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News : Global Economy Last Updated: May 20, 2011 - 8:41 AM


Strauss-Kahn resigns from IMF with 'infinite sadness'; Denies sex charges and expresses love for his wife
By Finfacts Team
May 19, 2011 - 5:57 AM

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Christine Lagarde, French finance minister, with Michael Noonan, Irish finance minister, Brussels, May 17, 2011. She may become the first woman to head the IMF.

Dominique Strauss-Kahn on Wednesday night informed the executive board of the International Monetary Fund (IMF) of his intention to resign as managing director with immediate effect. He expressed 'infinite sadness,' denied charges in respect of a sexual assault on a maid in a Manhattan hotel last Saturday and expressed love for his wife.

The Wall Street Journal says Strauss-Kahn, who took his position in November 2007, earned a largely untaxed salary of $441,980, as well as a living allowance of $79,120, in the Fund's 2010 fiscal year.

On Thursday, the 62-year old former French finance minister will make a second bid to be released from jail.

France's Christine Lagarde, who has been finance minister since 2007 is seen as a possible successor. Prior to becoming a minister, she was a corporate lawyer with an American firm.

"If such a discussion would start, to my mind there would be very strong European candidates that could bring a very strong global leadership to the IMF -- for example French Finance Minister Lagarde who showed very strong leadership in the Ecofin and also in the G8," Anders Borg, Swedish finance minister, said in an interview in Berlin.

Strauss-Kahn made the following statement in a formal letter of resignation to the board:

Ladies and Gentlemen of the Board:

It is with infinite sadness that I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF.

I think at this time first of my wife—whom I love more than anything—of my children, of my family, of my friends.

I think also of my colleagues at the Fund; together we have accomplished such great things over the last three years and more.

To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me.

I want to protect this institution which I have served with honor and devotion, and especially—especially—I want to devote all my strength, all my time, and all my energy to proving my innocence.

Dominique Strauss-Kahn

Disgraced IMF head Dominique Strauss-Kahn could be out of jail within 24 hours, with CNBC's Jonathan Dienst:

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