This article was first published on May 19, 2011.
Author’s Note and Update
In recent developments, Ms. Christine Lagarde, Managing Director of the IMF is slated to become the next president of the European Central Bank (ECB). France’s president Emmanuel Macron acting on behalf of powerful banking interests was instrumental in Ms. Lagarde’s candidacy.
What media reports fail to mention is that Lagarde is a corrupt official involved in financial fraud. Her appointment to head the ECB is not matter of political debate or concern. She is an obedient instrument of the financial and banking establishment which controls both the IMF and the European Central Bank.
On December 20, 2016, A French court found IMF Managing Director Christine Lagarde guilty of “negligence” in relation to a multimillion dollar Euro fraud while she was France’s finance minister in 2008. She is said to have approved “an award of €404m ($429m; £340m) transfer to businessman Bernard Tapie, [a crony of president Sarkozy] for the disputed sale of a firm.”
“Ms Lagarde, who always denied wrongdoing, was not present in court, having left Paris for Washington DC.”
The IMF board said it retained “full confidence” in her leadership. (BBC, December 20, 2016)
No questions asked: Despite her involvement in financial fraud at tax payers’ expense, the French government at the time confirmed that they had full confidence in Ms. Lagarde.
Her leadership as head of the IMF has not been questioned. Christine Lagarde was reappointed in February 2016 to a second five-year term at the IMF.
Despite her record, she is now considered (July 2019) for the position of president of the European Central Bank (ECB).
Eight years ago, Flashback to May-June 2011. The Dominique Strauss Khan (DSK) Honey Trap Scandal was instrumental in Lagarde’s accession to the IMF. And her role in the Euro 400 million financial transfer was casually ignored.
Regime Change: Dominque Strauss Khan (DSK), managing director of the IMF was framed and Christine Lagarde was appointed to replace him.
Media focus at the time centered on the story of the alleged victim, the hotel housemaid, rather than on who was pulling the strings behind the scenes in what visibly was a political frame-up.