Lagarde Charged
Lagarde Charged
I'd love to see this dodgy mare banged up
*see the documentary End of the Road: How Money Became Worthless to see why.
FRIENDS of Nicolas Sarkozy claim court charges against Christine Lagarde, the head of the International Monetary Fund, over a €403m (£293m) payout to a businessman, are part of a “witch hunt” to thwart the former president’s comeback.The French justice system is often tainted with suspicions of political vendettas and the long-running saga surrounding Lagarde’s approval of a payment of compensation to Bernard Tapie appears to fit the pattern.
Investigators suspect that Tapie was favoured after backing Sarkozy in the 2007 election. The businessman was spotted visiting the Elysée 22 times between 2007 and 2009.
A decision last week to order Lagarde, a popular figure who has won praise for her stewardship of the IMF, to face court is “an example of the witch hunt against former president Sarkozy”, said one of his friends. “They are hoping to get to him through her. We have seen this time and again. But it never goes anywhere.”
Sarkozy, who wants to return as president in 2017, has been grilled by police in other inquiries but not been charged.
Lagarde could face a year in prison and a hefty fine if found guilty of “negligence in public office in relation to the misuse of public funds”.
Yves Repique, her lawyer, called the decision “incomprehensible” and the IMF has stood by her. But the case could harm any bid for a second five-year term as its chief.
Tapie, an ex-Socialist MP and sports magnate, won compensation in a case against the state-controlled Crédit Lyonnais bank, which he accused of undervaluing his stake in Adidas when he sold it in 1993. Lagarde was charged with negligence in August last year for failing to stop the payment when she was finance minister. She took over the IMF from Dominique Strauss-Kahn, who was accused of raping a hotel maid in New York.
Questioned by the judge as a “witness”, she said she might not have made the same decision if she had known all the facts.
End of the Road: How Money Became Worthless (2012)
End of the Road: How Money Became Worthless
As Finance Minister Lagarde came across as clueless in this regarding the fiscal collapse 2007-2008. Totally unaware of the levels of French exposure.Suddenly she flips 180 degrees joins the enemy and becomes the head of the International Monetary Fund.
Wall Street is being occupied. Europe is collapsing in on itself. Around
the world, people are consumed by fear and anger, and one question is
on everyone's lips: Is the financial crisis over, or are we headed
towards economic disaster? End of the Road is a documentary that
chronicles the global financial collapse. Told in an entertaining and
easy to follow style, the film tells the story of how the world came to
be in such a state, from the seeds sown after WW2, to the current
troubles facing us today, and to the possible future that may await us
all. Some of the world's top economic minds share the hidden tale behind
the mishandling of the world's finances, give insight into how bad
policy and a flawed monetary system joined together to create a
catastrophe, as well as sharing their own personal advice on how the
average person can best prepare for their financial future.
In 2008 the world experienced one of the greatest financial turmoils
in modern history. Markets around the world started crashing, stock
prices plummeted, and major financial institutions, once thought to be
invincible, started showing signs of collapse. Governments responded
quickly, issuing massive bailouts and stimulus packages in an effort to
keep the world economy afloat.
Although we’ve been told that these drastic measures prevented a
total collapse of our system, a growing sense of unease fills the
population. In the world of finance, indeed in all facets of modern
life, cracks have started to appear. What lies ahead as a result of
these bold money printing measures? Was the financial crisis solved, or
were the problems merely kicked down the road?
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