IMF Board Expresses "Full Support" In Christine Lagarde Despite Negligence Conviction

Tyler Durden's picture

Despite Christine Lagarde's conviction earlier on Monday for failing to overturn a 285-million euro payout to a businessman in an arbitration case while she was France’s finance minister nearly a decade ago - a verdict for which the 60-year-old IMF chief won’t face a fine or prison term - the Executive Board of the International Monetary Board decided that her transgression was not too extensive, and reaffirmed its full confidence in Lagarde, indicating support for her to remain managing director of the lender despite being convicted of negligence by a French court.

"The Executive Board took all relevant factors into account in its discussions, including the Managing Director's outstanding leadership of the Fund and the wide respect and trust for her leadership globally," the executive board said in a statement. "In this context, the Executive Board reaffirms its full confidence in the Managing Director’s ability to continue to effectively carry out her duties."

"The Executive Board looks forward to continuing to work with the Managing Director to address the difficult challenges facing the global economy."

As if nothing happened.

Ironically, according to her terms of appointment, Lagarde must strive to avoid “even the appearance of impropriety”, such as what happened today. She can be terminated at any time by the 24-member executive board, which represents the IMF’s 189 member nations. Still, the board has maintained confidence in her since it was announced a year ago that she would face trial in France.

Lagarde was reappointed for her second five-year term this year when no challengers emerged. She became the first woman to run the Washington-based fund, after its previous head, Dominique Strauss-Khan was embroiled in a sexual scandal involving a hotel maid in New York City.

The IMF statement was unambiguous in its praise. “The Executive Board took all relevant factors into account in its discussions, including the Managing Director’s outstanding leadership of the Fund and the wide respect and trust for her leadership globally,” according to the statement.

As Bloomberg adds, other officials jumped to Lagarde’s defense: U.S. Treasury Secretary Jacob Lew reaffirmed his “full support” for Lagarde in a statement, calling her a “strong leader” during a critical time for the world economy. France’s Finance Ministry published a statement expressing “full confidence” in the IMF chief. 

Lagarde is the third straight IMF managing director to run into legal issues. Her predecessor Dominique Strauss-Kahn resigned after a hotel maid accused him of sexual assault. Prosecutors dropped a criminal case amid inconsistencies in her testimony, and Strauss-Kahn reached an undisclosed civil settlement with the woman. Last year, he was acquitted in France of charges of aggravated pimping in connection with a string of sex parties.

Rodrigo Rato, who preceded DSK at the IMF, has been accused in Spain of misusing credit cards during his time at Bankia SA. Rato has denied acting inappropriately.

But perhaps the biggest factor influecing the board's decision was the risk of having to pick a new head at a time of turbulent political upheaval in the US. In backing Lagarde, Bloomberg wrote, the fund’s executive board avoids the task of having to select a new managing director as the U.S. transitions to a new administration under Donald Trump. One of Trump’s finalists for secretary of state, John Bolton, wrote in a recent opinion piece that the world should think creatively about how to reform the IMF, and consider privatizing development lenders such as the World Bank.

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LetThemEatRand's picture

That's why they call them show trials.

JohninMK's picture

Still a criminal conviction will give her a problem with her US Visa.

Oh, wait! Diplomatic passport. Problem overcome.

The 'one rule' rule applies again.

knukles's picture

Perhaps best picture of the year, Tyler.
Like shame on little old me, now where's that indulgence broker of mine?


Bitch must have a lot of dirt on the other members pizza proclivities to dodge a firing bullet.

Went to the University of Cankles, graduated Sig Nailgun Come Laudie. 

Atavists R Us's picture

a lizard being supported by other lizards. Now why didn't i see that coming?

SoDamnMad's picture

Look at the photo. She is giving the little people the finger.

bobbbny's picture

Other criminals & reptilians agree:

She has our full support.

TeamDepends's picture

Word is she is holed up at Willie Wonka's Chocolate Factory with her fellow Oompa Loompa's.

Implied Violins's picture

...because no one else would ever touch her everlasting gobstopper.

LetThemEatRand's picture

Mrs. Rand put an annoying song into my head earlier today so I got her back just an hour ago by putting the Oompa Loompa song into her head.  Must be a glitch in the matrix.  I hope that doesn't mean agent Smith is on his way over.

TeamDepends's picture

Cheers Rand, our boy's goin' to the White House! What a great American story: Poor orphan boy from the Lower East Side, shinin' shoes to make ends meet. Taken in and raised by a family of Bald Eagles, hence the hair over-compensation....

nmewn's picture

So what is it with elitist european IMF heads anyways?

If they're not looking the other way regarding graft & corruption, they're running credit card scams or raping hotel maids ;-)

Squidbilly's picture
Squidbilly (not verified) Dec 19, 2016 6:32 PM

gotta take care of our fellow jews

AriusArmenian's picture

To think I would go to jail for stealing $10...

Skiprrrdog's picture

Is she Toucan Sam's Mom?

The central planners's picture

She has caused too much financial crisis to let her get wasted by a simple negligence case

Bopper09's picture

They honestly don't believe they did anything wrong.  That's really the sad part.

Handful of Dust's picture

"No intent"....he he he, that's the new Fake excuse...."No Intent."

beemasters's picture

Not new. FBI used it for Hillary, remember? Mere "negligence" or "carelessness."

burocracy's picture

So, Cruella de Ville escapes her ignorance again?


michel3497's picture

I'm ashame to be french, seeing this ignominy. This oligarchy is over the laws it makes for us. It's time to save our world of that shit.

Mr Trump, people of the world have a huge hope in you, God bless you ! 

SpanishGoop's picture

" including the Managing Director's outstanding leadership of the Fund and the wide respect and trust for her leadership globally,"

1) She draws great hokeysticks and 2) No respect but we are stuck with her (again,still).


DennisR's picture

She looks like a modern day Oompa-Loompa.

illuminatus's picture

She really needs to back off of tanning beds.

----_-'s picture
----_- (not verified) Dec 19, 2016 6:51 PM

i support the idea to hang her

Herdee's picture

She's a banker, what would you expect? The appearance of corruption...

PPT Inc.'s picture
PPT Inc. (not verified) Dec 19, 2016 6:57 PM

So stealing money from the French taxpayers to give to the Jew Bernard Tapie did not disqualify her from leading an organization dedicated to stealing money from the taxpayers to give to Jews? Color me shocked.

Itchy and Scratchy's picture

She'd look perfect hanging from a rope in the town square!

Itchy and Scratchy's picture

Orange faced paracite! 

NoYouAreAnAsshole's picture

So, I guess this is "progress."  I mean the lying socialist two-time loser bitch hitlery was guilty as hell, but she didn't mean to do it - so OK - no arrest, no trial, no conviction, no nothing. 

This self-admitted lying conniving socialist bitch LaDouche was at least tried and convicted but was given the same sentence as if she was found guilty of jay walking. No wait, a jay walker would have at least paid a fine.  LaDouche got off with nothing, nada, zilch and still kept her job. 

Think how many ordinary people in France could have been helped by $285 million Euros.  Instead, it went into some asswipe's pockets.  And, obviously got "spread around!"

And the elitists assholes that helped run the IMF including asshat Lew "have full confidence" in her continued "leadership?" 

And these socialist pukes wonder why they are slowly but surely being run out of office and their so-called "union" is being broken up. 

Zang's picture

So everything is still all good at the IMF ? 2% inflation again this year ? Thanks Chris Lagarde

dexter_morgan's picture

Fuckin globalist fucksticks......all the same

Thebighouse's picture

My wife invented that word "fucksticks" about 40 years ago....:)  

Was NOT directed at me :))))

Thebighouse's picture

Goals for first 100 days

1) Rescind all Obama's executive orders

2) Remove us from the IMF

3)Prosecute Hillary  LIAR LIAR LIAR.

4) Repeal Obamacare.  On one page...keep 26 year olds able to stay on parents insurance, eliminate pre-existing, permit cross state sales of insurance. (One line)

5)Eliminate two "social securities"...all fed employees get social security. Period. Elitists stealing from the country.

6)Term limits...only social security as a pension for all congress, presidents, judges, etc etc.  Real elitists stealing from the country.  They are responsible for our debt.

7 Tax all foundations.  Audit all foundations Tax all political campaign contributions.  Make Jill Stein give all the monies falsely earned to reduce our debt. Then Yemen

8) Set up World Peace Corps for discontents and LYING THIEVES.  Grow corn in Yemen by hand until they have a change of heart. Hillary and obammma have to till. Now Michelle too because she is inciting discontent with hope....LIAR...Best hope in 40 years.

9) Stop playing war.

10) Drone soros....just chase and pester him like the little festering boil he is.

Let's all do our part to make this country the Greatest Country on Earth.  Don't be pessimistic,  Offer real solutions and volunteer to help.  Otherwise...Yemen :)

Yen Cross's picture

   Of cource they do!!! They're all in cahoots together.

  The rats don't have a lifeboat, and have run out of deck chairs to rearrange.

youarelost's picture

Trump will appoint Clinton to head the IMF and the conversion to SDR's

illuminatus's picture

Yemen's portion of the Rub al Khali desert in the east is much lower, generally below 1,000 m (3,281 ft), and receives almost no rain. It is populated only by Bedouin herders of camels. The growing scarcity of water is a source of increasing international concern. See Water supply and sanitation in Yemen.

From wikipedia. 

Thebighouse's picture

Perfect place for discontents and liars.  It takes reality to make people wake up.  Yemen is a very tough reality.  A very tough, thirsty reality.

World Peace Corps !

tony bonn's picture

christine lagarde is really christopher lagarde just like manchelle obama is michael robbins....serena williams is a man and so is ann coulter....fuck you for even presenting it as though he is a she.

Bunga Bunga's picture

The penalty is just 3% of her tax free salary.

Skiprrrdog's picture

That is one  ugly dude...

Fathead Slim's picture
Fathead Slim (not verified) Dec 19, 2016 8:49 PM

Amazing how much she resembles Obama. She looks like a photo merge of Obama and Janet Yellen.

hooligan2009's picture

IMF to be renamed the INF = the International Negligence Fund

Dilluminati's picture

IMF a vote of confidence or corruption?

Show me one example of the IMF making any bad situation better?

Lagarde looks like a Lamma on dope.  

dunce's picture

A historically corrupt institution should of course be headed by a convicted criminal. hillary is much more criminal but she has never been prosecuted and convicted.