Dominique Strauss-Kahn was granted bail on Thursday by a judge in a New York court, after being formally charged with trying to rape a hotel maid. He had earlier resigned as the International Monetary Fund's boss.
Strauss-Kahn's lawyers said he was honourable and would not try to abscond. Prosecutors said he had "incentive to flee."
Supreme Court Justice Michael Obus imposed $1m cash bail and said there
must be 24-hour home detention, with an armed guard and electronic monitoring.
The judge said one armed guard must be available at all times, at Strauss-Kahn's
expense, and the defendant must surrender all travel documents. In addition to
the $1m cash bail, a $5m insurance bond would also apply.
An article in The New York Times today titled, At IMF, Men on Prowl and Women on Guard, says: "Some women avoid wearing skirts for fear of attracting unwanted attention. Others trade whispered tips about overly forward bosses. A 2008 internal review found few restraints on the conduct of senior managers, concluding that 'the absence of public ethics scandals seems to be more a consequence of luck than good planning and action.'”
Dr. Peter Morici: The debate over whether a European or Asian should lead the International Monetary Fund (IMF) involves more than symbolism. An Asian leader could be bad for free markets and the progress of the global economy.
After World War II, the World Bank was established to provide long-term financial and technical assistance to developing countries, and the IMF was created to manage a system of fixed exchange rates. Essentially, the dollar was pegged to gold and other currencies to the dollar. The Americans got the head of the World Bank and the Europeans the IMF.
With the demise of the fixed exchange rate system in the 1970s, the IMF mission
evolved to providing short term loans to countries with sovereign debt
issues—that is why it is currently involved in Greece’s debt problems—and
advocating transparent, market determined exchange rates.
Changing the Guard at IMF: A look at how the IMF should regroup on the heels of the IMF sex scandal, with Robert Reich, UC Berkeley, and David Malpass, Encima Global:
Strauss-Kahn's Pension Shocker! Dominique Strauss-Kahn is expected to walk out of jail on a $1m bail. CNBC's Eamon Javers speculates 10% of that was put down - - "Trump change" next to what the disgraced Strauss-Kahn stands to make for the rest of his life:
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