The Village Times

 

 

 

 

Larry Summers

 

THE WORLD BANK

 

A prestigious perch for former U.S. Treasury Department officials and Wall Street executives, the World Bank helps bring First World exploitation—er, make that “largesse”—to developing countries. Like the Village, the World Bank is an influential body devoted to promoting capitalism around the globe. The bank helps serve corporations by backing trade agreements, bank bailouts and austerity measures. It is a place that embraces second chances—consider that one of its recent presidents was Iraq War architect Paul Wolfowitz, a.k.a., “Wolfie.”

Founded: 1944

Key Figures: Paul Wolfowitz, president, 2005-2007; Larry Summers (left), chief economist, 1991-1993; Robert Zoellick, president, 2007-2012.

Achievements: Produced 1991 "Summers memo," a document signed by the bank's then chief economist recommending the dumping of toxic waste in Third World countries. Helped E.U. and United States agriculture industry gain a toehold in African markets. Forced out “wet blanket” economist Joseph Stiglitz.