President Bush is expected to name Robert Zoellick to head the World Bank

[darock0116]

President Bush is expected to name Robert Zoellick (ZEL'-ik) to head the World Bank tomorrow. Zoellick is Bush's former trade chief and once served as the country's number-two diplomat. He'll succeed Paul Wolfowitz, who is stepping down after a bank panel found he broke rules by arranging a hefty compensation package for his girlfriend.

http://www.wivb.com/Global/story.asp?S=278911

[orion900]

Right on the Money, Robert Zoellick has a good history with revalue of Foreign Currency, see my thread on same subject.

Thanks for the update.


This is great news.



Orion

[Cyberkhan]

This is GREAT news. Maybe we shall see some more progress made in the areas that will benefit all most!!!

[darock0116]

Right on the Money, Robert Zoellick has a good history with revalue of Foreign Currency, see my thread on same subject.

Thanks for the update.


This is great news.



Orion

Thanks for the info orion, can you post your link here, cant find it.:D

[BILLYG]

Great post ROCK!!! Your working overtime today I see... But alas your SALARIED!!!:D Keep up the great work.. MUCH APPRECIATED!!!:happy64:

[wheelz]

President Bush is expected to name Robert Zoellick (ZEL'-ik) to head the World Bank tomorrow. Zoellick is Bush's former trade chief and once served as the country's number-two diplomat. He'll succeed Paul Wolfowitz, who is stepping down after a bank panel found he broke rules by arranging a hefty compensation package for his girlfriend.

http://www.wivb.com/Global/story.asp?S=278911

http://news.yahoo.com/s/ap/20070530/ap_on_go_pr_wh/world_bank_bush

[orion900]

Here is some Information about World Bank and why it's important for the Iraq Dinar:




White House to announce new World Bank Chief this Week.
More information from the White House on World Bank from Fox News:


WASHINGTON — The Bush administration's choice to run the World Bank (http://javascript%3cb%3e%3c/b%3E:siteSearch('World%20Bank');) could be revealed as soon as this week, the White House said Tuesday.
The United States (http://www.foxnews.com/story/0,2933,276079,00.html#) for several weeks has been scouting candidates to replace Paul Wolfowitz (http://javascript%3cb%3e%3c/b%3E:siteSearch('Paul%20Wolfowitz');), who will leave the poverty-fighting institution on June 30.
"I think we're getting pretty close," White House press secretary (http://www.foxnews.com/story/0,2933,276079,00.html#) Tony Snow told reporters. Bush is likely to announce his choice this week, Snow added.
Wolfowitz's resignation follows findings by a special bank panel that he broke bank rules when he arranged a hefty compensation package in 2005 for his girlfriend, Shaha Riza, a bank employee. The controversy prompted calls from Europeans, the bank's staff, aid groups, Democratic (http://www.foxnews.com/story/0,2933,276079,00.html#) politicians and others for Wolfowitz to step down.
Treasury Secretary Henry Paulson is leading the effort to find a replacement.
Bush's selection must be approved by the World Bank's board.
Former Deputy Secretary of State Robert Zoellick (http://javascript%3cb%3e%3c/b%3E:siteSearch('Robert%20Zoellick');), who was Bush's former trade chief, has emerged as a top candidate for the post. He is now an executive at Wall Street giant Goldman Sachs. When he was the U.S. trade representative, Zoellick, who has strong contacts around the globe, played a key role in negotiations to bring China and Taiwan into the World Trade Organization.

By tradition, the World Bank has been run by an American, while its sister agency the International Monetary Fund is headed by a European. The United States, the bank's biggest financial contributor and largest shareholder wants to keep that practice intact. However, some aid groups and other critics have called for the decades-old practice to be scrapped.




Here is more information from an older post about the World Bank and Currency trading:





New Leader at World Bank?

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This is a great story about the World Bank, and also about Currency traders, Source is from Fox News:

Now, this is what happens when markets and economic policy are relatively orderly. In a less orderly, less rule-abiding country (like most of the countries in the world), the value of money can fluctuate wildly. Central banks in these countries are much more accommodating to political interests. They often manipulate the value of local currency to suit their political or even personal interests.
The very rich in those countries aren’t particularly bothered, because they keep most of their money in dollars and gold. And sometimes they’re in on the deal. That is, they get inside information (depending on whom they know and how much they pay) about which way the currency is about to go before it goes there.
The folks who are ruined under these conditions are the poor and middle class. Their savings (if they have any) are denominated in local currency, so if that currency is devalued they are wiped out. Devaluation also increases the price individuals must pay for goods, even though salaries usually stay the same. The currency manipulation game hurts those who can least afford it.
This is the environment within which currency traders operate. Their bets on currency are made with many things in mind—the state of the local economy, trade relations, political stability, etc. But the most valuable weapon in a currency trader’s arsenal is inside information; finding out what a central bank or government is going to do with a currency before that decision is announced to the world. That’s like seeing the other poker player’s cards before you place your bet.
Where does one go for that kind of information? There are a lot of “clubs” within which powerful people met to discuss such things. Some are formal institutions, like the Council on Foreign Relations, or other such think tanks. But some meetings are far less formal, such as a luncheon at then-UN Ambassador Madeline Albright’s New York apartment, where I first met George Soros and we casually discussed Venezuela and its currency over cocktails before lunch.
Of all these meetings however, perhaps none offer a better location to get the lowdown on currencies than a place called the World Bank. A source inside the World Bank would amount to the center jewel in any currency trader’s crown.
Compared to any international commercial bank, the World Bank’s portfolio is miniscule. But there is practically no country on the planet that has not had some dealing with the World Bank. Central bank officers, those with inside information about whether and by how much a currency might be revalued, are constantly visiting with World Bank officers. And as human encounters go, there are very useful tidbits of information that pass from lips to ears during such encounters.
That’s why when the Wall Street Journal suggested that George Soros was trying to help his friend Mark Malloch Brown get on the inside track as the new head of the World Bank it seemed to make sense.
Of course, there’s no way of proving this, and Mr. Malloch Brown denied in a letter to the Journal that he is vying for the job. But if he ever did became privy to all the information that a World Bank president has at his disposal, his relationship with his close friend (he actually lives on part of Mr. Soros’ property) and business partner would undoubtedly be a subject for many more questions.
There’s no telling exactly who will replace Paul Wolfowitz as president of the World Bank. Frankly, there are more important issues at hand, like utility of the World Bank in light of a series of terrible loans adding up to billions of dollars of losses, much of which is paid for by U.S. taxpayers. The so-called scandal involving Mr. Wolfowitz—whose “crime” was that he followed the World Bank's board of executive directors’ advice about how to handle his girlfriend’s job—pales in comparison to the misallocation and mismanagement at the Bank, which Mr. Wolfowitz was trying to turn around.
Perhaps someone with Mr. Malloch Brown’s experience could indeed tackle those problems with success. But the one thing sharpened by Mr. Wolfowitz’s experience is that friends and relations of World Bank presidents are now a legitimate subject for inquiry.
Mr. Malloch Brown’s partnership with Mr. Soros would undoubtedly come under greater scrutiny were he to present himself as a candidate for the job.
E-mail your comments to observer@foxnews.com


This is great New, folks he knows about the organization and currency trading.


Hope this is useful,


Orion