Sunday, April 26, 2009

Geithner's Forgotten Children Statement

Treasury Secretary Geithner's remarks at the IMF and World Bank Group Development committee meeting were used by Geithner to focus on neglected children of the Obama administration.

It appears they will all be in on funneling the lucre.

While the focus prior to this Geithner statement has been on the IMF rather than the World Bank, in this statement, despite it being an IMF/World Bank meeting, it's all World Bank without the IMF being mentioned even once.

Geithner tells us the former Goldman man and current World Bank president, Robert Zoellick’s "plans to provide up to $100 billion of IBRD funding, the fast tracking of IDA commitments, the IFC’s trade finance programs, as well as facilities to support bank recapitalization and infrastructure financing."

Geithenr tells us he is all for this passing out of funds by the World Bank to alphabet soup agencies, and he wants more:

Going forward, we encourage the World Bank Group to continue to explore flexible approaches, such as guarantees, to leverage official and private capital to address development needs.
Paul Volcker has been making noises to the press since being ignored by the Obama administraton. Thus, we have Geithner even mentioning Volcker in this statement:

Let me highlight a few priority areas that I believe should underpin such reviews:

First is a commitment to good governance, which is key to institutional effectiveness. This includes efforts to strengthen institutional risk management capacity and combat fraud and corruption. On this point, I welcome the rigorous implementation of the Volcker Panel recommendations at the World Bank...
And, then, Geithner announced the birth of a new child:

We applaud the World Bank Group and our international partners for working together to launch the Climate Investment Funds, which will make an immediate impact in addressing climate change.
One can easily imagine the absurd projects this fund will finance. Paging Boone "I need money for windmills" Pickens.

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