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The World Bank has been created for lending to developing markets and prides itself on its values and anti-corruption policies. Karen Hudes, former Chief Counsel for the World Bank for 12 years turned whistleblower, claims the organization is filled with corruption and fraud.
Why are her eyebrows in different locations?
The biggest incident revealed by the World Bank whistleblower is linked to the 900 million dollar credit that was supposed to help the poor in the Philippines, but instead was diverted to unknown entities. The money disappeared and The Philippine National Bank, which never received the money, eventually went bankrupt and had to be bailed out by the World Bank. Karen Hudes claims that the institution is corrupt from top to bottom.
In 1999 Karen reported the corrupt take-over of the second largest bank in the Philippines. Lucio Tan, a crony of Joseph Estrada, then President of the Philippines, acquired stock owned by government employees in Philippines National Bank (“PNB”) valued more than 10% of PNB’s outstanding capital without disclosure, as required by Philippines securities laws. Tan owned Philippines Airlines, in default on its loans from PNB. The government of the Philippines loaned $493 million to PNB after PNB’s depositors made heavy withdrawals. $200 million of a loan from the World Bank and a $200 million loan from Japan were cancelled. Estrada was ultimately impeached, and in 2007 an anti-corruption court in the Philippines required Estrada to refund graft he had plundered. The Bank’s Country Director in the Philippines reassigned Karen when she asked him to sign a letter warning the Philippines’ government that the Bank could not disburse its loan without a waiver from the Board of Executive Directors since the loan conditionality was not met. The World Bank’s Internal Audit Department refused to correct the satisfactory evaluation of the Bank’s supervision performance or the flawed report of the Institutional Integrity Department to the Audit Committee of the Board of Executive Directors. When the Audit Committee requested an audit of internal controls over financial reporting, KPMG, the external auditors, circumscribed the scope of their audit in violation of Generally Accepted Accounting Principles and Generally Accepted Auditing Standards.
Bedlam
Yeaaaahh, you get to address the Congress on internal security matters as a bank lawyer, because you know a lot of people who work for Governments. Her statement only convinces me more that she has a screw loose.
Skunk Baxter addresses the Joint Chiefs, but I haven't heard of him getting to tell Congress not to "go on a mass fly to a funeral".
She has all the believability of, say, Project Camelot.
Pinkorchid
reply to post by Aazadan
Here is a little more money that has gone missing , do you not think they are capable of this sort of thing?
The biggest incident revealed by the World Bank whistleblower is linked to the 900 million dollar credit that was supposed to help the poor in the Philippines, but instead was diverted to unknown entities. The money disappeared and The Philippine National Bank, which never received the money, eventually went bankrupt and had to be bailed out by the World Bank. Karen Hudes claims that the institution is corrupt from top to bottom.
voiceofrussia.com...
smurfy
It basically means you own nothing, you are merely a keeper at the discretion of the corporation.
Mr. Pieter Stek, then Executive Director for the Netherlands, and Chair of the Board Committee on Development Effectiveness, said:
“In a multilateral institution which should be governed by the rule of law and high standards of probity the charge of concealment from the Board of Executive Directors of information relevant to the exercise of its duty of supervising management and the persecution of the person who brings this to light is extremely serious. If correct, which I believe, this poisonous cocktail undermines good governance and ultimately the effectiveness of the Bank in fulfilling its mandate. I shall continue to assist Ms. Hudes in her efforts to have due process brought to bear, preferably by the Bank itself, on these issues of governance.”
PIETER STEK
Advisory Council Member
Pieter Stek has held the position of Executive Director at The World Bank since 1996. His oversight responsibilities include the countries of Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Macedonia, Moldova, The Netherlands, Romania, and Ukraine. From 1978-1996, Mr. Stek held positions in the Ministry of Finance of The Netherlands, first as Director of Domestic Monetary Affairs and then as Director of Foreign Financial Relations. Before joining the ministry, Mr. Stek held various positions at De Nederlandsche Bank, mainly in International Affairs and in research.
A shocking new Main Intelligence Directorate (GRU) report circulating in the Kremlin today states that President Barack Obama, while in a rage, ousted four of the United States top ranking military officers after they refused to detonate a nuclear device “in/near” Charleston, South Carolina this past week and, instead, exploded it off the Atlantic Coast.
According to this report, Strategic Missile Forces Command (SMF) notified both President Putin and the General Staff this past Tuesday (8 October) that at 01:58:11 GMT/UTC an atomic device was exploded in the seabed off the US Atlantic Ocean, barely 1,000 km (620 miles) from Charleston, causing a 4.5 magnitude earthquake measurement that SMF experts equate to being a 1-kiloton yield, which is equal to the power of 1,000 tons of TNT.
This report notes that SMF experts are able in differentiate an earthquake from an atomic blast in that in the former the ground starts shaking slowly as plates slide against each other, and then the seismic activity slow picks up as the ground really starts to move. In an atomic explosion scenario, however, the initial blast is extremely powerful, and the subsequent shaking of the ground grows progressively less severe as was the case with the 8 October blast.
The particular atomic device used, this report continues, was a B61-11 Nuclear Bomb Low-Yield Earth-Penetrating Nuclear Weapon, otherwise known as a “mini nuke” which was deployed by the Clinton administration in the post-Cold-War era, but had been rejected for deployment by Presidents Carter, Reagan, and Bush.
Report site violation
M4.4 - Off the east coast of the United States (BETA) 2013-10-08 01:58:09 UTC
A shocking new Main Intelligence Directorate (GRU) report circulating in the Kremlin today states that President Barack Obama, while in a rage, ousted four of the United States top ranking military officers after they refused to detonate a nuclear device “in/near” Charleston, South Carolina this past week and, instead, exploded it off the Atlantic Coast.