World Bank Fallout Runs Downhill

Ex-World Bank president has lost both job and girlfriend

(NEWSER) - First the World Bank dumped him, and now Paul Wolfowitz is on the outs with girlfriend Shaha Riza, Page Six reports. "She was furious about the embarrassment," a source tells the Post, which says she resented implications she'd slept her way to the top. What's more, Riza didn't ask for the promotion that set off the scandal, another source said. More»

White House yields; speculation on successor already lively

(NEWSER) - Paul Wolfowitz will leave the World Bank on June 30, capping a tumultuous two years for the development institution and its beleaguered president. Wolfowitz's tenure was marked by controversy from day one, when he assumed the office under the cloud of the Iraq war, until today, when a drawn-out ethics scandal finally drove him from office. More»

World Bank board negotiating terms of president's exit

(NEWSER) - Paul Wolfowitz may step down from the World Bank as early as today, CNNMoney reports. Wolfowitz and the World Bank board are still wrangling over the terms of his departure, but early accounts suggest that the beleaguered president would leave voluntarily and the bank would admit some responsibility for the handling of a transfer and hefty raise awarded to Wolfowitz's girlfriend. More»

Calls her 'intractable' and 'extremely angry'

(NEWSER) - Paul Wolfowitz fought back aggressively in a written response to the charges that he mishandled a raise and promotion for his girlfriend, the Washington Post reports. The embattled World Bank president claims the ethics committee forced him to handle the transfer himself because Shaha Riza was "extremely angry and upset," and so "intractable" that members feared a lawsuit. More»

(NEWSER) - World Bank President Paul Wolfowitz broke the bank's code of ethics, three bank rules and the terms of his own contract when he ordered pay raises and promotions for his girlfriend, a panel investigating his role concluded. The Financial Times details the withering report, which says Wolfowitz displayed "questionable judgment and a preoccupation with self-interest.” More»