure to resign as president of the World Bank on Thursday after admitting he was personally involved in securing a large pay rise and promotion for a Bank official with whom he was romantically involved."

"The president of the World Bank has one asset: his credibility. The Bank’s capacity to make a difference lies not in its money and ideas but in its ability to be the world’s voice for development. This includes, as Paul Wolfowitz, the current president, has insisted, being the voice for good governance. Recent revelations have, however, demonstrated such serious failures that the Bank’s moral authority is endangered".

If the World Bank president has totally lost the confidence of the FT then imagine how hard it will be for him to retain the confidence of many others. Impossible.

Those with long memories on this issue will remember that it was the FT that first broke the story that Wolfowitz might be the US government's candidate for World Bank president. Back on 1 March 2005. At the time this was widely suspected to be a bit of kite flying to make the real candidate look good by comparison.

Alex Wilks ~ April 13, 2007

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