Graft probe puts World Bank in hot water

An official inquiry has found that the World Bank has been dismissive of the corruption allegations raised against it and has resisted the efforts of anti-graft investigators. According to former U.S. Federal Reserve Bank head Paul Volcker, his investigation into corruption in the bank had unveiled a “siege mentality” within the organization, and that the bank viewed corruption in an ambivalent manner. He later added that the bank needed to discern “whether they really want an effective anti-corruption program or not.” Volcker’s evaluation of the World Bank commenced following the forced resignation of its former president Paul Wolfowitz, who came under fire for his alleged role in securing a pay and promotion package for his girlfriend. (Source: Graft inquiry condemns World Bank/BBC)

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