welcome to worldpeak: Money & Finance

AOL's Portfolio feature requires you to Sign-in with a Screen Name. With AOL Portfolios, you can:- Monitor your real investments- Set up watch lists just for fun- Get the latest news- Set up alerts- Create charts and more!You should also read the AOL Network's Terms of Service, which explain your rights and responsibilities as a registered user of the Network, and its Privacy Policy, which explains how we collect and use information and the choices you have.Not an AOL Member Yet? Click here to sign up now!

Please Choose a Category:
Asset Allocation Auto Financing Auto Insurance Auto Purchase Banking Benefits Budgeting College Financing College Saving Credit Cards Credit Reports Estate Planning Home Buying Home Insurance Home Taxes Investing Basics Investing & Taxes Mutual Funds Refinancing Retirement Planning Social Security Taxes

Bush Taps Zoellick for World Bank's Top Job

News:

WASHINGTON (May 30) - President Bush on Wednesday tapped his former trade chief and No. 2 diplomat, Robert Zoellick , to run the World Bank, embarking on a healing process to mend wounds inflicted by outgoing president Paul Wolfowitz.

Zoellick , 53, would succeed Wolfowitz, who is stepping down June 30 after 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. Bush's selection of Zoellick must be approved by the World Bank's 24-member board. The controversy over Wolfowitz caused a staff revolt and strained U.S. relations with Europeans and other countries and led calls for him to resign from the poverty-fighting institution. The president said Zoellick has a long career in diplomacy that has prepared him well for the job. "Bob Zoellick is deeply committed to this cause," the president said. A seasoned veteran of politics both inside the Beltway and on the international stage, Zoellick is known for pulling facts and figures off the top of his head. He also has a reputation for being a demanding boss. Internationally, the reaction to Bush's choice was generally positive, although some health groups and others expressed concern about his ability to carry out the institution's mission. " Zoellick announced last June that he was leaving his post as deputy secretary of state to join the Wall Street firm of Goldman Sachs and to work to develop investment markets around the world. If ultimately approved as World Bank chief, Zoellick will need to regain trust, rebuild credibility and mend frayed relations inside the institution as well as with its member countries around the world. The bank's new leader will try to persuade countries to contribute nearly $30 billion over the next few years to fund a centerpiece bank program that provides interest-free loans to the world's poorest countries. Zoellick could build upon strong relations he has developed worldwide as deputy secretary and U.S. Trade Representative. He was involved in peace talks in Sudan and as USTR he played a key role in negotiations to bring China into the World Trade Organization. He forged free trade deals between the United States and other countries, including Singapore, Chile, Australia and Morocco. Before taking the helm in 2005, Wolfowitz was the No. 2 official at the Pentagon and played a key role in mapping out the war in Iraq. From the beginning, Europeans and others were upset that Bush would pick someone to run the bank who was so closely associated with the war.
Copyright 2007 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.