World Bank Corruption May Exceed $100 Billion

Reuters ^ | 05/13/2004 | Unattributed

[Glenn]

WASHINGTON (Reuters) - World Bank corruption may exceed $100 billion and while the institution's leadership has moved to combat the problem, more must be done, the chairman of the Senate Foreign Relations Committee said on Thursday.

Sen. Richard Lugar, opening a public hearing on corruption at the multilateral development banks, charged that "in its starkest terms, corruption has cost the lives of uncounted individuals contending with poverty and disease."

He cited experts who calculate that between $26 billion and $130 billion of the money lent by the World Bank for development projects since 1946 has been misused.

Lugar, an Indiana Republican, noted that the World Bank itself has identified corruption as the single greatest obstacle to economic and social development and said President John Wolfensohn has brought greater resources to bear on the problem.

"But corruption remains a serious problem," he said. His panel plans more hearings on the issue.

[Glenn]

By all means, let's do everything we can to help out the World Bank. It's the right thing for a globalist economy.

[thoughtomator]

So will this turn out to be yet another internationalist scandal of record-breaking proportions? Worse than Oil-for-Food, even?

Clinton legacy ping

[rellimpank]

---I eagerly await major coverage of this on CBSNBCABCNN---

[rellimpank]

---right along with the nightly update on the Oil-for Food UN scandal---

[Rockitz]

...between $26 billion and $130 billion of the money lent by the World Bank for development projects since 1946 has been misused.

Integrity- an extinct character trait in among "so-called" leaders.

[Tacis]

Well, how did you expect the UNers and crooked Eurinals to maintain their well deserved life styles once the American invasion cut off the revenue from Iraq and Saddam?

[mpreston]

Has the fall of Saddam Hussain's Iraq government opened up a UN pandora's box. Mmmmmm ......

[Alamo-Girl]

sigh... Thank you for the ping!

[Jimmy Valentine]

A question for others on this thread;

If we were to refuse to fund the IMF, The World Bank, The U.N. how much money would we save?

Regards,

[RightWhale]

It's $2 billion a year. Pocket change. Congress sneezes bigger.

[Digger]

Again, NOTHING will be done about it. No action by this group in Washington which is owned by these elites. If you want any change you all better get out of this "Two-Party Cartel".

[hedgetrimmer]

World Bank, UN-- the WTO corruption scandal should be next.

They are all corrupt, anti-American organizations, and we all better start hounding some of our UN tainted politicians that we want the heck out.

[hedgetrimmer]

Oh it would be more than that. They control money spent in other programs, like the Millenium Challenge fund and some of the USAID money. If we got out, we'd save money on those programs as well.

[hedgetrimmer]

Write a letter to your senators and request an in writing repsonse to what they are personally going to do to stop the corruption and get our money back.

Ask for it in writing.

[RightWhale]

Oil-for-food is a bigger scandal at least in terms of $ per year. Is there any human institution that is not corrupt somehow?

[hedgetrimmer]

That is the paradox that is the American creed. You must trust your fellow man in order for the American Republic to work as designed, but with all the scandals and sellouts by our elected officials, how can we trust in anything, besides our Creator?

[RightWhale]

That's the thing. People who have been around the block trust in very little. But at the same time you can trust people until they drop the ball. Be ready at all times to pick up the ball yourself, but as long as somebody is doing the job go with that.

[Glenn]

People who have been around the block trust in very little.

Even if your trust is violated, there is little you can do in retribution.

This is the "good old boy" club with with diamond shields. There is, after all, no way the money will ever be repaid. They may toss prosecuters a bone, as they did with junk bonds, S&L scandals, Martha Stewart and Enron, but there will never be justice.