World Bank board negotiating Wolfowitz exit
WASHINGTON (Reuters) - The World Bank's board is negotiating details of Paul Wolfowitz's exit as bank president, board sources said on Wednesday following pressure by European countries over his handling of a promotion for his companion.
"They have resumed the meeting and are finalizing a deal," one of the board sources told Reuters after an adjournment of a board meeting earlier at the request of the United States.
The board sources from developed and developing countries said details of a package, including financial compensation, were being discussed with Wolfowitz's lawyer.
Under a contract he signed in 2005 when became World Bank president, Wolfowitz would receive a year's salary, which would be around $375,000, if his service was terminated by the board or if he resigned.
Wolfowitz's resignation would end a tumultuous two years at the poverty-fighting institution where he was dogged by a legacy as an architect of the Iraq war, despite focusing attention on Africa's needs and launching a controversial campaign against corruption.
© Thomson Reuters 2009 All rights reserved
Taliban may wait out Washington's "endgame"
Washington's hint of an Afghanistan endgame in saying U.S. troops won't still be there in 2017 might help win over a war-weary public, but there is no guarantee a notoriously patient Taliban won't just wait the Americans out. Full Article | Full Coverage
Woods home after car crash
