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Scandal At The IMF: Senior Economist Resigns, Says "Ashamed To Have Had Any Association With Fund At All"

Tyler Durden's picture


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


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Fri, 07/20/2012 - 15:00 | 2637262 francis_sawyer
francis_sawyer's picture

My Heart Will Go On...

Fri, 07/20/2012 - 15:04 | 2637288 DoChenRollingBearing
DoChenRollingBearing's picture

Does this mean that we can ask the IMF for our gold back?

Fri, 07/20/2012 - 15:08 | 2637313 ihedgemyhedges
ihedgemyhedges's picture

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?????

Fri, 07/20/2012 - 15:12 | 2637334 fonestar
fonestar's picture

status-quo looking less and less statussy every day now...

Fri, 07/20/2012 - 15:20 | 2637386's picture



There are good salty people here.


Betcha can't eat just one!

Fri, 07/20/2012 - 15:27 | 2637417 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

King SDR!

Fri, 07/20/2012 - 15:48 | 2637502 fuu
fuu's picture

"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.

Fri, 07/20/2012 - 16:08 | 2637597 TheGardener
TheGardener's picture

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.

Fri, 07/20/2012 - 16:16 | 2637623 machineh
machineh's picture

'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.'

Fri, 07/20/2012 - 16:42 | 2637694 FEDbuster
FEDbuster's picture

Have any headhunters out there contacted Krugman or maybe even Bernake, yet?   He will most likely be replaced by Steve Liesman.

Fri, 07/20/2012 - 16:44 | 2637698 DaveyJones
DaveyJones's picture

"The  rats are jumping from the ship"     too bad the water's boiling 


Fri, 07/20/2012 - 18:58 | 2637948 tenpanhandle
tenpanhandle's picture

even rats don't like to be called rats.  after 20 years of ratdom a single mea-culpa does not a non-rat make.

Fri, 07/20/2012 - 19:29 | 2637994 nmewn
nmewn's picture

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? ;-)

Fri, 07/20/2012 - 20:00 | 2638046 Dr Benway
Dr Benway's picture

I wonder where that salty taste they are covered with comes from


Dare I hazard a guess?

Fri, 07/20/2012 - 22:17 | 2638239 engineertheeconomy
engineertheeconomy's picture

It's a ponzi game of musical chairs.

Did I just hear the music stop?

Fri, 07/20/2012 - 23:01 | 2638280 AldousHuxley
AldousHuxley's picture

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.

Fri, 07/20/2012 - 23:58 | 2638338 Pinto Currency
Pinto Currency's picture


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.

Sat, 07/21/2012 - 00:03 | 2638342 The Big Ching-aso
The Big Ching-aso's picture



Now he tells us what most already knew.

Sat, 07/21/2012 - 05:24 | 2638504 jeff montanye
jeff montanye's picture

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.

Sat, 07/21/2012 - 08:10 | 2638581 GetZeeGold
GetZeeGold's picture




Looks like he's not going to be offered an apprenticeship with the BIS.


Sat, 07/21/2012 - 01:24 | 2638403 Pinto Currency
Pinto Currency's picture


You are right - my bad, Ching Aso

Sat, 07/21/2012 - 02:48 | 2638453 misnomer00
misnomer00's picture

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.

Fri, 07/20/2012 - 22:27 | 2638249 AldousHuxley
AldousHuxley's picture

"International" Monetary Fund = Euro based loan sharking, led by European (French/German)

"World" Bank = Dollar based loan sharking lead by American


"In 2011 the world's largest developing countries, the BRIC nations, issued a statement declaring that the tradition of appointing a European as managing director undermined the legitimacy of the IMF and called for the appointment to be merit-based."

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?
Sat, 07/21/2012 - 09:27 | 2638609 GMadScientist
GMadScientist's picture

How'd that plan work out for the midget frog?

Fri, 07/20/2012 - 20:29 | 2638098 Yen Cross
Yen Cross's picture

   Point Taken.  Nice quote!

Fri, 07/20/2012 - 19:14 | 2637967 Sockeye
Sockeye's picture

It's the French. They don't know how to run anything more than a bike race.

Fri, 07/20/2012 - 21:43 | 2638205 unrulian
unrulian's picture races are all fixed with performance enhanced participants

Fri, 07/20/2012 - 22:12 | 2638234 AldousHuxley
AldousHuxley's picture

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.

Sat, 07/21/2012 - 06:10 | 2638521 Pay Day Today
Pay Day Today's picture

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.

Fri, 07/20/2012 - 17:03 | 2637745 SheepRevolution
SheepRevolution's picture

There is just simply not anything more entertaining as bankster-bitches exposing other bankster-bitches.

Fri, 07/20/2012 - 19:48 | 2638029 DeadFred
DeadFred's picture

There's mention of how this went public, one of the CCs? There will be a criminal probe over the leak most likely.

Fri, 07/20/2012 - 22:41 | 2638261 AldousHuxley
AldousHuxley's picture

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"


Sat, 07/21/2012 - 06:13 | 2638523 Pay Day Today
Pay Day Today's picture

"IMF & World Bank = PR to justify austerity in poor countries."

Including all of North America and Western Europe, I suppose.

Sat, 07/21/2012 - 09:28 | 2638614 GMadScientist
GMadScientist's picture

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.

Sat, 07/21/2012 - 05:45 | 2638509 matrix2012
matrix2012's picture

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:


-Transparency vs. Money Laundering: The Shady Past of the Vatican Bank - SPIEGEL ONLINE (2012-07-02)


-Catholic Church Fears Growing Vatican Bank Scandal (2012-07-06)


-Pope sues magazine over photo with controversial stain — RT (2012-07-12)


National Secular Society - Vatican’s use of the law to try to hide its secrets looks set to backfire (2012-07-11)


Vatican: 'Interrogations continuing' in Vatileaks scandal (2012-07-03)



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?



Other posts at Mafia Today :-)

1. Director of Vatican Bank resigns under pressure VATICAN CITY — In an unprecedented move, the board of...


2. Conspiracies Swirl As Vatican Scandal Engulfs Rome The scandal over leaked documents that has been engulfing the...


3. Vatican City could be hub for money laundering, says U.S. Drug enforcement chiefs have for the first time identified the...


4. REPORTS: BAHAMAS GOVT FAILED TO CO-OPERATE WITH INVESTIGATION INTO BANK SCANDALTHE Bahamas government has failed to co-operate with an investigation...


5. Vatican: World’s smallest state signs treaties to fight terror, drugs, mafia Vatican City, 26 Jan. (AKI) – The Vatican has become...


Clerical Whispers: Vatican leaks scandal report due this month: spokesman (2012-07-11)




Sat, 07/21/2012 - 09:12 | 2638602 earleflorida
earleflorida's picture

OT... great digging   thanks

Sat, 07/21/2012 - 10:24 | 2638654 Disenchanted
Disenchanted's picture



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." ... rothschild

Sat, 07/21/2012 - 04:00 | 2638474 Mentaliusanything
Mentaliusanything's picture

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

Sat, 07/21/2012 - 01:49 | 2638415 matrix2012
matrix2012's picture

Non-crisis countries in Europe: VATICAN; MALTA; LIECHTENSTEIN; SWISS

feel free to add some more

Sat, 07/21/2012 - 05:35 | 2638507 jeff montanye
jeff montanye's picture

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:

Sat, 07/21/2012 - 05:59 | 2638516 Ghordius
Ghordius's picture

jeff, you can't take the telegraph as a serious source (of opinion) about the EUR anymore.

Sat, 07/21/2012 - 06:13 | 2638522 verum quod lies
verum quod lies's picture

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.


Fri, 07/20/2012 - 16:25 | 2637647 Oracle of Kypseli
Oracle of Kypseli's picture


Generocity? I wonder who bought him the Panamera

Fri, 07/20/2012 - 16:44 | 2637699 fuu
fuu's picture

We did.

Fri, 07/20/2012 - 20:29 | 2638099 marco1324
marco1324's picture

"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

Fri, 07/20/2012 - 20:37 | 2638112 Jena
Jena's picture

"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!"


Sat, 07/21/2012 - 02:16 | 2638441 James_Cole
James_Cole's picture

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. 

Sat, 07/21/2012 - 05:44 | 2638508 jeff montanye
jeff montanye's picture

i was thinking the same thing.  unless you're bradley manning or similar ( ( 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.

Sat, 07/21/2012 - 12:58 | 2638954 Jena
Jena's picture

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.

Fri, 07/20/2012 - 15:44 | 2637503 Chris Jusset
Chris Jusset's picture

Good.  The rats are jumping ship.  The sooner this clusterfuck ends, the better.

Fri, 07/20/2012 - 16:12 | 2637602 Cyrano de Bivouac
Cyrano de Bivouac's picture

There aren't too many seaworthy vessels left for them to swim to either so say Hallelujah!


Fri, 07/20/2012 - 23:10 | 2638292 Offthebeach
Offthebeach's picture

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.

Sat, 07/21/2012 - 02:06 | 2638433 matrix2012
matrix2012's picture

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!

Sat, 07/21/2012 - 08:09 | 2638578 mick_richfield
mick_richfield's picture

It has recently come to the attention of the rats in the middle ranks that the ones at the bottom are drowning.

Sat, 07/21/2012 - 09:34 | 2638617 GMadScientist
GMadScientist's picture

+1 Best imagery of the financial sector this week, hands down.


Sat, 07/21/2012 - 15:04 | 2639092 tenpanhandle
tenpanhandle's picture

you said it.  makes me squirm when I visualize it.

Sat, 07/21/2012 - 01:32 | 2638405 Daily Bail
Daily Bail's picture

"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..."

Fri, 07/20/2012 - 21:46 | 2638207 old naughty
old naughty's picture

Are you saying we are seeing the light at the end of the tunnel, finally?

Sat, 07/21/2012 - 04:04 | 2638476 Mentaliusanything
Mentaliusanything's picture

YES a most definate Yes. Put on the shades man its going to go Super Nova

Fri, 07/20/2012 - 16:17 | 2637628 Poetic injustice
Fri, 07/20/2012 - 20:50 | 2638134 BigJim
BigJim's picture

Cannibalism - you know it makes sense!

Fri, 07/20/2012 - 21:23 | 2638179 fuu
fuu's picture

Lime Jello is made of people!

Sat, 07/21/2012 - 07:14 | 2638558 Mr Kurtz
Mr Kurtz's picture

Soylent Jello. You just knew it was only a matter of time.

Sat, 07/21/2012 - 15:10 | 2639095 tenpanhandle
tenpanhandle's picture

shit, I'm squirming again.  will it never end!  "eyaaaaa!  eyaaa!  eya eya eyaaaa"

Thats me whimpering while curled in a fetal position.

Fri, 07/20/2012 - 17:05 | 2637755 Arnold Ziffel
Arnold Ziffel's picture

"bath salty" ...or just, "salty"...?

Fri, 07/20/2012 - 19:34 | 2638000 nmewn
nmewn's picture

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 ;-)

Sat, 07/21/2012 - 09:40 | 2638618 GMadScientist
GMadScientist's picture

What does the captain's stance on safe sex have to do with his ability to handle "beam reaching on his tack"?


Sat, 07/21/2012 - 06:23 | 2638531 slackrabbit
slackrabbit's picture

OG god, not the IMF biscuit game again!!!! ;-)

Fri, 07/20/2012 - 15:43 | 2637428 NotApplicable
NotApplicable's picture

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.

Fri, 07/20/2012 - 16:22 | 2637637 Oracle of Kypseli
Oracle of Kypseli's picture

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

Fri, 07/20/2012 - 16:24 | 2637645 francis_sawyer
francis_sawyer's picture

Yeah sure but... at the same time, undoubtedly, you have bitch fucks like 'Hitlery' who are just BEGGING to take their place...

Fri, 07/20/2012 - 16:33 | 2637670 machineh
machineh's picture

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.

Fri, 07/20/2012 - 17:24 | 2637793 Herd Redirectio...
Herd Redirection Committee's picture

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..."

Fri, 07/20/2012 - 20:00 | 2638048 nmewn
nmewn's picture

If the Canadians hear abooot this they'll lose all respect for themselves.

Fri, 07/20/2012 - 20:31 | 2638101 Yen Cross
Yen Cross's picture

 You are such a sweetie! 

Sat, 07/21/2012 - 06:24 | 2638533 Offthebeach
Offthebeach's picture

It's only one maggot. He'll be ignored, although this will get the 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.

Sat, 07/21/2012 - 15:14 | 2639102 tenpanhandle
tenpanhandle's picture

is that as in george clunsey?

Fri, 07/20/2012 - 15:14 | 2637341 Jack Napier
Jack Napier's picture

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.

Fri, 07/20/2012 - 15:30 | 2637433 Anusocracy
Anusocracy's picture

Who's got the other?

Fri, 07/20/2012 - 15:38 | 2637472 Bam_Man
Bam_Man's picture


Fri, 07/20/2012 - 22:05 | 2638229 Skateboarder
Skateboarder's picture

Lagarbage, more like it. Piece of fucking overentitled, arrogant, schemin, thievin shitbag.

This one's for the Greeks.

Sat, 07/21/2012 - 02:14 | 2638440 matrix2012
matrix2012's picture

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.

Fri, 07/20/2012 - 15:46 | 2637511 debtor of last ...
debtor of last resort's picture

DSK had that one. But he lost it somehow.

Sat, 07/21/2012 - 06:39 | 2638543 Offthebeach
Offthebeach's picture

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.

Fri, 07/20/2012 - 15:32 | 2637445 NotApplicable
NotApplicable's picture

Oh, he's made a difference. He's provided the activation energy to "reform" the IMF.

Order out of chaos, and all that.


Sat, 07/21/2012 - 09:51 | 2638629 GMadScientist
GMadScientist's picture

WonderTwins, activate! Form ICE DILDO!

Fri, 07/20/2012 - 15:30 | 2637431 azzhatter
azzhatter's picture

you mean all those fine reports he put out are worthless?

Fri, 07/20/2012 - 19:11 | 2637964 Silver Bug
Silver Bug's picture

The IMF is a complete FARCE. This organization has been a disastor since creation.

Fri, 07/20/2012 - 21:03 | 2638152 Simon Endean
Simon Endean's picture

Of course not.  He's not that upset.  Besides, that lavish salary was his due and proper as one of the global elite.

Sat, 07/21/2012 - 05:03 | 2638498 floridasandy
floridasandy's picture

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 :)

Fri, 07/20/2012 - 15:09 | 2637321 jonan
jonan's picture

you don't own that, someone else bought it for you.

Fri, 07/20/2012 - 15:11 | 2637330 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture


Sat, 07/21/2012 - 04:09 | 2638480 Mentaliusanything
Mentaliusanything's picture

Your President thanks you for your support. Jonan is one sharp mother F#$ker

Sat, 07/21/2012 - 09:52 | 2638630 GMadScientist
GMadScientist's picture

Well then they can eat these motherfucking peas.

Fri, 07/20/2012 - 15:10 | 2637328 Xibalba
Xibalba's picture

ahhh sheet!  Does this mean the goal of a one world governmat/currency won't be televised?  

Fri, 07/20/2012 - 15:38 | 2637467 Peter Pan
Peter Pan's picture

If the precursor to one world government is one world mess, then we are unfortunately still on schedule.

Fri, 07/20/2012 - 16:05 | 2637587 NotApplicable
NotApplicable's picture

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.

Fri, 07/20/2012 - 23:37 | 2638320 toothpicker
toothpicker's picture


Fri, 07/20/2012 - 16:35 | 2637673 viahj
viahj's picture

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?

Fri, 07/20/2012 - 15:14 | 2637349 Stoploss
Stoploss's picture

Ha ha ha, the lies are beginning to get hard to live with now eh??

All it takes is one..

Now comes the avalanche.

Fri, 07/20/2012 - 16:17 | 2637621 JLee2027
JLee2027's picture

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.

Fri, 07/20/2012 - 15:56 | 2637552 Chuck Walla
Chuck Walla's picture

So, this is WHY Bill & Hilary want to be in control of the IMF. The opportunities for corruption must dazzle their jaded hearts.

Fri, 07/20/2012 - 16:08 | 2637594 NotApplicable
NotApplicable's picture

They can go from stealing millions to billions.

If they do their job right, then eventually they'll be in line for trillions.

Fri, 07/20/2012 - 20:06 | 2638060 John_Coltrane
John_Coltrane's picture

And Hiliary's previous experience as at fixing commodities trades will put her in good stead.

Fri, 07/20/2012 - 21:26 | 2638184 knukles
knukles's picture

And Bubba's in Hatian Telecoms

Fri, 07/20/2012 - 19:33 | 2637999 d edwards
d edwards's picture

It took twenty years to figure out IMF is a fraud?

Could be a sign the party is almost over.

Fri, 07/20/2012 - 15:01 | 2637263 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

IMF Bitchez!

Also, Lagarde is a man.

Fri, 07/20/2012 - 15:09 | 2637317 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

lastly, is she he 100% melanoma or something less?

Fri, 07/20/2012 - 15:39 | 2637480 Bam_Man
Bam_Man's picture

Her complexion is looking more and more Mozillo-like these days.

Fri, 07/20/2012 - 16:09 | 2637599 Debeachesand Je...
Debeachesand Jerseyshores's picture

It matches her Hermes scarf.

Fri, 07/20/2012 - 16:02 | 2637572 Pinto Currency
Pinto Currency's picture


Lagarde once put Timmy Geithner in a Kimura. 

He immediately tapped out.

Sat, 07/21/2012 - 00:05 | 2638345 Calmyourself
Calmyourself's picture

Obama put Little Timmy in a kimono, he immediately dropped to his knees Ala' Reggie Love..

Fri, 07/20/2012 - 15:43 | 2637486 Peter Pan
Peter Pan's picture

Lagarde is a man?
That explains where this economist's missing ball went.

Fri, 07/20/2012 - 15:06 | 2637276 Joebloinvestor
Joebloinvestor's picture

I think Axel Weeber said the same thing bout the ECB.

Fri, 07/20/2012 - 21:27 | 2638185 knukles
knukles's picture

That it only had one ball?

Fri, 07/20/2012 - 15:03 | 2637282 cougar_w
cougar_w's picture

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.

Fri, 07/20/2012 - 15:04 | 2637290 MachoMan
MachoMan's picture

Bill Gross penned about 50 of them... 

Fri, 07/20/2012 - 22:34 | 2638253 gmj
gmj's picture

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.

Fri, 07/20/2012 - 15:05 | 2637291 Forgiven
Forgiven's picture

<--Sour Grapes

<--Unappreciated workhorse

Fri, 07/20/2012 - 15:08 | 2637311 MsCreant
MsCreant's picture

<--Scared shitless

Fri, 07/20/2012 - 15:22 | 2637396 the not so migh...
the not so mighty maximiza's picture

Yeap, This fucker is going down.  Not a confidence builder at all saying that after 20 years.

Fri, 07/20/2012 - 15:37 | 2637464 NotApplicable
NotApplicable's picture

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.

Fri, 07/20/2012 - 16:51 | 2637718 THX 1178
THX 1178's picture

Going down? You mean this guy or this financial system?

Fri, 07/20/2012 - 15:04 | 2637292 KidHorn
KidHorn's picture

No one at the IMF will care about this resignation.

Fri, 07/20/2012 - 15:19 | 2637378 orangedrinkandchips
orangedrinkandchips's picture

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!




Fri, 07/20/2012 - 16:04 | 2637583 Vagabond
Vagabond's picture

It sounds like he was just mad he didn't get a promotion.

Fri, 07/20/2012 - 19:05 | 2637955 Jendrzejczyk
Jendrzejczyk's picture

Caught a whiff of that too. +1

Fri, 07/20/2012 - 21:30 | 2638188 knukles
knukles's picture

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.

Fri, 07/20/2012 - 15:23 | 2637399's picture

The preferred IMF force:

Fri, 07/20/2012 - 16:05 | 2637584 exi1ed0ne
exi1ed0ne's picture

Hey, you know it's a good team when Mr. Spock rolls with them.

Logic bitchez!

Fri, 07/20/2012 - 15:42 | 2637491 smiler03
smiler03's picture

No one [of importance] at the IMF will care about this resignation.

Sat, 07/21/2012 - 03:32 | 2638462 Zero Debt
Zero Debt's picture

"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.

Fri, 07/20/2012 - 15:05 | 2637293 sangell
sangell's picture

If the antics of DSK weren't convincing enough...

Fri, 07/20/2012 - 16:22 | 2637640 Nobody For President
Nobody For President's picture

God, I miss DSK.

Fri, 07/20/2012 - 15:05 | 2637294 wcvarones
wcvarones's picture

That's where Timmy "No risk of a downgrade" the Tax Cheat learned his trade.

Fri, 07/20/2012 - 15:13 | 2637346 Salt
Salt's picture

He sure didn't learn Turbo Tax.

Fri, 07/20/2012 - 15:17 | 2637373 JohnG
JohnG's picture

Someone else learned it for him.

Fri, 07/20/2012 - 15:24 | 2637404's picture

Stop it!

Fri, 07/20/2012 - 15:05 | 2637296 Let them eat iPads
Let them eat iPads's picture

Congratulations International Mother Fuckers, you've been punk'd.

Fri, 07/20/2012 - 15:05 | 2637297 Motorhead
Motorhead's picture

Hmmm, after 20 years?  To paraphrase Foghorn Leghorn, "a little slow there, eh, boy?"

Fri, 07/20/2012 - 15:39 | 2637478 Manthong
Manthong's picture

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.

Fri, 07/20/2012 - 19:28 | 2637992 MsCreant
MsCreant's picture

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.

Fri, 07/20/2012 - 15:06 | 2637302 MsCreant
MsCreant's picture

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).

Fri, 07/20/2012 - 15:09 | 2637308 LawsofPhysics
LawsofPhysics's picture

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.

Fri, 07/20/2012 - 16:04 | 2637582 gmrpeabody
gmrpeabody's picture

Maybe he belongs to the Tea Party...  ; )

Fri, 07/20/2012 - 16:51 | 2637716 LawsofPhysics
LawsofPhysics's picture

Off topic thread jacking is much more effective if you post near the top.

Sat, 07/21/2012 - 03:35 | 2638463 Zero Debt
Zero Debt's picture

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.

Fri, 07/20/2012 - 15:08 | 2637310 ebworthen
ebworthen's picture

"A handicapped Fund, subject to those proximate roots of surveillance failure, is what the Executive Board prefers."


Yes, the vampire squid prefers everyone else to be handicapped.

Fri, 07/20/2012 - 16:09 | 2637312 Village Smithy
Village Smithy's picture

Guess no one wants to have a cameo in the next Charles Ferguson documentary.

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