World Bank President Paul Wolfowitz has suffered a new setback in his fight to keep his job. On Sunday, the World Bank’s top oversight committee endorsed a statement saying it had “grave concern” about the bank’s credibility and morale. Wolfowitz was found to have ordered a major pay increase and promotion for his longtime companion, Shaha Riza. The World Bank’s staff association has already called for Wolfowitz to step down. The oversight committee consists of dozens of world finance ministers and leaders of other international organizations. In response, Wolfowitz held a news conference Sunday and vowed to stay on.
Paul Wolfowitz: “The board is looking at it. I’m not going to pre-empt what they’re doing by getting into a discussion of it here.”