This page has been archived and commenting is disabled.
Scandal At The IMF: Senior Economist Resigns, Says "Ashamed To Have Had Any Association With Fund At All"
The rats everywhere are now jumping furiously off the titanic, but few had taken the time to write a letter explaining in detail just how cracked and broken the hull really was. This has now changed, with the departure of Peter Doyle, formerly a division chief in the IMF’s European Department responsible for non-crisis countries and currently an adviser to the Fund. Not content with quietly slinking off the scandal ridden organization which has become the butt of all jokes in the international community, where humor about Lagarde's Louis Vuitton panhandling bag is as pervasive as punchlines about just how incompetent the organization is at actually doing its duty, Doyle has penned the following scathing letter which tears down every myth about the IMF: from its impartiality, to the selection process of its head, to its effectiveness. The letter also contains the following gem: "After twenty years of service, I am ashamed to have had any association with the Fund at all." Pretty much says it all. This is a scandal in the making, and one which may shake to the core the credibility of the IMF in the context of international organization.
Full letter (pdf)
European Department
Washington DC
June 18, 2012
To Mr. Shaalan, Dean of the IMF Executive Board
Today, I addressed the Executive Board for the last time—because I am leaving the Fund.
Accordingly, I wanted first to formally express my deep appreciation to the Swedish, Israeli, and Danish authorities with whom I have worked recently, as well as all others with whom I have worked earlier, for their extraordinary generosity towards me personally.
But I also wanted to take this opportunity to explain my departure.
After twenty years of service, I am ashamed to have had any association with the Fund at all.
This is not solely because of the incompetence that was partly chronicled by the OIA report into the global crisis and the TSR report on surveillance ahead of the Euro Area crisis. Moreso, it is because the substantive difficulties in these crises, as with others, were identified well in advance but were suppressed here. Given long gestation periods and protracted international decision-making processes to head off both these global challenges, timely sustained warnings were of the essence. So the failure of the Fund to issue them is a failing of the first order, even if such warnings may not have been heeded. The consequences include suffering (and risk of worse to come) for many including Greece, that the second global reserve currency is on the brink, and that the Fund for the past two years has been playing catch-up and reactive roles in the last-ditch efforts to save it.
Further, the proximate factors which produced these failings of IMF surveillance—analytical risk aversion, bilateral priority, and European bias—are, if anything, becoming more deeply entrenched, notwithstanding initiatives which purport to address them. This fact is most clear in regard to appointments for Managing Director which, over the past decade, have all-too-evidently been disastrous. Even the current incumbent is tainted, as neither her gender, integrity, or élan can make up for the fundamental illegitimacy of the selection process. In a hierarchical place like this, the implications of those choices filter directly to others in senior management, and via the appointments, fixed term contracts, and succession planning of senior staff, they go on to infuse the organization as a whole, overwhelming everything else. A handicapped Fund, subject to those proximate roots of surveillance failure, is what the Executive Board prefers. Would that I had understood twenty years ago that this would be the choice.
There are good salty people here. But this one is moving on. You might want to take care not to lose the others.
cc. Ms. Nemat Shafik
Mr. Stanley Fischer
Mr. Stephan Ingves
Mr. Benny Andersen
Mr. Alex Gibbs
Mr. Eric Meyer
Mr. Amit Friedman
Mr. Martin Holmberg
Mr. Reza Moghadam
Mr. Mark Plant
Mr. Brad McDonald
»
- 73882 reads
- Printer-friendly version
- Send to friend
- advertisements -
My Heart Will Go On...
Does this mean that we can ask the IMF for our gold back?
And does this mean he will refund his salary that he sucked out of there for 20 years without really doing jackshi* for the world?????
status-quo looking less and less statussy every day now...
Betcha can't eat just one!
King SDR!
"Accordingly, I wanted first to formally express my deep appreciation to the Swedish, Israeli, and Danish authorities with whom I have worked recently, as well as all others with whom I have worked earlier, for their extraordinary generosity towards me personally"
Huh. What other news story in the last couple of days has included Israel and Sweden.
He did not directly challenge the imperialistic mission
of his former employer, so he should be eligible for a full international pension in all the monies.
'Peter Doyle, formerly a division chief in the IMF’s European Department responsible for non-crisis countries.'
Non-crisis countries in Europe?
This sounds like the agricultural extension agent in the Bronx who quit because 'his farmer died.'
Have any headhunters out there contacted Krugman or maybe even Bernake, yet? He will most likely be replaced by Steve Liesman.
"The rats are jumping from the ship" too bad the water's boiling
even rats don't like to be called rats. after 20 years of ratdom a single mea-culpa does not a non-rat make.
lol...good point, correct me if I'm wrong but didn't he just say in a lot more words that central planning has failed?
Oh my, whatever will we do now? ;-)
I wonder where that salty taste they are covered with comes from
Dare I hazard a guess?
It's a ponzi game of musical chairs.
Did I just hear the music stop?
I gotta say superelites in Europe are little dull compared to American elites. you need to put black police chiefs to beat rioting blacks.
You see, American elites knew shit was goign to hit the fan so they put a African-American face in the white house to calm working class blacks down and from rioting. American elites then put Asian-American face in "world" bank, so that they won't get criticisms from the Chinese. That's what the whole diversity affirmative action is for.....politics. Even in corporate world, they put Indian guy as head of Citi group to open up India's financial markets, Indian women as head of Pepsi to sell sugar water to Indians, etc.....
Unfortunately, Europe only has pipeline of muslim faces and ex-colonial African immigrants are nowhever near leading a public institution. Only thing they had was a woman, so they put Lagarde to the top post, but BRICs want one of their one represented.
Get with the program Europe. America is going to put an Iranian-American general to invade Iran soon and monopolize oil.
There is a cascading awareness that the entire debt/fiat money system is fraudulent.
One more round of QE will confirm it.
Then the sheep will start scratching their heads wondering who looted the gold from their treasuries.
Now he tells us what most already knew.
End of the LBMA fraud:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/7/20_London_Trader_-_The_LBMA_Gold_Price_Fixing_Scheme_Is_Over.html
and it looks like the imf is bailing on the euro project. money quote in link: if the eu is to be the united states of europe, some people may want to vote on it. http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100018882/im...
Looks like he's not going to be offered an apprenticeship with the BIS.
You are right - my bad, Ching Aso
just so as to be clear of the facts, India has the one of the least per capita consumption of cola in the world. India is more attarctive to corporates like Pepsi because of their food and juice businesses.
"International" Monetary Fund = Euro based loan sharking, led by European (French/German)
"World" Bank = Dollar based loan sharking lead by American
Didn't he saw what happened with Obama scratching Sarcozy's back by arresting DSK in New York so that he can't run for presidency of socialist party, while putting American educated Lagarde in his place. they are in the loan sharking business (just like JP Morgan and Warren Buffett), why would they warn countries of coming financial crisis?How'd that plan work out for the midget frog?
Point Taken. Nice quote!
It's the French. They don't know how to run anything more than a bike race.
wrong...bike races are all fixed with performance enhanced participants
that economist must not have been very bright to find out the truth 22 years later.
everyone in the 3rd world knows what IMF (Euro) and world banks (Dollar) are for.
I'm sure he knew that much; what apparently annoyed him was the fact the IMF treated nice 1st world countries exactly the same way.
There is just simply not anything more entertaining as bankster-bitches exposing other bankster-bitches.
There's mention of how this went public, one of the CCs? There will be a criminal probe over the leak most likely.
IMF & World Bank = PR to justify austerity in poor countries.
They only hire credentialled economists who agree in their philosophy of neo-liberalism to make it seem like austerity is the best option.
"See Sudan, we have ALL of these phD economists saying that you need to privatize state assets to pay for your debts we sold you"
"IMF & World Bank = PR to justify austerity in poor countries."
Including all of North America and Western Europe, I suppose.
IMF + WorldBank = Hustlers who insure that developing economies get on the debt treadmill and spend it precisely where they are told.
More Mafia than Marketing Agency.
a same mole hunt-down as VATICAN did recently?
They should learn from Joseph Alois Ratzinger's apparatchiks.
-Vatileaks Scandal Exposes Secrets Of Pope’s Empire: http://bit.ly/NklzTE
-Transparency vs. Money Laundering: The Shady Past of the Vatican Bank - SPIEGEL ONLINE (2012-07-02)
http://bit.ly/M5jttm
-Catholic Church Fears Growing Vatican Bank Scandal (2012-07-06)
http://watimas.blogspot.com/2012/07/catholic-church-fears-growing-vatica...
-Pope sues magazine over photo with controversial stain — RT (2012-07-12)
http://rt.com/art-and-culture/news/offence-pope-magazine-stain-945/
National Secular Society - Vatican’s use of the law to try to hide its secrets looks set to backfire (2012-07-11)
http://www.secularism.org.uk/news/2012/07/vaticans-use-of-the-law-to-try...
Vatican: 'Interrogations continuing' in Vatileaks scandal (2012-07-03)
http://www.adnkronos.com/IGN/Aki/English/Religion/Vatican-Interrogations...
In the past case, the head of the Banco Ambrosiano, Roberto Calvi, was found hanged under Blackfriars Bridge in London in 1982. Will the history repeat?
Source: vancouversun.com:
Other posts at Mafia Today :-)
1. Director of Vatican Bank resigns under pressure VATICAN CITY — In an unprecedented move, the board of...
http://mafiatoday.com/general-breaking-news/director-of-vatican-bank-res...
2. Conspiracies Swirl As Vatican Scandal Engulfs Rome The scandal over leaked documents that has been engulfing the...
http://mafiatoday.com/general-breaking-news/conspiracies-swirl-as-vatica...
3. Vatican City could be hub for money laundering, says U.S. Drug enforcement chiefs have for the first time identified the...
http://mafiatoday.com/general-breaking-news/vatican-city-could-be-hub-fo...
4. REPORTS: BAHAMAS GOVT FAILED TO CO-OPERATE WITH INVESTIGATION INTO BANK SCANDALTHE Bahamas government has failed to co-operate with an investigation...
http://mafiatoday.com/general-breaking-news/reports-bahamas-govt-failed-...
5. Vatican: World’s smallest state signs treaties to fight terror, drugs, mafia Vatican City, 26 Jan. (AKI) – The Vatican has become...
http://mafiatoday.com/general-breaking-news/vatican-worlds-smallest-stat...
Clerical Whispers: Vatican leaks scandal report due this month: spokesman (2012-07-11)
http://clericalwhispers.blogspot.com/2012/07/vatican-leaks-scandal-repor...
HOLY SHEET!
OT... great digging thanks
Rothschilds: "Guardians of the Papal Treasury" ~ 1906 Jewish Encyclopedia
In other words the Rothschilds are the Vatican's bankers. Anyone think that status has changed since?
The Jewish Encyclopedia
(1901-1906, Vol. 2, p.497) states...
The Union Générale.
"It is a somewhat curious sequel to the attempt to set up a Catholic competitor to the Rothschilds that at the present time the latter are the guardians of the papal treasure."
http://www.jewishencyclopedia.com/artic ... rothschild
Ladies and Gentleman this little "things" proves the tide is on the run out. Soon they will be exposed with ALL the ugly bits hanging out. I will put not only put on sunglasses when "Ze Bitch with the bag" stands naked I will self medicate so I don't remember it.
Two words for this .... "Seminal moment"
Now where is that popcorn I saved
Non-crisis countries in Europe: VATICAN; MALTA; LIECHTENSTEIN; SWISS
feel free to add some more
swiss aren't members of the eu or associated groups, ditto vatican (and it may have some unfunded liabilities as it had a pretty good "tobacco moment" a while back).
some say finland, but it depends on how you define crisis: http://www.telegraph.co.uk/finance/comment/rogerbootle/9401514/Eurozone-...
jeff, you can't take the telegraph as a serious source (of opinion) about the EUR anymore.
Exactly my thoughts as I read the letter. Where is the real challenge to the status quo that has screwed the financial system and economy up? It seems he is most happy to have pulled down his salary for twenty years; and now it occurs to him that they haven’t been ahead of the curve? This is why, at least in part, the IMFs of the world continue to drag us down. Here we have a half-awake individual who still can’t call a spade a spade. As he says: “A handicapped Fund, subject to those proximate roots of surveillance failure, is what the Executive Board prefers. Would that I had understood twenty years ago that this would be the choice.” Therefore, what he is really desirous of is a “Fund” that is more proactive and aggressive in tackling these foreseeable crises. Yes, we are just one more high-end bureaucrat away from utopia, or perhaps one more proactive regulation away from pure nirvana. Accrording to this genius, we just need to be more proactive and apply the standard medicine earlier, then all will be fine. BS, bite me.
@ FUU
Generocity? I wonder who bought him the Panamera
We did.
"extraordinary generosity towards me personally"
I think he means thanks for, the fat bank account, cars, boat, holidays, fine wine, girls, boys etc etc etc
"After eating 97% of this dinner, I must tell you it is simply awful and I will not pay a penny for it! Yes, I know I told you it was cooked exactly as I ordered it and I told you it all was perfect each and every time you came to the table but now that I've had almost all seven courses I realize I am not at all satisfied. Not a bit.
"Now, away with you and let's both forget that this evening ever happened!"
If doing the right thing was easy, everyone would do it.
Whistle-blowers are not treated kindly, hats off to to this guy, he just lost a lot personally and gained many enemies in a very public fashion.
i was thinking the same thing. unless you're bradley manning or similar (http://www.dailypaul.com/228336/obama-has-prosecuted-more-whistleblowers...) (http://www.salon.com/topic/wikileaks/) realize that these resignations (even diamond at barclays) are part of the solution not part of the problem, at this stage.
letting perfection harm goodness is an error, particularly now, imo.
Yes guys, but twenty years. While that is a very long time to fill a list of the misdoings of one's employer, it is also a very long time to enjoy the largesse of the same.
Good. The rats are jumping ship. The sooner this clusterfuck ends, the better.
There aren't too many seaworthy vessels left for them to swim to either so say Hallelujah!
They can form a hugh rat raft like a black iceberg. Anyy small boat and its crew that comes near the foul, writhing mass, will be swarmed and eaten. Eventually the ratberg will pedal with its million rat feet, up the Chesapeake, then to Washington and the Fed building.
we all need very badly a modern day Pied Piper with his magical flute to lure out all the rats infesting this planet and lead them into their very extermination at the shortest possible time!
It has recently come to the attention of the rats in the middle ranks that the ones at the bottom are drowning.
+1 Best imagery of the financial sector this week, hands down.
you said it. makes me squirm when I visualize it.
"Neil, I have been the most fucking transparent secretary of the Treasury in this country's entire fucking history!" Geithner erupted...
BOOK EXCERPT - Geithner's Temper And Transparency Exposed: "No One Has Ever Made The Banks Disclose The Type Of Shit That I Made Them Disclose..."
Are you saying we are seeing the light at the end of the tunnel, finally?
YES a most definate Yes. Put on the shades man its going to go Super Nova
Thanks to scientists you now can:
http://www.eurekalert.org/pub_releases/2011-07/acs-nmf071311.php
Cannibalism - you know it makes sense!
Lime Jello is made of people!
Soylent Jello. You just knew it was only a matter of time.
shit, I'm squirming again. will it never end! "eyaaaaa! eyaaa! eya eya eyaaaa"
Thats me whimpering while curled in a fetal position.
"bath salty" ...or just, "salty"...?
Degrees of "bathdom"...ya got your nautical recreationists and your nautical professionals.
Generally, its a bad idea to hand over the ship to the guy with the rubber ducky ;-)
What does the captain's stance on safe sex have to do with his ability to handle "beam reaching on his tack"?
OG god, not the IMF biscuit game again!!!! ;-)
Just how ever did someone with a conscience manage to make it into that place?
I would've thought they vetted better.
Sadly though, his "scathing" letter actually aids the IMF, as he faults their inability to do their stated job, while ignoring how sucessfully they do their real job of undermining the last little bit of freedom left around the world via third-party debt enslavement.
If you really want to have a positive effect upon a criminal organization, it's done by telling the world how good they are at crime. Stating their failure to uphold the facade only gives them a mandate to "do better." Which, of course, always requires more power and more resources.
Remember, government creates its own demand.
All I can say is that at least he is setting a trend, which is a good thing and should be immitated.
The question now is: Who is next and how soon.
If anyone out there is considering bailing out from rotten institutions, be aware that the earlier you get out, the cleaner you look.
Think like Nike: Just do it!
Edit: Don't forget to write the letter
Yeah sure but... at the same time, undoubtedly, you have bitch fucks like 'Hitlery' who are just BEGGING to take their place...
Problem for Hillary is the 'European bias' that Doyle mentioned.
The corner office at the IMF is labeled, 'NON-EUROPEANS NEED NOT APPLY.'
Per a long-standing political deal, it's their turf. But it also means the IMF pulls its punches when reporting on Europe.
The IMF's 'Holier than thou' (reminiscent of the colonial era) attitude towards the 3rd world is undermined if they admit to problems in America and Europe! "Do as we say, not as we do. Listen to us, we are the experts. We created the problem, but we're the only ones who can solve it..."
If the Canadians hear abooot this they'll lose all respect for themselves.
You are such a sweetie!
It's only one maggot. He'll be ignored, although this will get the IMFers.to institutionalize a KGB/CIA type LSD, assassination, "he's a boy didler " department, This time expect a clunsey effort. Next time, next one, they'll be ready.
is that as in george clunsey?
He did something, he came out against it after it was too late to do anything about it, and kept his mouth shut when he could have made a difference. At least he's got one ball.
Who's got the other?
Lagarde.
Lagarbage, more like it. Piece of fucking overentitled, arrogant, schemin, thievin shitbag.
This one's for the Greeks.
I heard she just changed her name to Le Avant GARDE, being the captain of the looter mother ship she has much bigger to loot around the globe.
DSK had that one. But he lost it somehow.
You just can't trust eastern European teabagging whores. Next thing you know you wake up with a splitting headache and your balls are gone and on their way to some Pakistan clinic to be sowed on some fat Saudi, and you're only fit to be President of France. Can you image the horror? President of France! No one, ballsless or not deserves that. DSK should just suck a. 357 against the roof of his mouth. Then again, France deserves him.
Oh, he's made a difference. He's provided the activation energy to "reform" the IMF.
Order out of chaos, and all that.
YMMV
WonderTwins, activate! Form of....an ICE DILDO!
you mean all those fine reports he put out are worthless?
The IMF is a complete FARCE. This organization has been a disastor since creation.
http://ericsprott.blogspot.ca/
Of course not. He's not that upset. Besides, that lavish salary was his due and proper as one of the global elite.
i was thinking the same thing. i guess his shame was a little slow to kick in.
on a side note, i guess the 21 negatives are from people who are also working for a morally bankrupt company and still taking a salary :)
you don't own that, someone else bought it for you.
lol
Your President thanks you for your support. Jonan is one sharp mother F#$ker
Well then they can eat these motherfucking peas.
ahhh sheet! Does this mean the goal of a one world governmat/currency won't be televised?
If the precursor to one world government is one world mess, then we are unfortunately still on schedule.
Out of chaos, order emerges.
Honestly, breaking shit is the only play in their book. The best they can do with it is to break stuff in an orderly fashion in hopes of managing the collapse to their benefit.
+50
the so-called "NWO" is the goal of the "Western" (T)PTB, Old World wealth....
there is a growing "Eastern" opposing force which is taking steps to become the dominant financial force...
who will win? who has the real assets and global trade agreements in place to be the next gloabl economic center?
Ha ha ha, the lies are beginning to get hard to live with now eh??
All it takes is one..
Now comes the avalanche.
Like most of the universe, the IMF has paper claims to Gold, not vaults of actual real Gold. When the music stops and push comes to shove those bastards will be as broke as everyone else.
So, this is WHY Bill & Hilary want to be in control of the IMF. The opportunities for corruption must dazzle their jaded hearts.
They can go from stealing millions to billions.
If they do their job right, then eventually they'll be in line for trillions.
And Hiliary's previous experience as at fixing commodities trades will put her in good stead.
And Bubba's in Hatian Telecoms
It took twenty years to figure out IMF is a fraud?
Could be a sign the party is almost over.
IMF Bitchez!
Also, Lagarde is a man.
lastly, is she he 100% melanoma or something less?
Her complexion is looking more and more Mozillo-like these days.
It matches her Hermes scarf.
Lagarde once put Timmy Geithner in a Kimura.
He immediately tapped out.
Obama put Little Timmy in a kimono, he immediately dropped to his knees Ala' Reggie Love..
Lagarde is a man?
That explains where this economist's missing ball went.
I think Axel Weeber said the same thing bout the ECB.
What?
That it only had one ball?
These sorts of letters will become common, quite soon.
I'm going to coin a term here. Let's call these things "Get Out of Noose Free" cards.
Someone doesn't want to hang, forget about ever going to jail.
Bill Gross penned about 50 of them...
The biggest losers on Earth are experts at writing letters like this. "If only you had listened to MEEeee...." You can't judge his message without knowing him and the quality of his work. He might be the biggest fxxkup of them all.
<--Sour Grapes
<--Unappreciated workhorse
<--Scared shitless
Yeap, This fucker is going down. Not a confidence builder at all saying that after 20 years.
Why would you think that a dying institution wouldn't want to use this crisis in order to be "reborn?"
It's not like these groups have any other choice, given that the initial model (like ALL political models) is incoherent and thus unsustainable over the long-run.
Facades only stay shiny for so long, ya know.
Going down? You mean this guy or this financial system?
No one at the IMF will care about this resignation.
As if this fuck is someone.....
no shit, we know the IMF is toothless......
but wait til you heap your millions before you bite the hand that fed you!
ingrate!
It sounds like he was just mad he didn't get a promotion.
Caught a whiff of that too. +1
No fucking pension for him.
Personnel's gonna find some untruthful statement in his original job application for 1955 and va va vaoooooom he's outa there money wise.
The preferred IMF force:
http://www.patfullerton.com/imf/imf_main.jpg
Hey, you know it's a good team when Mr. Spock rolls with them.
Logic bitchez!
No one [of importance] at the IMF will care about this resignation.
"Analytical risk aversion, bilateral priority, and European bias", that's some serious criticism, well, nothing to fear for him, I'm sure there's a job waiting for Peter Doyle should he make an inquiry to the Bank of International Settlements, Trilateral Commission, Bildeberg Group, Group of Thirty or possibly Council of Foreign Relations. There he can apply his analytical risk appetite, unilateral policy making and global governance skills without regret or restraint.
If the antics of DSK weren't convincing enough...
God, I miss DSK.
That's where Timmy "No risk of a downgrade" the Tax Cheat learned his trade.
He sure didn't learn Turbo Tax.
Someone else learned it for him.
Stop it!
Congratulations International Mother Fuckers, you've been punk'd.
Hmmm, after 20 years? To paraphrase Foghorn Leghorn, "a little slow there, eh, boy?"
He will have to live with the shame of a frowny face on every fully funded pension check he gets for the rest of his life.
Yea verily, worry not. Those dollars will be debased unto him in purchasing power thanks to the Godly works of The Bernank and The Lloyd Bankingfeind. Yea verily as the dollars are written, so shall all the Glory of God be visited upon his pension.
A culture of rot breeds rottenness and gangrene that cannot be cut out with a surgeon's scalpel or a dagger.
Love him, hate him, brave of this guy to write this letter (even if he is trying to save his own neck).
He shall be labelled a "terrorist" in 3...2...1...
As it should be for him taking 20 years to remember what the terms "collateral" and "solvency" really mean. Oh well, off to the private island, he is so ashamed to be sure.
Maybe he belongs to the Tea Party... ; )
Off topic thread jacking is much more effective if you post near the top.
In modern finance, a collateral is a derivative of a summit whereas solvency is a function of willingness to stand up against market speculators, fringe bloggers and auditors.
"A handicapped Fund, subject to those proximate roots of surveillance failure, is what the Executive Board prefers."
Whap!
Yes, the vampire squid prefers everyone else to be handicapped.
Guess no one wants to have a cameo in the next Charles Ferguson documentary.