drhark said:
I have to claim ignorance on exactly what the World Bank is and does. I imagine there are others who posted knee jerk reactions to Wolfowitz on this thread who also don't have a clue as to what the World Bank is.
Anyone care to enlighten me? Is it a network of banks from different countries who lend to governments?
Is it's main priority to end poverty?
Why does the US have control over choosing the head?
Wouldn't the CEO of a major bank be the most qualified?
Could a CEO be bothered with this job?
Would appointment of a bank CEO elicit cries of corporate sellout?
Would a Harvard professor or a rock singer/activist be any more qualified than Wolfowitz?
he World Bank is not a “bank” in the common sense. It is one of the United Nations’ specialized agencies, and is made up of 184 member countries. These countries are jointly responsible for how the institution is financed and how its money is spent. Along with the rest of the development community, the World Bank centers its efforts on the reaching the Millennium Development Goals, agreed to by UN members in 2000 and aimed at sustainable poverty reduction.
The "World Bank" is the name that has come to be used for the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Together these organizations provide low-interest loans, interest-free credit, and grants to developing countries.
Some 10,000 development professionals from nearly every country in the world work in the World Bank's Washington DC headquarters or in its 109 country offices.
The World Bank is run like a cooperative, with its member countries as shareholders. The number of shares a country has is based roughly on the size of its economy. The United States is the largest single shareholder, with 16.41 percent of votes, followed by Japan (7.87 percent), Germany (4.49 percent), the United Kingdom (4.31 percent), and France (4.31 percent). The rest of the shares are divided among the other member countries.
The Bank's president is, by tradition, a national of the largest shareholder, the United States. Elected for a five-year renewable term, the president of the World Bank chairs meetings of the Board of Directors and is responsible for overall management of the Bank.
Here is Wolfensohn's background:
Before joining the Bank, Mr. Wolfensohn was President and Chief Executive Officer of James D. Wolfensohn Inc, an investment firm that advised major international and U.S. corporations. He relinquished his interests in the firm upon joining the Bank.
Mr. Wolfensohn served as Executive Partner of Salomon Brothers in New York and head of its investment-banking department, Executive Deputy Chairman and Managing Director of Schroeder’s Ltd in London, President of J. Henry Schroeder’s Banking Corporation in New York, and Managing Director, Darling & Co of Australia.
Mr. Wolfensohn has participated in a wide range of cultural and volunteer activities throughout his life, especially the performing arts. In 1970, he became involved in New York's Carnegie Hall, first as a board member and later, from 1980 to 1991, as Chairman of the Board. During this time, he led its successful effort to restore the landmark New York building. He is now Chairman Emeritus of Carnegie Hall. In 1990, Mr. Wolfensohn also became Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts in Washington. On January 1, 1996, he was elected Chairman Emeritus.
Mr. Wolfensohn has been President of the International Federation of Multiple Sclerosis Societies and Director of the Business Council for Sustainable Development. He also served both as Chairman of the Finance Committee and Director of the Rockefeller Foundation and of the Population Council, and as a member of the Board of Rockefeller University.
In addition to serving as President of the World Bank Group, he is Chairman of the Board of the Institute for Advanced Study at Princeton. Mr. Wolfensohn is also an Honorary Trustee of the Brookings Institution and a member of the Council on Foreign Relations and the Century Association in New York.
Born in Australia on December 1, 1933, Mr. Wolfensohn is a naturalized United States citizen. He holds a BA and LLB from the University of Sydney and an MBA from the Harvard Graduate School of Business.
Prior to attending Harvard, Mr. Wolfensohn was a lawyer in the Australian law firm of Allen Allen & Hemsley. He served as an officer in the Royal Australian Air Force, and was a member of the 1956 Australian Olympic Fencing Team.
Mr. Wolfensohn is a Fellow of the American Academy of Arts and Sciences and a Fellow of the American Philosophical Society. He has been the recipient of many awards for his volunteer work, including the first David Rockefeller Prize of the Museum of Modern Art in New York for his work for culture and the arts.
In May 1995, he was awarded an Honorary Knighthood by Queen Elizabeth II for his contribution to the arts. The governments of Australia, France, Germany, Morocco, Norway, and Russia have also decorated him.
I hope those answered your questions.
The organization is explained above so I wont go into detail. It is main priority is to support development. US is the largest shareholder so they get to choose the head. Wolfensohn was CEO of an investment bank, so yes, they are qualified, and they can be bothered. A bank CEO would not elicit cries of corporate sellout. A Harvard professor with a development background or a CEO with a development background would be suitable.
The argument for Bono is that even he would do a better job than Wolfowitz.