May 18, 2007

Possible replacement for Wolfowitz

The White House said Friday it will move quickly to find a successor for departing World Bank President Paul Wolfowitz as the administration sought to rebuild relationships strained by the controversy.
Wolfowitz a day earlier announced that he would step down at the end of June, his leadership undermined by a furor over compensation he arranged in 2005 for Shaha Riza, a bank employee and girlfriend.
Wolfowitz's departure ends a two-year run at the development bank that was marked by controversy from the start, given his previous role as a major architect of the Iraq war when he served as the No. 2 official at the Pentagon.
It also ends a potential political headache for President Bush, who had named Wolfowitz to the post.
The Wolfowitz flap had been seen as a growing liability that threatened to tarnish the poverty-fighting institution's reputation and hobble its ability to persuade countries around the world to contribute billions of dollars to provide financial assistance to poor nations.

Among those mentioned as a possible replacement for Wolfowitz were former Deputy Secretary of State Robert Zoellick, who was Bush's former trade chief; Robert Kimmitt, the No. 2 at the Treasury Department; Treasury Secretary Henry Paulson; former Rep. Jim Leach, R-Iowa; Sen. Richard Lugar (news, bio, voting record), R-Ind.,; Stanley Fischer, who once worked at the International Monetary Fund and is now with the Bank of Israel; and former U.S. Federal Reserve chairman Paul Volcker.

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