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Thursday, August 4, 2011

French court orders probe of IMF chief Lagarde!

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By CECILE BRISSON, Associated Press / Aug 4, 8:33 AM EDT.

PARIS (AP) -- A French court on Thursday ordered an investigation into new IMF chief Christine Lagarde's role in a much-criticized $400 million arbitration deal in favor of a controversial tycoon.

Lagarde was France's finance minister when magnate Bernard Tapie won a settlement in 2008 with a French state-owned bank over the mishandled sale of sportswear maker Adidas in the 1990s.

Lagarde took over as managing director of the International Monetary Fund last month after her predecessor, Dominique Strauss-Kahn, quit to face charges he tried to rape a New York hotel maid.

A commission at France's Court of Justice of the Republic decided Thursday that an investigation should be launched into Lagarde's role in the arbitration deal. It is a special court that convenes rarely and only to handle cases involving government ministers.

A senior prosecutor had requested an investigation in May, saying he suspected Lagarde overstepped her authority in allowing the arbitration to go forward.

It doesn't appear that this IMF post is not luck for French Politicians or is it that only corrupt politicians are coming for this post?

Full Story at,

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