The latest scandal involving a do-gooding international body:
Corrupt use of World Bank funds may exceed $100 billion and while the institution has moved to combat the problem, more must be done, the chairman of the U.S. Senate Foreign Relations Committee said on Thursday.
Sen. Richard Lugar, an Indiana Republican, charged that “in its starkest terms, corruption has cost the lives of uncounted individuals contending with poverty and disease.”
He commended World Bank President James Wolfensohn for bringing greater attention to the issue, but said, “Corruption remains a serious problem.”
Corrupt Enron went broke, allowing reputable firms to have their markets and workers. That’s how capitalism functions. The World Bank, of course, has no such restraints on its behavior.