The Dreaded Curse of the IMF!

Pivotfarm's picture

It looks like the International Monetary Fund has been jinxed. It’s fated. It’s doomed! The next managing director should start wearing garlic around their neck already or at least burn sage in their office to ward off evil spirits. Seems these days that anyone that steps into the shoes of the Managing Director of the IMF ends up becoming fated, the object of all desire. The man (or woman) to be in the sites of all our guns. The one to be bumped off.

Christine Lagarde has defended herself. She has stated, declared, promised and reiterated countless times until she has gone blue in the face that she did not do anything untoward. “I always acted in the interests of the state and in conformity with the law” she said last night before she headed off at double-quick speed to chit-chat with her lawyer. All image! Outwardly calm and collected. Inwardly, terrifiée. She is an ‘assisted witness’ in the Adidas case, embroiling Bernard Tapie (and the 45 million euros that were awarded to him, which Lagarde never appealed against as Finance Minister of France) and Sarkozy’s (illegal?) election funding in 2007 and 2012. Being an ‘assisted witness’ is a nice way of putting it that you aren’t going to be prosecuted yourself, but you had some dangerous dabbling and fancy footwork going on and the judge knows more than you think. Why is it that the French always allow their past Ministers and Presidents to be ‘assisted’? I thought they hated their image of ‘assistanat’ (translate as: (state) dependency)!

Jacques de Larosière (yes, another Frenchman), Managing Director of the IMF from 1978 until 1987 once wrote about moral hazard. Moral hazard is the name given by insurers to people who take risks just because they are insured and that they wouldn’t have taken those risks had the insurance policy not existed. Maybe he should have got on the blower to Lagarde before she took the risk of toying with Tapie and told her that; and maybe he should have stunted Strauss-Kahn’s ardent desires in room 2820 of the Sofitel Hotel NY before he took the risks.

But Lagarde and Strauss-Kahn are not the only ones that have been involved in scandals. Some of other Managing Directors have too (thankfully, not all of them, and not all of them while they were in office at the IMF).

  • Rodrigo de Rato y Figaredo (2004-2007)

He resigned for ‘persona reasons’. Listed as the worst CEO ever in 2012 of Bankia and charged in July 2012 for ‘accounting irregularities’.

  • Horst Köhler (2000-2004)

Had to resign from the Presidency of Germany because he said that Germany should be ready to go to war to defend their own interests of free-trade and to crush instability and regional insecurities in the world (so as to maintain standards of German revenue and trading possibilities), whatever the cost. Imperialism didn’t go down well.

  • Michel Camdessus (1987-2000)

Strongly criticized for his blinkered imposing of measures in East Asian countries and in Latin America. It caused unprecedented crises in countries like Argentina and rioting in Mexico. He resigned.

  • Jacque de Larosière (1978-1987)

Acquitted of any wrongdoing (but still involved) in the French Credit Lyonnais banking scandal. But, is there smoke without fire?

The other Managing Directors did nothing (bad, that is, apparently…unless, someone knows something the rest of us can’t find). Perhaps the reasons why the scandals involve the most recent MD is a telling tale of our modern times. Just for the record, here are the others.

  • H. Johannes Witteveen (1973-1978)


  • Pierre-Paul Schweitzer (1963-1973)


  • Per Jacobsson (1956-1963)


  • Ivar Roth (1951-1956)


  • Camille Gutt (1946-1951)


Of course, the IMF has long realized that they are in for a rough ride. They thought they had the right candidate in Lagarde (she was a woman, not a womanizer). But, they didn’t think she like the pesos more than the petting. Still, better to have Lagarde than to face another upheaval, so it’s not surprising that the executive board has backed her to the hilt. But, if all else fails, just wing it. Ride the wave and right out the storm. People love two things in life when it comes to reading about the people that govern us and run our lives up there at the lofty tops of society. We love a good scandal. We love a good scandal with loads of sex. We love a god scandal with loads of money. We love a good scandal with loads of money and sex. Monsieur Dominique Strauss-Kahn had the first: loads of sex. Madame Christine Lagarde got the second right. Third time lucky! Who will Mr. or Ms. X be that gets the full 18 rating? The new Mission Impossible! We’ll be watching you!

Originally posted

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
JR's picture

Were Ripley here today would this qualify as a believer it or not: The club, the tentacles, the revolving door, the relationships of corruption and the incestuous IMF like the U.S. Treasury, World Bank, prostitute economists, and the rest all lead to the core of the world’s problem --The Federal Reserve System.

Another case in point:

 New (2012) French Ministerial Appointees Rich in Jewish Heritage |The Algemeiner

May 17, 2012:

Pierre Moscovici has been named France’s new Finance Minister in President Francois Hollande’s newly formed government, and Laurent Fabius has been named the country’s new Foreign Minister, making two of the top ministerial posts in France rich in Jewish origins.

Moscovici studied economics under Dominque Strass-Kahn, the former head of the International Monetary Fund, and is the son of French sociologist Serge Moscovici.  He studied at Ecole Nationale d’Administration (National School of Administration) and was the French Minister for European Affairs from 1997-2002.

Fabius, whose parents were both Jewish but converted to Catholicism, is a former Prime Minister and Finance Minister of France.

“He [Fabius] an exceptionally good politician.  He’s very smart, he has many, many diplomas and as Alain Juppe is considered to be the most gifted French politician of his generation – Fabius is the same thing for the left,” Ron Agam, the French artist with close ties to former French President Nicolas Sarkozy, told The Algemeiner.

“With Syria, Iran, there will not be a change of attitude.  The relationship with the U.S. – I don’t foresee a difference, maybe some tactical or minor differences,” Agam said. “Especially coming from Fabius as he understands the dynamics of international politics very well.”

Both men are considered to be in favor of France’s close political ties to Israel, although Agam says “they should prove that they will be the friends that we want them to be.”

The Algemeiner describes itself as “The fastest growing Jewish newspaper in America…” whose coverage “includes investigative reporting, thought-provoking features and long-felt opinions, presenting unconventional and unique voices on politics and the social and cultural life of the American and international Jewish community.”

dick cheneys ghost's picture

JR, did you see this? 05/23/2013.......gotta love the language.........

''The US Senate decided unanimously to support Israel should it pursue military actions to defend itself against the Iranian nuclear threat. The decision's sponsors are the Foreign Affair Committee Chairman Robert Menendez (D) and senior Senator Lindsay Graham (R).

According to the resolution, the US will furnish Israel with diplomatic, military and economic support to defend its territory, citizens and existence. The resolution also determines that the US policy is to prevent Iran from obtaining nuclear weapons and take the necessary steps to pursue this policy. (Yitzhak Benhorin, Washington)'',7340,L-4383201,00.html


JR's picture

It is said that France is the only major western nation to have had a Jewish head of state, Nicolas Sarkozy, and according to Islam Radio now has another one (Francois Hollande), but when it comes to following a foreign policy that fits Jewish interests what country could possibly be stronger than the United States of America? And your example, namely that the Senate of the USA unanimously agrees to spill the blood of American men and women and to exhaust the full treasury of the American nation with whatever is decided by one man, Benjamin Netanyahu, is prime. 

And if that is not the full measure of devotion to the cause of Zionism, I do not know what would be.

0b1knob's picture

(Flashing Ad on the margin)

Earn 12%

Invest In Private Mortgage Notes

Become the Bank!


Becoem the Bank?   Just like Lehman?

Zero-risk bias's picture


International Monetary Fudgers Inc.

shovelhead's picture


Doing well by doing good ©.

logicalman's picture

The IMF is not cursed.

By nature it attracts greedy, criminal minds.

css1971's picture

Just the type of people who work there. Same as any other bank.