The rats everywhere are now jumping furiously off the titanic, but
few had taken the time to write a letter explaining in detail just how
cracked and broken the hull really was. This has now changed, with the
departure of Peter Doyle, formerly a division chief in the IMF’s
European Department responsible for non-crisis countries and currently
an adviser to the Fund. Not content with quietly slinking off the
scandal ridden organization which has become the butt of all jokes in
the international community, where humor about Lagarde's Louis Vuitton
panhandling bag is as pervasive as punchlines about just how incompetent
the organization is at actually doing its duty, Doyle has penned the
following scathing letter which tears down every myth about the IMF:
from its impartiality, to the selection process of its head, to its
effectiveness. The letter also contains the following gem: "After twenty years of service, I am ashamed to have had any association with the Fund at all."
Pretty much says it all. This is a scandal in the making, and one which
may shake to the core the credibility of the IMF in the context of
international organization.
Full letter (pdf)
To Mr. Shaalan, Dean of the IMF Executive Board
Today, I addressed the Executive Board for the last time—because I am leaving the Fund.
Read more: http://www.zerohedge.com/news/scandal-imf-senior-economist-resigns-says-ashamed-have-had-any-association-fund-all
Full letter (pdf)
European Department
Washington DC
June 18, 2012
Washington DC
June 18, 2012
To Mr. Shaalan, Dean of the IMF Executive Board
Today, I addressed the Executive Board for the last time—because I am leaving the Fund.
Read more: http://www.zerohedge.com/news/scandal-imf-senior-economist-resigns-says-ashamed-have-had-any-association-fund-all
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