Much of the worlds suffering, wars and misery can be traced to three women…
- Vitoria Nuland
- Hillary Clinton
- Christine Lagarde
Yesterday some great news came through the wires. One of the evil ladies of power has been charged with “negligence” over a multi-million-euro graft case relating to her time as French finance minister.
Now we know that no amount of jail time can make up for the hundreds of thousands of deaths the IMF has overseen during her tenure, or the economic destruction of entire nations that Lagarde engineered in order to make her clique of politicians and bankers wealthy beyond imagination, but some payback is better than nothing.
The shock announcement came a day after she was grilled for more than 15 hours by a special court in Paris that probes ministerial misconduct, the fourth time she has been questioned in a case that has long weighed upon her position as managing director of the International Monetary Fund.
“The investigating commission of the court of justice of the French Republic has decided to place me under formal investigation,” she said in exclusive comments to AFP.
In France, being placed under formal investigation is the nearest equivalent to being charged, and happens when an examining magistrate has decided there is a case to be answered.
It does not, however, always lead to a trial.
Well let’s all hope in her case it not only goes to trial, but she is found guilty for the theft and graft we are now all aware of takes place at the highest levels of EU governance.
A day after France revealed its new government, the person who so eagerly stepped in after DSK’s infamous and choreographed fall from grace and the IMF presidency (not to mention his derailed French presidential ambitions, greenlighting Hollande as what would become the worst French president ever), Christine Lagarde is about to be DSKed herself after “someone” clearly has set their sights on the former French finance minister.
Several hours ago the news hit that a French court has put Christine Lagarde, head of the International Monetary Fund, under a formal probe for negligence in a corruption investigation dating back to her days as finance minister. To be sure, this development is hardly a shock: recall that it was over a year ago when “IMF’s Lagarde Flat Raided Over French ‘Payout’ Probe” with her ascent to the head of the IMF also riddled with numerous allegations of impropriety involving the Tapie matter. However, until now, such outside interventions were below the radar, and certainly never escalated to anything formal or official. Alas, it now appears that Madame’s time has come, even if Lagarde hasn’t grasped it just yet.
Asked whether she intended to resign from the IMF, Lagarde responded with a firm “No.”
Her fate now hangs with the IMF’s board of directors.
“I have instructed my lawyer to appeal this decision, which I consider totally without merit,” said Lagarde, who replaced Dominique Strauss-Kahn as IMF chief in 2011 after he became embroiled in a New York sex scandal involving a hotel maid.
“I return back to Washington where I will indeed brief my board,” she added.
IMF spokesman Gerry Rice said the board would meet Lagarde “as soon as possible”.
“Until then, we have no further comment,” added Rice.
This entire case relates to Lagarde’s handling of a 400-million-euro ($528-million) state payout to French tycoon Bernard Tapie in 2008, which investigating judges suspect may have been given in return for his support of ex-president Nicolas Sarkozy in the 2007 election.
The payout to Tapie was connected to a dispute between the businessman and partly state-owned bank Credit Lyonnais over his 1993 sale of sportswear group Adidas.
Tapie claimed Credit Lyonnais had defrauded him by intentionally undervaluing Adidas at the time of the sale and that the state, as the bank’s principal shareholder, should compensate him.
Lagarde referred the dispute to a three-member arbitration panel that ruled in favour of Tapie and ordered the payout, which included 45 million euros in moral damages.
Investigating judges are seeking to determine whether the arbitration was a “sham” organised to reward Tapie for his support of Sarkozy.
The IMF chief has consistently denied having acted on the former president’s orders. After a third grilling in March, she said she “always acted in the interest of the country and in accordance with the law”.
Zerohedge thinks Lagarde’s future is sealed…let’s hope Zerohedge is correct.
Regardless of the spin, at this point it’s all over for the first female president of the IMF, whose departure has come with the same facility as her ascent.
The only question is who and why was angered by her policies over the past three years, and who will be her replacement. And most importantly, is the imminent shift at the top of the IMF indicative of what the CFR pitched yesterday when it proposed that the time has come for Bernanke’s money paradrop. After all, one would need an even more obedient puppet at the head of the monetary fund if such an idiotic plan is to even be able to take off the ground, so to speak.
As for Lagarde, we are confident she and Angelo Mozillo will have enough fake tanning tips to exchange during their long and worry-free retirement.
And with that, Bill was finally Killed.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.