World Bank Vows to Stand Behind Poor

Setting matching funds as a prerequisite for rescue cash puts investors back in the picture

(NEWSER) - Companies that take part in the second phase of the Treasury Department’s bailout plan could be required to raise private capital to match federal funds, reports the Wall Street Journal. The first phase of the Troubled Asset Relief Program, which has been buying up stakes in banks, has no such requirements—and has just $60 billion left before Treasury has to go back to Congress to unlock the second half of the $700 billion approved. More»

A US-centric band aid can't quell global markets as confidence plunges

(NEWSER) - As the financial crisis continues to grow, the $700 billion bailout passed by Congress last week may be too little too late, the Washington Post reports. The plan may not begin relieving banks of toxic assets for another month, and, meanwhile, the crisis has gone global, making $700 billion seem like a paltry amount. More»

Bush expected to name Zoellick to replace Wolfowitz

(NEWSER) - President Bush will tap former US trade representative Robert Zoellick as the new World Bank prez, sources close to administration said this afternoon. Zoellick, who has spent over 20 years in government, served as deputy secretary of state and the country's top trade official until last year, when he joined Goldman Sachs. More»

Bush determined to replace Wolfowitz with American

(NEWSER) - The White House is eying former Senate majority leader Bill Frist to take the World Bank presidency soon to be vacated by Paul Wolfowitz, the Wall Street Journal reports. Also getting a look are Treasury No. 2 Robert Kimmitt, onetime trade representative Robert Zoellick, and Federal Reserve chairman Paul Volcker, star of the UN Oil for Food investigation. More»

(AP) - Jim Yong Kim, an American who is president of Dartmouth College, has been chosen to be the next president of the World Bank. His selection extends the United States' hold on the top job at the 187-nation development agency. Kim, a surprise nominee of President Obama, was selected in a vote by the World Bank's 25-member executive board. He'll succeed Robert Zoellick, who's stepping down after a five-year term. More»