Gerald Celente: Raping - part of IMF business (Video)

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IMF in Wake of Scandal Turns to Lipsky

©IMF Photo/Michael Spilotro / Flickr Commons

Ian Katz 
Bloomberg

The International Monetary Fund turned to John Lipsky when it was ordered to develop an early- warning system to prevent a repeat of the 2008 financial meltdown. Now, the IMF is calling on him to guide it through its own crisis.

Lipsky, 64, was named acting managing director yesterday after the fund’s chief, Dominique Strauss-Kahn, was charged with attempted rape and a criminal sex act on a New York hotel maid. Lipsky, who has been first deputy managing director since 2006, takes temporary leadership of the Washington-based IMF as it tries to stem the European sovereign-debt crisis and deal with Greece’s request for a bigger financial lifeline.

Lipsky, who once served as chief economist at JPMorgan Chase & Co. (JPM) and Salomon Brothers Inc. in New York and represented the IMF in Chile, is described by colleagues as a steady hand who can give the fund some stability in the aftermath of Strauss-Kahn’s arrest. His promotion came three days after the IMF said he would be leaving when his term as the No. 2 official ends on Aug. 31. That could result in an “awkward period,” said Eswar Prasad, a senior fellow at the Brookings Institution in Washington.

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I.M.F. Head Is Arrested and Accused of Sexual Attack

Dominique Strauss-Kahn
Wikimedia Commons image

Al Baker and Steven Erlanger
New York Times

The managing director of the International Monetary Fund, Dominique Strauss-Kahn, was taken off an Air France plane at Kennedy International Airport minutes before it was to take off for Paris on Saturday and arrested in the sexual attack of a maid at a Midtown Manhattan hotel, the authorities said.

Mr. Strauss-Kahn, 62, who was widely expected to become the Socialist candidate for the French presidency, was apprehended by detectives of the Port Authority of New York and New Jersey in the first class section of the jetliner, and immediately turned over to detectives from the Midtown South Precinct, which covers the part of Manhattan where the hotel is, officials said.

The New York Police Department took Mr. Strauss-Kahn into custody, where he was “being questioned in connection with the sexual assault of a hotel chambermaid earlier this afternoon,” Deputy Commissioner Paul J. Browne, the department’s chief spokesman, said Saturday evening.

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IMF Head Says Officials at G20 Agreed on "Biggest Reform Ever"

Rebecca Christie and Rainer Buergin
Bloomberg

Group of 20 nations agreed on an overhaul of the International Monetary Fund that gives a larger voice to emerging market nations, IMF Managing DirectorDominique Strauss-Kahn said.

More than 6 percent of voting rights will be reallocated to underrepresented emerging-market nations and Europe will give up two board seats in the “biggest reform ever in the governance of the institution,” Strauss-Kahn told reporters today in Gyeongju, South Korea. The G-20 also agreed on the structure for a “financial safety net” to stop nascent financial crises before they speed out of control, he said.

The IMF’s board may approve the package in the first week in November, and it will probably take a year for the changes to be put in place, Strauss-Kahn said. The package includes a shift in the composition of the IMF’s executive board and the fund’s 10 biggest shareholders.

Strauss-Kahn called the deal a “historical agreement” as the Washington-based lender takes on a larger role in monitoring the world’s economies, currencies and capital flows. South Korea, the host of this weekend’s meeting of G-20 financial chiefs, proposed the safety net.

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