A world in economic crisis

One reason why Christine Lagarde might not get the IMF post

Posted in Uncategorized by Aussie on June 9, 2011

It is not because she is a woman that could see Christine Lagarde not end up as the chief of the IMF. It is also not because she is an economics lightweight that could see her quest go nowhere. Lagarde has the backing of a lot of nations, despite the fact that she does not have economics credentials.

The one thing that could upset her quest is a compensation payout to a friend of Nicolas Sarkozy. The issue is being raised with the French judges who have yet to make a decision based upon complaints received from her Socialist rivals.

Bernard Tapie’s case was legitimate, and it was going through the courts. Lagarde chose to send the case through arbitration, and Tapie received a payout over the sale of shares in Adidas. However, the question is whether or not Lagarde was being ethical when she took the case out of the courts and send it to arbitration where Tapie received his compensation.

This case could sink Lagarde as she attempts to take the role of chief of the IMF.

So far the other main contender for the post is Augstin Carstens of Brazil. The role has never been held by anyone outside of Europe. You can forget about any Australian contenders because the names proposed are just so ridiculous that it is enough to have to wipe the monitor clean after sputtering about the place after the sheer mention of those names – Paul Keating and Peter Costello – neither of whom have the economic credentials to hold such a position.

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