Christine Lagarde Releases Statement To IMF Executive Board Pitching Her Candidacy

Tyler Durden's picture

Christine Lagarde, who is quick to play the gender card, has released her formal statement to the IMF Executive Board pitching her candidacy. As she herself prioritizes her qualifications: "Having clarified this situation let me state the following: I stand here as a woman, hoping to add to the diversity and balance of this institution." etc. Translation: no need to worry I will (allegedly) rape maids, so pick me. Then there's everything else, which for a bailout agency which is now wholly in China's shadow, is very much irrelevant.

Full letter:

Ms. Christine Lagarde, a candidate for the position of the Managing
Director of the International Monetary Fund (IMF), made the following
statement to the IMF Executive Board on June 23, 2011:

Members of the Executive Board,

Let me first thank you for the very productive bilateral meetings I
had with each of you yesterday and this morning. I truly value the
occasion to exchange views and to benefit from your insight. I am
equally honoured to deliver to the full Executive board some preliminary
remarks, before answering any question you might have.

As a candidate, I have listened carefully over the last few weeks to
the messages conveyed to me by a large part of the membership and I
would like to lay out some thoughts of mine and address some of the

1. Management: the three duties of MD

If elected, I am committed to fulfil, with your support and active
engagement, the three key duties of a MD: to chair the Board; to manage
the staff; and to represent the institution.

Duty 1: Chairing the Board

I strongly believe in the value of a permanent resident Board.
Without a Board representing the membership, there can be no global
multilateral organization. I am convinced that the Board's work confers
legitimacy to the Fund’s action.

A strong relationship between the MD and the Board can only be built
on trust and respect between us. To lay the proper foundations of such a
relationship, if elected, I would call for a Board retreat before the

Duty 2: Managing the staff

The staff is the Fund's key asset. Its independence must be protected now more than ever.

I am well aware that recent events have left open wounds. I know that
John's departure, coming as it does at the very worst of times, will
leave a big hole. The incoming MD must take pains to show the outside
world that this great institution is not only leading in terms of
expertise, but also in terms of integrity and work ethics. We must
consolidate and, if needed, restore staff pride in working at the IMF,
to get us through the healing process.

Last, there is a need for an integrated, coherent, senior management
team, with a MD dedicating time and energy to pulling the institution
together: only strong leadership will help us overcome silo-mentality,
achieve diversity, and gain in cohesion and coherence.

We collectively must focus on serving both our membership and the higher goal of the Fund, and be less inward-looking.

Duty 3: Representing the institution and bringing a vision

The MD has to lead by example, consistent with the values of
integrity, independence, and discretion. The MD shall also be the loyal
and strong voice of the whole membership when representing the Fund,
especially in delivering messages, speaking the truth to members, be
them small or large.

2. Direction for the Fund

As laid out in my letter of candidacy, I firmly believe that the
legitimacy and effectiveness of the Fund cannot be taken for granted;
they must be continuously proved, and improved, whenever possible or

Under Dominique Strauss-Kahn's leadership, the Fund has definitely
changed for the better, successfully repositioning itself at the centre
of the global economic and financial system. It learnt a great deal from
the recent financial crisis, including openness to new ideas, while
remaining loyal to its core values and principles.

The Fund needs however to continue its shift towards responsive,
even-handed and balanced action in support of global economic and
financial stability, the better to serve the whole membership.

The Fund has a lot on its plate with an uneven world recovery, the
reopening of global imbalances, potentially destabilizing capital flows,
high level of unemployment, rising inflation, and difficult country

But let me focus today on key principles that should, in my view, lead the Fund over the next five years:

Relevance. The Fund must keep its recently-regained pivotal role with
respect to global economic and financial cooperation. The international
community needs the Fund and the Fund must have the necessary mandate
from its membership to discharge its duties. Because of that I would be
open to work with all of you on changes to the legal framework of
surveillance such as the 2007 surveillance decision or even explore
changes to the Articles of Agreement however difficult they may seem.

Responsiveness: the Fund must constantly enhance its capacity to
respond to members' needs based on circumstances, with special
dedication to the most vulnerable part of its membership – I am thinking
of the low-income countries, especially those in Africa. To succeed,
coordination with other partners, including the World Bank, will be

Tougher, more effective, and more consistent surveillance for better
crisis prevention and tailor-made policy advice. Beyond its primary
mandate of ensuring the stability of exchange rates, the Fund needs to
improve the integration of financial sector expertise into its
surveillance, working in cooperation with the Financial Stability Board
and other relevant bodies. The Fund must also strengthen multilateral
surveillance by addressing global interdependencies: I believe that
spill-over reports should become a permanent surveillance tool, an issue
we may look again at after the Board meetings scheduled for July. Last,
IMF surveillance should look beyond these core elements, factoring in
structural and public finance issues, as well as social and employment
policies. For the sake of consistency and of pulling together in a more
effective and digestible way all the excellent but scattered, and
frankly somewhat diluted, global surveillance work, I pushed at the last
IMFC for it to discuss a consolidated multilateral surveillance report.

Sufficient resources and adequate tools. This will require first
delivering on commitments made by member countries, which will need
sustained attention. It will also require better leveraging Fund
resources, notably through enhanced cooperation between the Fund and
regional financial arrangements. Last, we need to make sure the Fund has
the capacity to address systemic shocks.

Increased legitimacy. Legitimacy is a precondition to the acceptance
of any reform. One obvious prerequisite is to implement promptly the
historic governance reform that was agreed last year. France has shown
leadership in this respect. More broadly, if elected, I would be
committed to continuously adapt the representation of the Fund, in
particular quotas, to changing economic realities. Some milestones are
coming up in the near future, and they have to be met.

Diversity and team work. The dedication and expertise of staff have
to be nurtured and protected, whilst ensuring equal opportunities and
diversity in all its facets, gender-wise, academic and geographic.
In-breeding leads to group-thinking and “silo mentality” leads to
underperformance, as the report from the IEO (Independent Evaluation
Office) pointed out. Diversity will strengthen legitimacy, but will also
reinforce effectiveness. This is an area where progress will be
achieved, should I be elected.

Let me address heads-on three issues I have identified as matters of concern or interest by some of you.

3. Regarding the selection process

Number 1: I truly believe in an open, transparent and merit-based
selection process, allowing for a large consensus to form around the
incoming Managing Director. The Fund belongs to no one but its 187
member states. I would like to add that as a Governor to the IMF, I am
on record for having supported a selection process regardless of
nationality. As a consequence, being French and being European should be
neither an advantage nor a handicap.

4. Representing Europe

Number 2: I am not here to represent the interest of any given region
of the world, but rather the entire membership, in full accordance with
the Fund’s mission statement as laid out in the Articles of Agreement.
The Managing Director has an exclusive duty of loyalty to the Fund.

5. Conflict of interest

Number 3: Precautionary or disbursing Fund programs are in place in
all regions of the world. Arguing that there is a conflict of interest
in being a national from a region of the world in which some member
states benefit from IMF support and assistance, not only significantly
narrows the scope for eligibility for candidacy, but also seems
impossible to “operationalize”.

How would the Fund ensure that during the MD’s mandate, not one
single country of the region from which the MD comes from would request
financing? One thing is certain: it would eliminate both candidates in
the current selection process, even though France has no arrangement
with the IMF.

This being said, I take pride in having played a key role in the
negotiations around the economic governance package in the euro-zone, as
well as in the implementation of the various support programs in
Greece, Ireland and Portugal. This was also an opportunity to work
closely with the IMF and build a strong partnership with the EU, which I
think could be replicated in other regions.

Nevertheless, let me be very clear: if elected, I will have but one
thing in mind when it comes to providing support to a euro-area member:
ensuring full consistency with the Fund’s mission and providing for good
stewardship of the Fund’s resources. I will not shrink from the
necessary candor and toughness in my discussions with the European
leaders, on the contrary. There is no room for benevolence when tough
choices must be made, and there is no option that does not start with
difficult but necessary adjustments by the Greek authorities to restore
the sustainability of public finances and to rebuild the country's

6. I stand here as…

Having clarified this situation let me state the following:

I stand here as a woman, hoping to add to the diversity and balance of this institution.

I stand here as former head of an international law firm with a
dedication to integrity, to the highest moral standards and a belief in
participative management.

I stand here as a Finance minister who has been tested in times of crisis.

I stand here as a former Chair of the European Union Ecofin Council
and of the G20 Finance Meetings, with a widely-recognized track record
and acknowledged leadership abilities.

I would like to put these skills and experience at work to serve the International Monetary Fund.

* * *

To conclude, should you entrust me with the challenging task of MD, I
would strive, over the next five years, to build a Fund that would be
adapted to a changing world; responsive, ready and able to meet all
challenges, both foreseeable and unforeseeable; cooperative, listening
and coordinating effectively with all stakeholders, and continuously
striving to build consensus; legitimate and even-handed, to reflect a
changing world.

Ladies and Gentlemen, Members of the Executive Board, thank you for your attention

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DonnieD's picture

How about the diversity of no more Euro's running this racket.

Popo's picture

Oh good.  She's a woman.  I was deeply concerned that the institutional entity of the ruling elite wasn't an equal opportunity employer.

Is it just me, or does this seem like an awfully ironic place to play the "please be conscious of social inequalities" card?

When discussing the pinnacles of world power,  it should be quite irrelevant whether or not one has a vagina.   (Clearly, you're not being discriminated against, Mrs. Lagarde.)

TheTmfreak's picture

The liberal special interest group then says "Hey a vagina doesn't define a woman." From which everyone else eye rolls.


It is the trendy, government thing to claim the equal opportunity crap. "World Powers" get their power from political support, and since the political support plays these games of electing people based on their gender and race ("reverse discrimination") then yes she will play those cards.

Forward History's picture

When in doubt, continually emphasize everyone's gender, race, and "orientation" differences. Devote huge amounts of resources to categorizing every person entering the workforce, set up an initiative to handle it all, all the while ignorant of the fact that Dr. King never wanted a world where people were hired in part of the basis of which checkboxes they filled out -- he wanted a world where the checkboxes didn't exist because we moved past them.

Witness the difference between a movement founded in the belief of God-given equality, verses the modern movement founded in secular relativism. Note with examination the successes of one and the misguided implementation of the other.

TheTmfreak's picture

Right. Solid on all points.

Relativism, has a place, mainstream public/political sphere isn't one of them. I argue there is a system to game, therefore it will be gamed. This is just one of the angles. It has become a free-for-all to get the knee jerk 800 pound gorrilla to go on your side and beat up the other.

Its very common to beat up the "man" or the big bankers for beating up on the little guy, but the "little guy" beating up on the big guy exists too, and is just as wrong. The arguments from Bastiat's "The Law" without a doubt stand. You can have a system where the many pillage the few, where the few pillage the many, where everybody pillages everybody, or nobody pillages anybody. We exist in the "everybody pillages everybody" world. Fucking madness.

Forward History's picture

Indeed. Don't forget that if anyone goes against the gorilla, Kong smashes them over the head with the PC biplane.

You are touching on one of the reasons I left atheism. People sometimes criticize me in debate and ask how I can believe in something without "proof". I tell them I could be wrong, sure, but the rest of the world's creeds and moral standards don't suit me, and don't seem to produce a better society. Some of the "proof" I have comes from the same mindset as a person wanting to believe in a doctor's skills. The patient is sick and dying on the table.  We the people need a surgeon, stat.

Not advocating a theocracy, of course. Just a paradigm shift in our thinking.

firstdivision's picture

Where is the promise to not sodomize the lower class?

oogs66's picture

umm, the promise to do it is part of the job description

ElvisDog's picture

It's funny, but in this case I think her "I'm a woman claim" does have merit. It's pretty clear that DSK used his position to force himself on women. Just like there is never only one cockroach, I'm guessing that mode of behavior is prevalent among the IMF male hierarchy. It has nothing to do with finance, but unless Lagarde is into strapping one on, she won't be sodomizing helpless women. Which I suppose is a step up for the IMF.

falak pema's picture

she did say she was a woman!

hugovanderbubble's picture

DSK knows perfectly French banks are all trapped.

Lagarde is a US friendly member to move pieces.

carbonmutant's picture

That begs the question of which "US" she's friendly to.

DSK's relationship with Bernanke didn't do much to help the US.

And Sarkozy is as desperate as Papandreou for cash to prop up their Banks

falak pema's picture

there is only one god and one US...they both belong to the same Oligarchy club. Up on mount Olympus where you get total tax cuts and your accounts as as invisible as the holy ghost itself.

Re-Discovery's picture

She's needs to 'grow a pair' and drop the gender crap.

LoneStarHog's picture

"I stand here as a woman,..."
Has this been verified by a TSA sexual assault?

eigenvalue's picture

Methinks Paris Hilton is a better candidate than Christine Lagarde. At least presumably Paris is not a member of the banking cartel.

Spastica Rex's picture

And we've seen Paris Hilton's hooha so we know she's a woman.

Libertarians for Prosperity's picture

The Hilton family isn't part of the banking cartel?

How do you suppose Hilton got so big in the first place?  Cash for auto title loans?

Hilton was purchased by Blackstone in 2007 in a highly leveraged LBO that was orchestrated by Goldman Sachs, Deutsche Bank, Bank of America and Morgan Stanley.  

Paris Hilton is the epitome of what the banking cartel produces: a generation of vacuous, hallowed-out people, living in a vacuous, hallowed-out world. 





TheTmfreak's picture

Whoa whoa whoa, are you implying you have to have a specific sexual organ to be a woman? What about all of those who sadly were born with a penis but are actually women? /sarc

LeBalance's picture

If her candidacy is even remotely viable she is a killer vampire zombie pillager same breed as the rest of the iMFers.

augie's picture

I'm sure China will respond favorably to a woman running the IMF.


Pez's picture

Arabs will be on board too!

TheTmfreak's picture

This diversity nonsense has completely spun out of control. Here is the hypocracy.

- We are all equal, there are no differences between us, therefore we can't be pre-judged (by color and gender.)
- We are all different and add something unique, therefore our differences should be hailed. This is done by adding something ONLY a person of color or a particular gender might be able to add.

Which is it? Both can't be true. Oh i know, whatever benefits you the most off of the heartstrings of morons.

The "I add something by being a woman" bullshit infuriates me beyond belief. I don't know whether it is that people say it, or people believe it.

LeBalance's picture

Its to enter all of the Useless qualifications as if they were meaningful.


Exactly what specific qualifications do you have to perform this job.  That is all.

The rest of the ethnic, gender, background, sexual unpreference, etc is just a tactic of the masters to destroy the society.

And it worked.


TheTmfreak's picture

Well I don't think its really "masters" but people who just do not have the time to think through anything logically and use emotions. These useless qualifications are meaningful qualifications for people who think that diversity actually adds something (without actually thinking about what it adds). They believe intrinsically it adds something without ever questioning WHAT. Those same people will then argue when faced with discrimination based on those beliefs that, well "I'm just the same as you."

It works on segments of the population who use emotions to guide them rather than reason. It literally takes two seconds of thought to dispel this diversity bullshit for what it is. I don't have such a pessimistic view of people and the "masses" to think it works on the majority of people. Most people don't believe that shit, its just forced down their throats by morons. Although I'll admit after decades of it being shoved down peoples throats they start to believe little bits and pieces if they're not careful enough to consider things more carefully.

williambanzai7's picture

Since when is this a diversity problem...the problem of allowing Europeans to regulate their own financial fiasco?

slaughterer's picture

Does she speak Mandarin? If not, forget it.

iNull's picture

Let me guess. Broad hips? Roomy?

lynnybee's picture

...a few weeks ago my daughter & i were watching the news (when all this DKS stuff was happening) . the video showed the group of IMF bankers & Ms. Lagarde was among them (very easy to pick her out, tall, silver hair). I pointed out the group of bankers to my daughter & said, "Do you see these people? this is the criminal syndicate group of bankers I was telling you about, the ones who are trying to take over the world & make us pay money to them." ....... my daughter laughed, didn't believe me, "how could that nice looking lady be a criminal banker !"

ElvisDog's picture

I was similarly telling my 13 year-old son about the IMF and how they make loans to countries that can't pay them back and they try to take them over. A week later at a family gathering at my father in-law's house, when the subject turned to DSK my son said "he's one of those evil bankers". They looked at him like he was an alien. I smiled.

oddjob's picture

Her biggest asset is having a vagina? She should hold her beak high.

hamurobby's picture

"I know that John's departure, coming as it does at the very worst of times, will leave a big hole."

TheTmfreak's picture

I don't know if she would claim its her HIGHEST, but she clearly believes it adds VALUE to the situation.

Her "gender role" and private parts have some sort of value (that can't be defined) in determining central economic policy.


After I just wrote that last statement, I realize having a vagina probably has some sort of role in central economic policy. (Hint: central economic policy is a sham)

Jack Sheet's picture

Pukeworthy the whole fricken spiel. "highest moral standards" ...lend digital money, grab national assets as collateral or sell them to foreign investors with the TBTF banks creaming off commissions.

iNull's picture

It's all over boys. Might as well serve up your balls to this bitch. Ask how she wants 'em boiled.

Segestan's picture

Once again the vision of the minority attempts to block out reality.

the not so mighty maximiza's picture

She is french with a big nose what else could you ask for.

nasdaq99's picture

Is anybody asking the question, "Did the Fed frontrun the oil release?" and isn't it very relevant and how would one find out????

iNull's picture

"I truly believe in an open, transparent and merit-based selection process"

Jesus Christ on a stick. Is there anyone with less than three years in Corporate America/Euro who hasn't tasted a shovelful of this horseshit?

Atomizer's picture

Christine Lagarde is a strong supporter of bailout policies.

Monedas's picture

How much of the "Fund's Money" has she spent tearing around campaigning for the juicy gig ! Speaking of juicy.....time for a twat flow chart stress test! Any volunteers ? Women her age should not be referred to as "broads"....that's a term of endearment reserved for the under 60 set ! Monedas 2011 More relevant every minute !

the not so mighty maximiza's picture

I would volunteer to do a Lagarde twat flow chart stress test because I am a legend in my own mind.

Monedas's picture

Well, you'll certainly get your own chapter in Monedas' version of "Profiles in Cour d'leon" ! It could probably be done without your having to undress ! Give her a fresh panty liner then have her watch 20 minutes of DSK in action with a West African Slut Monster ? Weigh the panty liner before and after on your coke scale ? Simple enough ? Monedas 2011 Serving humanity with his humour !

oogs66's picture

the original draft said 'the help' was the most important asset, but someone told her that sounded a little pretentious so she changed it to the 'the staff'

Sambo's picture

The piiGsy maids will be raped again and again and they sink into poverty under the watchful eyes of the Invincible Monster of France-n-stein.

Lone Mad Minute Medic's picture

How will the Hildabeast take this? I hear she is interested in ruling the world.

tamboo's picture

her biggest asset is her kosherness, ditto for the hildabeast (nee rodsky).

Hedgetard55's picture

How hard can it be to find a black, transgendered lesbian who is mentally challenged and physically handicapped for this job?

lizzy36's picture

I have no problem with hating Christine Lagarde for being a kleptocrat, being part of the problem.

However, men in this class have been using their dominant gender, to occupy positions of power for centuries. Fraternity brothers, suffering from group think like to hang out with one another, promote one another, and cover for one another.

So she is explicity using her gender while men just implicity use thier gender.

The hate for Christine Lagarde for being part of the paradigm that is enriching the 1% at the expense of the 99%, is very legitimate. The hate OF Christine Lagarde because she is a women occupying a position of power, is simple misogyny. I expect better from my fellow ZH commentators.