Wolfowitz broke Bank rules. Bloomberg is reporting that the Panel has found that "Wolfowitz violated the terms of his contract and showed a "disregard for the interests of the institution'' when he ordered a pay raise and promotion for his companion," according to the report released today.

The special panel recommended that the full 24-member board determine whether Wolfowitz "will be able to provide the leadership" to ensure that the bank achieves its mission of fighting poverty around the world.

The report also found that the 36 percent pay increase for Shaha Riza, along with promises of future raises, violated staff rules and that Wolfowitz "placed himself in a conflict-of- interest situation.''

As usual his lawyer is whining about " the rush judgement" whilst Paulson is backing him:Treasury Secretary Henry Paulson today defended Wolfowitz and said he should keep his job, citing missteps "on all sides'' and a breakdown in communications. The U.S. is the largest shareholder in the World Bank.

Paulson "spoke to some of his colleagues today from other countries and expressed that he does not think the facts merit dismissal,'' Treasury spokeswoman Brookly Mclaughlin said in a statement.

The Beaver ~ May 15, 2007

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