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$7 Billion + 1,396 Employees = What?

There has been so much news coverage of the scandal involving Paul Wolfowitz, president of the World Bank that I do not need to include no links to it. And now that he’s announced his resignation, news coverage will soon fade away.

The coverage has raised some important questions about the World Bank, however. Power Line has a post today that raises the question of just how employee salaries are set. The question has to be asked because 1,396 bank employees have salaries higher than Secretary of State Condoleeza Rice; which is about 14% of all Bank employees.

Power Line also provides evidence that although Bank employees are generally “well-meaning, sophisticated people,” and although the mission to alleviate poverty in many third-world counties is great, the “cushy” jobs they hold don’t translate into very much good getting accomplished.

A column in the Wall Street Journal’s OpinionJournal.com earlier this month notes that “American taxpayers supply some 17% of the bank’s capital” with Congress expected to provide about $7 billion soon, Power Line questions just how relevant the World Bank really is. And what kind of oversight is the Congress providing? Not much, it seems.

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