Occupy Wall Street : a Global Perspective

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Occupy Wall Street : a Global Perspective

Ex-IMF Head Dominique Strauss-Kahn freed without bail

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Former IMF chief Dominique Strauss-Kahn has been released from house arrest and had his $6m (£3.7m) cash bail and bond returned amid doubts over the credibility of his accuser.

Prosecutors have agreed that Mr Strauss-Kahn should be freed “on his own recognisance”, meaning he must simply promise to appear in court.

He is accused of sexually assaulting a maid in a New York hotel on 14 May.

The case is now close to collapse, US media reports say.

The 62-year-old French politician – who had been seen as a leading candidate for the French presidency – appeared in court in New York on Friday over the sexual assault case.

‘Substantial change’

After assessing disclosures by prosecutors from the office of the Manhattan district attorney, a judge rescinded the strict bail terms imposed on Mr Strauss-Kahn, but did order that his passport be retained so he could not travel outside the US.

In a letter submitted to the court prosecutors said that the maid gave false testimony to a grand jury, omitting the fact that she cleaned another room before alerting a supervisor to her claims of sexual assault.

“I understand that the circumstances of this case have changed substantially, and I agree the risk that he would not be here has receded quite a bit. I release Mr Strauss-Kahn at his own recognisance,” Justice Michael Obus told the court on Friday.

“In the meantime there will be no rush to judgment on this case,” Mr Obus said.

On the court steps, opposing lawyers each maintained their case.

“I want to remind all of you that at each appearance in the last six weeks, we asked you and asked the world not to rush to judgement – now I think you can understand why,” said Mr Strauss-Kahn’s lawyer, William Taylor.

“We believe the next step will lead to the complete dismissal of the charges,” he added.

After Friday’s hearing, Mr Strauss-Kahn strode out of court smiling, with his wife on his arm.

In earlier court hearings, prosecutors had spoken of the strength of their case. One attorney said the proof against him was “substantial”.

Now prosecutors believe she may have lied under questioning and could have links to drug dealers and money-laundering.

But the alleged victim’s lawyer, Kenneth P Thompson, maintained on Friday that his client’s story was genuine and that Mr Strauss-Kahn was guilty of sexual assault charges.

“The only defence Dominique Strauss-Kahn has is that this sexual encounter was consensual. That is a lie,” he said.

He continued at length, giving a detailed and graphic account of the maid’s alleged encounter with Mr Strauss-Kahn and criticising District Attorney Cyrus Vance Jr.

Mr Vance said the case would continue to be investigated, including concerns that had been raised about the credibility of Mr Strauss-Kahn’s accuser.

“Our prosecutors from the Manhattan DA’s office will continue their investigation into these alleged crimes and will do so until we have uncovered all relevant facts,” he said.

Mr Strauss-Kahn is to appear back in court on 18 July.

Credibility doubts

The maid claims that Mr Strauss-Kahn chased her down a hallway in his expensive hotel suite in the Sofitel hotel before sexually assaulting her.

However, unnamed law enforcement officials have now told US media the accuser has repeatedly lied since the alleged attack on 14 May.

The officials believe the woman also lied on her application for asylum in the US, particularly over an allegation that she had been raped while at home in Guinea, in West Africa.

“She actually recounted the entire story to prosecutors and later said it was false,” one law enforcement official told the Associated Press news agency.

But Mr Thompson defended his client’s story on Friday, offering up graphic details of the alleged encounter between Mr Strauss-Kahn and the maid.

“From day one she has described a violent sexual assault that Dominique Strauss-Kahn committed against her,” Mr Thompson said, adding that Mr Strauss-Kahn bruised the maid’s body and threw her to the floor.

“She has never once changed a single thing about that account. The district attorney knows that,” he added.

Mr Thompson said that though the maid “may have made some mistakes”, that does not mean the assault never occurred.

Following the twists to the sexual assault case on Friday, hopes among some have been raised about the possibility Mr Strauss-Kahn may once again be able to compete with Nicolas Sarkozy for the French presidency in 2012.

The Socialist former Prime Minister, Lionel Jospin, said: “It’s a thunderbolt – but in the opposite direction this time.”

But it was too soon to say whether Mr Strauss-Kahn might stand, he added.

“If we hypothesise that Dominique is cleared of all suspicion and all charges, which I obviously hope will happen, then it will be first down to him to decide… and then it will be down to the Socialists to decide.”

“It’s too early to transform into politics what is so far a human drama which is developing before our eyes.”

Mr Strauss-Kahn had been under house arrest in a New York apartment since posting a $6m (£3.7m) cash bail and bond in May.

He is charged with seven counts including four more serious felony charges – two of criminal sexual acts, one of attempted rape and one of sexual abuse – plus three misdemeanour offences, including unlawful imprisonment.

Mr Strauss-Kahn, who resigned as head of the International Monetary Fund to defend himself, vigorously denies the charges.

Libya: Nato ‘must widen’ targets, says UK military head

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Libya: Nato ‘must widen’ targets, says UK military head

15 May 2011


The head of the British armed forces has said Nato must intensify its military campaign in Libya by easing the restrictions on bombing targets.

General Sir David Richards told the Sunday Telegraph direct attacks should be launched against the infrastructure propping up Colonel Gaddafi’s regime.

He said it was necessary to prevent the Libyan dictator remaining in power.

The UK and other countries have been bombing Libya under a UN resolution authorising force to protect civilians.

The Security Council resolution authorises “all necessary measures” to protect civilians under threat of attack – short of an occupying force.

The views of Gen Richards, Chief of the Defence Staff, are said to be supported by other senior Nato officers.

They argue increasing the range of targets from direct threats such as tanks and command sites would be legitimate, but would require the backing of member states.

‘Within rules’

Col Gaddafi’s removal is not a specified military objective of the action.

But in the interview with the Telegraph, Gen Richards said it would be “within the rules” should he be killed in a strike on a command and control centre.

He said the “vice is closing on Gaddafi but we need to increase the pressure further through more intense military action”.

He said: “The military campaign to date has been a significant success for Nato and our Arab allies. But we need to do more.

“If we do not up the ante now there is a risk that the conflict could result in Gaddafi clinging to power.

“At present, Nato is not attacking infrastructure targets in Libya. But if we want to increase the pressure on Gaddafi’s regime then we need to give serious consideration to increasing the range of targets we can hit.”

Gen Richards added there had been “hardly any civilian casualties as a result of the extreme care Nato has taken in the selection of bombing targets”.

His comments come as a Nato official said it was aware of Libyan state media reports that as many as 11 clerics were killed in its strike on the town of Brega but insisted that a “clearly identified” military command and control site had been targeted.

Meanwhile, Col Gaddafi has taunted Nato troops in an audio message on state TV, saying he was in a place where they “cannot reach” him.

IMF chief Strauss-Kahn questioned over ‘sex attack’

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IMF chief Strauss-Kahn questioned over ‘sex attack’

15 May 11 04:05



The head of the IMF, Dominique Strass-Kahn, is being questioned by New York police over an alleged sex attack on a hotel maid, say reports.

Mr Strauss-Kahn, 62, was taken off an Air France plane at John F Kennedy airport minutes before it left for Paris.

Police said he had not been charged.

The married former French finance minister is also a leading Socialist Party politician and is considered a possible candidate for the presidency.

He is due to attend a meeting of European Union finance ministers in Brussels on Monday to discuss the bailouts of Portugal and Greece.

A spokesman for New York’s Port Authority said they detained Mr Strauss-Kahn at the request of the New York Police Department (NYPD).

He is now being questioned by the NYPD, who said he was co-operating fully with their enquiries.

According to US media reports, the Frenchman was accused of a sexual attack on a maid at a Manhattan hotel.

Spokesman Paul J Browne said the allegations had been made by a 32-year-old woman who worked at the hotel, which has been identified as the Sofitel near Times Square.

The IMF had no immediate comment on the incident.

‘Error of judgement’

Mr Strauss-Kahn ran for leadership of the French Socialist Party in 2007 but eventually came second to Segolene Royale.

Later that year, he was appointed managing director of the International Monetary Fund.

Mr Strauss-Kahn has won praise for his stewardship of the IMF, which he has guided through difficult times including the recent world financial crisis.

But in 2008 he was investigated by the IMF board over his relationship with a female member of his staff.

The board ruled his actions “reflected a serious error of judgment” but that the relationship had been consensual. He apologised to IMF staff and his wife, French TV personality Anne Sinclair.

Mr Strauss-Kahn has not yet announced whether he intends to run in the 2012 French presidential elections but is widely expected to do so.

IMF and World Bank

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IMF and World Bank

The IMF aims to preserve economic stability and to tackle – or ideally prevent – financial crises. Over time, its focus has switched to the developing world.

The World Bank’s predecessor – the International Bank for Reconstruction and Development – was set up to drive post-war recovery. Now, it is the world’s leading development organisation, working for growth and poverty reduction.

Owned by the governments of its 185 member states, the Bank channels loans and grants and advises low and middle-income countries.

The IMF is funded by a charge – known as a “quota” – paid by member nations. The quota is based on a country’s wealth and it determines voting power within the organisation; those making higher contributions have greater voting rights.

The Fund acts as a lender of last resort, disbursing its foreign exchange reserves for short periods to any member in difficulties.

Crisis response

The IMF and World Bank attempt to help countries or regions in economic turmoil.

In October 2008 the IMF activated an emergency funding scheme for countries facing economic distress resulting from the global financial crisis. As of August 2010, it had committed around $200 billion in lending to a number of economies affected by the crisis. The biggest borrowers were Hungary, Romania and Ukraine.

The eurozone crisis of 2010 also triggered extensive IMF intervention, including hefty bail-outs for countries such as Greece and Ireland.

Past interventions by the IMF have included providing funds for countries caught up in the 1997 Asian financial crisis, and loans to help South American countries such as Argentina and Brazil stave off debt default crises.

The IMF can also grant emergency loans following natural disasters; these have included the 2004 Asian tsunami.

Developing countries

The IMF and World Bank set up the Poverty Reduction and Growth Facility in 1999. The scheme grants loans with conditions attached.

A strategy paper – called a Letter of Intent – specifies the elements of a country’s recovery plan. In return, loans are agreed as and when the targets laid down in the letter are met.

The IMF may demand reforms to promote good governance and to tackle corruption. The Fund maintains that a good climate for business is essential for growth and poverty reduction.

The World Bank funds specific infrastructure projects. One of its agencies, the International Development Association, focuses on the world’s poorest nations. The Bank has pledged its support for UN-backed Millenium Development Goals to reduce key indicators of poverty by 2015.

Debt relief

The Highly Indebted Poor Countries Initiative (HIPC), launched by the IMF and the World Bank in 1996, aims to reduce the debt owed by the world’s poorest countries in return for economic reform.

States are eligible if their debt is unsustainable and cannot be tackled by traditional methods. The reforms they have to undertake often include privatisations.

By 2005 nearly 40 countries had started programmes under the HIPC. Debt relief kicks in when a country meets what is called the “decision point”. The end of the process is known as the “completion point”.

By the end of 2010, 32 countries had reached their completion points and were receiving full debt relief from the IMF and other creditors under proposals drawn up in 2005 by the finance ministers of the G8 group.

IMF managing director: Dominique Strauss-Kahn

Dominique Strauss-Kahn became head of the Fund in November 2007, taking over from Spain’s Rodrigo Rato.

Under an unwritten convention, the European Union nominates the head of the IMF, while the US appoints the World Bank head.

Mr Strauss-Kahn served as France’s finance and economy minister between 1997-1999. He is also a former professor of economics at the prestigious Institut d’Etudes Politiques de Paris.

During his time in government, Mr Strauss-Kahn cut the public deficit to qualify France for the euro and took steps that paved the way for the privatisation of a number of state-owned firms. In 2006, he sought the Socialist Party’s nomination for the French presidential election, but was not successful.

He has pledged to pursue reforms to make the IMF more relevant to developing countries.

Day-to-day, the IMF is overseen by a board of 24 executive directors. These are appointed or elected by member governments, or groups of member governments.

The board is headed by the managing director, assisted by three deputies.

World Bank president: Robert Zoellick

The US nominated Robert Zoellick to replace former US deputy defence secretary Paul Wolfowitz, who stepped down in June 2007 after becoming embroiled in a scandal over alleged favouritism.

Mr Zoellick’s previous experience of international finance included a spell as a senior executive at the Wall Street investment bank Goldman Sachs.

He also served as US Trade Representative from 2001 to 2005, in which capacity he completed negotiations to bring China and Taiwan into the World Trade Organisation and also pushed for a Central American Free Trade Agreement.

As Deputy Secretary of State under George W. Bush (2005-6), he was seen as a major architect of the US administration’s policies regarding China.

He also took a strong interest in the conflict in Sudan’s Darfur region, and was involved in negotiating the May 2006 peace accord between the government of Sudan and the Sudan Liberation Movement.

The Fund and the Bank serve as a rallying point for disparate causes – from environmentalists to anarchists – and meetings have occasionally been accompanied by violent street protests.

Protesters and critics are largely united in their distaste for globalisation: broadly speaking, the integration of world economies. They cite the exploitation of the poor and the environment and argue that freer trade threatens the livelihoods of millions of people.

The IMF has admitted that forcing developing countries to open their markets to foreign investors can increase the risk of financial crises.

Its former managing director Horst Koehler said in 2002 that the benefits of globalisation had not been equally shared. But he added that “the objective should not be less globalisation but more and better globalisation.”

Campaigners also argue that loans and long-term agreements can lock countries into aid dependency.

Representation

Developing countries – as well as some of Asia’s rapidly-growing economies – have voiced dissatisfaction with what they say is their lack of influence in the IMF and World Bank.

They have called for changes to the quota system in which votes in the IMF are weighted in line with member nations’ financial contributions.

Under this system, the US has 17% of the vote in the Fund, whereas India, with more than three times the population of the US, has less than one third. And because constitutional changes in the IMF require 85% of the vote, the US has a veto.