Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook

Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

Zoellick Vows to Mend World Bank

Nominee sounds prepared to clean up Wolfowitz mess

By Peter Fearon, Newser Staff

Posted May 31, 2007 7:37 AM CDT

(Newser) – Robert Zoellick knows he has his work cut out for him, and he says he will try to "calm the waters" if he is confirmed as World Bank president. "This institution has been through a traumatic period and there is a lot of anxiety, some frustration and anger," says the designated successor to Paul Wolfowitz.

Zoellick, 53, a former US trade rep and deputy secretary of state, left the public sector last year for Goldman Sachs. He used yesterday's announcement of his nomination to reach out to the bank's board. One signal that he's serious about his reputation as a consensus-builder: He's already consulted with Bill Clinton, Madeleine Albright, and the last three bank presidents.

Robert Zoellick (Deputy US Secretary of State) with Jean-Claude Trichet (President, European Central Bank, Frankfurt). (PAR287597) (Magnum Photos)

US NEWS ZOELLICK 1 KRT (KRT Photos)

Former Deputy Secretary of State Robert Zoellick, left, looks on as President Bush speaks in the Roosevelt Room of the White House in Washington, Wednesday, May 30, 2007, where he announced Zoellick as... (Associated Press)

President Bush, left, looks on as former Deputy Secretary of State Robert Zoellick, his choice to replace outgoing World Bank president Paul Wolfowitz, speaks in the Roosevelt Room of the White House... (Associated Press)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

'Mommy-Tracked' Exec Sues Goldman Sachs

Ex-VP says she was treated like 'second-class citizen' after having kids

(NEWSER) - A former Goldman Sachs vice president who accuses the firm of shuffling her career off to the "mommy track" when she took maternity leave is suing the company for discrimination. Charlotte Hanna's lawsuit alleges that she was demoted and moved into positions with no potential for advancement when she returned to work after having her first child—and was fired just before she returned from her second maternity leave. More»

Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

(NEWSER) - Believe it or not, lavish Goldman Sachs bonuses are good news for everybody, a company official told a discussion panel yesterday. The out-of-whack pay inequality will give the economy a kick in the pants, insisted the vice chairman of Goldman Sachs International. "We have to tolerate the inequality to achieve greater prosperity and opportunity for all," he explained to conference members attending discussions on "The Price of Morality in the Marketplace." More»

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

(NEWSER) - Major financial firms have bounced back from the brink of meltdown and are on course to hand out their biggest-ever pay packages this year. The total payout at the big banks and securities firms will hit $140 billion this year, according to Wall Street Journal projections based on revenue figures at 23 companies. That's up 20% from last year, and is a full $10 billion more than was paid out in 2007. More»

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

(NEWSER) - With the Federal Reserve busily drafting rules to limit pay for bank executives, some investors believe Goldman Sachs will simply stop being a bank, Reuters reports. By shedding its year-old commercial banking charter, acquired in the heat of the financial meltdown to ensure access to credit, Goldman could elude restrictions in the offing. But Goldman is so big that regulators are unlikely to let it slip away from Fed oversight without a fight. More»

Banks Get Back to Risky Business as Usual

Plans to overhaul regulation losing momentum as banks return to health

(NEWSER) - Banks that teetered on the edge of extinction last year are returning to their old ways as the shock of the financial crisis fades, the Wall Street Journal reports. The banks are handing out hefty compensation packages again and dealing in the same risky financial instruments that caused last year's collapses. Wall Street "has been tiptoeing back into the pond," says one former regulator. "They have short memories." More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Zoellick Vows to Mend World Bank

Nominee sounds prepared to clean up Wolfowitz mess

OTHER STORIES ON OUR RADAR

World Bank • Paul Wolfowitz • Goldman Sachs • Robert Zoellick • business • bank

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

'Mommy-Tracked' Exec Sues Goldman Sachs

Ex-VP says she was treated like 'second-class citizen' after having kids

Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

Banks Get Back to Risky Business as Usual

Plans to overhaul regulation losing momentum as banks return to health

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Zoellick Vows to Mend World Bank

Nominee sounds prepared to clean up Wolfowitz mess

Bookmark & Share

OTHER STORIES ON OUR RADAR

World Bank • Paul Wolfowitz • Goldman Sachs • Robert Zoellick • business • bank

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

'Mommy-Tracked' Exec Sues Goldman Sachs

Ex-VP says she was treated like 'second-class citizen' after having kids

Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

Banks Get Back to Risky Business as Usual

Plans to overhaul regulation losing momentum as banks return to health

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?