The World Bank: Rejecting “The Rule of Law”

[cobben]

"failure to adhere to the rule of law by the World Bank will bring about a world-wide currency war"


Just more run of the mill high level crony banksterism, ho hum, I was thinking, until I dug down through it to this prediction.

Still, what does she really know?



The World Bank: Rejecting “The Rule of Law”

. . .

Because of its crucial role at the heart of the world’s financial system, problems at the World Bank are going to have consequences for the world’s financial system. I know “up close and personal” because I served as Senior Counsel for the World Bank for 21 years. My qualifications included a J.D. from Yale Law School and M.Phil. in economics from the University of Amsterdam. I know the institution inside and out. And I have been blowing the whistle on improper practices at the World Bank that threaten the world’s fiscal integrity.

Reporting Corruption up the Chain of Command

I worked in the Legal Department of the World Bank from 1986-2007. But in 2007, I was fired in retaliation for reporting corruption at the Bretton Woods institutions up the chain of command at the World Bank, through the US Treasury Department, and to the US Congress. My report was quite specific, namely: that the World Bank is out of compliance with the law, because its financial statements to the holders of its $135 billion in bonds, which are denominated in 52 currencies, are not in accord with Generally Acceptable Accounting Principles and Auditing Standards.


I never imagined how intractable the corruption at the World Bank was. A reliable stakeholder analysis, based on game theory modeling, shows that failure to adhere to the rule of law by the World Bank will bring about a world-wide currency war that will make what we lived through in 2008 pale by comparison. The stakeholder analysis began predicting success in bringing the World Bank into compliance after the European Parliament invited me to testify on May 25, 2011. My testimony included a chronology of the cover-up. President Kim has already prompted Germany to repatriate the equivalent of $36 billion in gold. As I told Sen. Harry Reid in 2008, “the greatest security risk to the US is in alienating its partners by acting as a hegemon”.

. . .



Karen Hudes

[sadsack]

Re: The World Bank: Rejecting “The Rule of Law”

I read through the article. The JFK stuff was a little , but when I got to this part I had to stop and put on my tinfoil hat:

My case in the Court of Appeals was assigned to the same panel that refused rights under the Constitution to prisoners in Guantanamo Bay. My computer was hacked to destroy my brief at midnight the day before a filing deadline in the Court of Appeals. I retrieved an earlier draft from the clouds and stayed up all night to file on time. On the way to the court I was disoriented by directed energy weaponry.

Saddening

[LazyBoy]

Re: The World Bank: Rejecting “The Rule of Law”

I hate it when they do that.

[cobben]

Re: The World Bank: Rejecting “The Rule of Law”


CA Fitts déjà vu, but Hudes thinks she is going to win.



Former senior legal counsel at the World Bank turned whistleblower Karen Hudes talks about the corruption inside the World Bank and her personal saga to find out about it. She says a worldwide currency war is certain and NATO in jeopardy, if the wrongdoing isn’t finally addressed.

World Bank a security risk to the world order?

By Lars Schall (LS) Karen Hudes studied law at Yale Law School (J.D.) and economics at the University of Amsterdam (M.Phil). She worked as a corporate and securities lawyer at a major New York law firm and for several years at the Export Import Bank of the US, before she became a senior counsel in the legal department of the World Bank (1986 – 2007). Her personal web site can be found here: http://www.kahudes.net.


. . .

K.H.: It’s a magnificent place that has been hijacked by that group, so you really can’t blame it for some of the terrible things that have happened. But some of the most talented people in the world end up there. In particular, the group of World Bank whistleblowers that I have been working with is a dream team. They are fabulous, and by working together we have succeeded in exposing what the “super-entity” of financial institutions was trying to take away from the people around the world behind their backs. I wouldn’t call it a “Coup d’État” because we have simply taken back what was rightfully ours.
So, the World Bank is a mixture which includes that group of whistleblowers. Their lives have been really, really severely damaged by the power of that group that was trying to prevent them from doing their jobs. When the World Bank renovated its headquarters in 1997, an architect/construction engineer tried to prevent a 70% cost overrun caused by mismanagement. Can you imagine, an organization that’s teaching everybody how to run projects has a cost-overrun of $220 million dollars over the estimates? Anyway, he warned that this project was going to have the overruns, and he was fired in gratitude. Where is this man now? He’s managing projects for China. Anyway, when we were mentioning him as a whistleblower, he said: “I don’t want this publicity; I’m not a whistleblower. I was simply doing my job as a professional project manager and architect.” But some people, their lives were just completely wrecked.
So that’s what the World Bank is: you’ve got 5 percent who are fighting for justice, you’ve got human resources secretly managed by the “super-entity” of financial institutions, and you’ve got everybody else in the middle taking cover where they can.
L.S.: Why should anybody care about the World Bank and its actions?
K.H.: It’s an institution at the very center of the world financial system owned by 188 countries. This institution can prevent a currency war and can also serve as a bridge when there is consensus about how to amend the functioning of the world financial system. It takes 50 years for an international institution to function. There is a simple convention that the Board of the World Bank will only vote up or down what is proposed by the President of the World Bank. When the Board tried to end that convention in 2009, the following day I was locked out of the World Bank’s headquarters.
In 1944 there were 44 countries at the Bretton Woods Conference; one of the Dutch delegates was a young lawyer named Aaron Broches, who later became the longest-serving general counsel of the World Bank. I wasn’t at the World Bank when Broches was general counsel, but I got to know him because I was interested in finding out about the history of the World Bank. Broches gave me the operation manual. He was there when Robert McNamara came to the World Bank as the president in 1968. Broches told me that’s when the World Bank really started to deteriorate. McNamara made the place much more corrupt than it had been before that. The World Bank was established by treaty that was negotiated by the 44 countries which came to the Bretton Woods conference. By now, the Bretton Woods treaties have been signed on to by 144 additional countries.
So, the reason people need to care about the World Bank is it is a fabulous tool. We couldn’t create it today; but we’ve inherited it, we’re standing on the shoulders of our predecessors, and it is the tool by which we are taking back the rule of law, and we’re proceeding actually further than it’s ever gone. People complain about international law, they say it’s not enforceable, it’s just wishful thinking; no. International law exists, and it goes from the very bottom of the system way up to the top. Because the groups that want to be free to dominate the place and not be subject to law, their game is over, finished. This is a sea-change.

. . .