May 13, 2007
Why Wolfowitz should have been out on his ear

Now he is under pressure from European shareholders in the bank to resign: they are horrified that he is hanging on to power while the institution continues to lecture developing countries about the need for good corporate governance. Wolfowitz might have quit by now, but the US administration is trying to persuade him to stay to avoid losing face. He is, after all, an American appointment. But therein lies the problem. The bank's credibility would be better served if its president were selected by an independent body with power to hire and fire. If that were the case, he would have been shown the door weeks ago.