Tuesday, January 8, 2019

World Bank President Abruptly Resigns

Jim Yong Kim
UPDATE  below: The crony revolving door opportunity Jim Yong Kim set up for himself

This should be entertaining.

Jim Yong Kim has abruptly announced that he will resign as World Bank president on February 1, more than three years ahead of schedule. There is a decades-long tradition of allowing the US to pick the president of the World Bank but there are murmurs amongst the global crowd that this tradition should be ended with President Trump in power.

There is a formal selection process for the presidency of the World Bank but the board has consistently approved US nominees.

At the same time. Europeans have been given the privilege of naming the managing director of the International Monetary Fund.

The Financial Times reports:
Scott Morris, a senior fellow at the Center for Global Development and a former US Treasury official under Barack Obama, said the decision over Mr Kim’s successor would be “more contested than it ever has been”, and that it was not a given that a nominee pushed by Mr Trump would prevail. 
Kim announced Monday that he was leaving to join a firm he did not name and that he would focus on “infrastructure investments in developing economies.” Translation: Time to collect some crony big bucks.


Here are the details of the crony opportunity he set up for himself:


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