World Bank's President Paul Wolfowitz was in the spotlight recently for a corruption scandal. He had approved a big fat increment and promotion to his girlfriend Shaha Riza, a fellow bank employee! That brings across the Code of Ethics that we studied at Nanyang Business School. There was an apprarent conflict of interest for the President to approve the salary package of a connected person. It was even more ridiculous that she was severely overpaid (she gets to earn US$194K - more than the US Secretary of State).
Nevertheless, in an effort to protect the integrity of the World Bank, which offers loans to developing countries for socio-economic projects, the Board attempted to ask him to resign. The juicy part was - Wolfowitz refused to do so, and insist that he was a subject of power politics within the organisation. *Yep, he continued to be stubborn, even when the investigatory panel had concluded that he was guilty of a breach of duty.*
The latest news was - the World Bank is discussing with him a resignation deal. This is so incredible. This person had damaged the integrity of a well-respected financial institution, and breached his professional duties. Yet he gets a decent package to leave the firm! I don't think he was disadvantaged by the episode after all. In fact, this epsiode made him looked as if he was innocent of the charges.
I say, just fire him!!
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