WH giving Frist ‘close scrutiny’ as Wolfowitz replacement.
Last week, ThinkProgress reported that the Bush administration was considering Sen. Bill Frist (R-TN) to replace Paul Wolfowitz as head of the World Bank. Today, the Wall Street Journal reports that Frist is receiving “especially close scrutiny for the job.” He is also a “favorite of Mr. Bush’s national-security adviser, Stephen Hadley, according to one individual familiar with White House deliberations.”
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Why does the WH have any say over who runs the world bank?
May 24th, 2007 at 9:43 amDoes the Bush administrator ever appoint career experts, or do they always appoint cronies?
May 24th, 2007 at 9:44 amFrist is one mean guy; doesn’t the position require more ’sensitivity’?
May 24th, 2007 at 9:45 amOh God no
May 24th, 2007 at 9:45 am#1 - Tradition.
May 24th, 2007 at 9:46 amFrist would be a good choice. But they need an ass kicker like Bolton to clean out that snake pit of corruption and stupidity.
May 24th, 2007 at 9:47 am#1 Because it is American money that keeps the World Bank going. You know, like the UN.
May 24th, 2007 at 9:48 amOf course it makes perfect sense to nominate Frist, after all, he’s the guy who determined via video tape review, that Terri Schiavo showed “visual acuity” in her reactions
And with such a brilliant specimen making such a snap diagnosis, why would anyone think Frist’s business acumen is any less impressive than his medical judgements regarding Terri Schiavo?
May 24th, 2007 at 9:49 amPatrick in a den of vipers
May 24th, 2007 at 9:49 amBecause it is American money that keeps the World Bank going. You know, like the UN.
Comment by Patrick1
But the American Dollar is now tanking. So, I ask, why does the WH have any say over who runs the world bank? (thanks, bob (not the hacker) for the free quote)
May 24th, 2007 at 9:50 amHey, I’ve got a crazy idea - how about if the President of the World Bank was someone with a background in economic development, banking, or international relations?
May 24th, 2007 at 9:51 amI sure hope that Little Billy Frist gets cleared of those pesky little insider trading charges before he’s appointed. If not, that would really be poor form on GDumbya’s part. Of course, GDumbya has never let that hold him back before.
May 24th, 2007 at 9:53 amI doubt that Frist would be approved, regardless of whether I support his nomination (which I generally don’t).
It’s been the tradition (Comment by bob (not the hacker)) for the U.S. to appoint an American to head the World Bank, and other countries are reluctant to disturb that, along with Patrick1’s explanation. The board stated that if Wolfowitz resigned in quick fashion (which he did), then they would be open to allowing another American to be appointed head.
May 24th, 2007 at 9:53 amIsn’t Bill Frist guilty of insider trading? Yes, yes he is. He also violated medical ethics by diagnosing Terry Schiavo via a videotape — a diagnosis that was 100% wrong.
Sounds like a typical Bush nominee: incompetent and unethical.
May 24th, 2007 at 9:55 amhow about someone untainted, Mr. President? though I realize the candidate pool fitting that description on your side of the aisle is pretty tiny…
May 24th, 2007 at 9:58 amfrist at the world bank would be a g.d. nightmare.
May 24th, 2007 at 10:00 amits customary for the US to choose the president of the world bank and Customary for Europe to choose the leader of the IMF
why nobody mentions this I dont know
I would also suggest every with any Money in such a bank to take it out
May 24th, 2007 at 10:01 amOh brother, replace the goofy creepy Wolfowitz with Frist the cat killer at the World Bank? Too early to get drunk on booze today to deal with this crazy stuff > LOL.
May 24th, 2007 at 10:02 amComment by Oversight is a Bitch
Sorry, Bill Frist is in no way guilty of Insider Trading. Feds closed the investigation. Well, on Frist anyways.
May 24th, 2007 at 10:03 amWhy does the WH have any say over who runs the world bank?
Comment by bob (not the hacker)
#1 - Tradition.
Comment by WaltTheMan
Im gonna go with World Economics Dominance
May 24th, 2007 at 10:03 amOne thing that no one mentioned: as World Bank President, you get free checking. Sweet. Wolfie is gonna miss that.
May 24th, 2007 at 10:03 amAbsolutely! why, if Bolton had been in charge, Wolfie would not have lasted 24hrs because of his corruption & stupidity. Bolton might actually get lucky: Shaha Riza has single again and has a thing for blowhards.
The USA has had the privilege of appointing the Bank prez because it’s the principal investor. However, L’affaire Wolfie has shaken the G8’s confidence in America’s ability to lead. And nations such as China & Venezuela are setting up alternatives to the Bank.
Frist might be a good choice. He’s been involved in a number of insider trading and ‘cooked’ books scandals, but nothing stuck. And he has admitted to rescuing cats from the SPCA so he could cut them up in his medical experiments. What better experience for experimenting on the poor of the world?
May 24th, 2007 at 10:04 amVideotape cum Cat Killer Frist at the head of the World Bank? What does that ass know about development?
This is yet again a ploy by the Bushies to put in place some whackjob who will cut funds to family planning and AIDS workers.
I don’t think this one will fly. And if it does fly, he won’t stay too long. The World Bank staff will revolt, just as it did with Wolfie.
May 24th, 2007 at 10:05 ami sure hope there is a fully-vetted discussion
of this (tom frist’s — his brother’s) dealings
in the stock of HCA — on behalf of the family,
prior to the below-transaction. the allegations
included trading in advance of the announcement
of the $30-some-billion in aggregate value transaction,
and the delayed-disclosure of disposal of frist-entity
interests — hundreds of millions of dollars worth — per
the SEC EDGAR data-base from that time:
On November 8, 2006, HCA Inc., a Delaware corporation (“HCAâ€), issued the press release attached hereto as Exhibit 99.1 in which HCA announced that HCA and the other named parties have entered into a memorandum of understanding with plaintiffs’ counsel in connection with six purported class action lawsuits, previously consolidated, filed in the Chancery Court for Davidson County, Tennessee in connection with the proposed acquisition of HCA by affiliates of Bain Capital, Kohlberg Kravis Roberts & Co., Merrill Lynch Global Private Equity and HCA Founder Dr. Thomas F. Frist, Jr.
May 24th, 2007 at 10:06 amUnder the terms of the memorandum, HCA, the other named parties and the plaintiffs have agreed to settle the lawsuit subject to court approval. If the court approves the settlement contemplated in the memorandum, the lawsuit will be dismissed with prejudice. HCA and the other defendants deny all of the allegations in the lawsuit. Pursuant to the terms of the memorandum, Hercules Holding II, LLC, the entity formed by the investor group in connection with the proposed transaction, has agreed to waive that portion in excess of $220 million of any termination fee that it has a right to receive under the merger agreement. Also, HCA and the other parties have agreed not to assert that a shareholder’s demand for appraisal is untimely under Section 262 of the General Corporation Law of the State of Delaware (the “DGCLâ€) where such shareholder has submitted a written demand for appraisal within 30 calendar days of the shareholders meeting held to adopt the merger agreement (with any such deadline being extended to the following business day should the 30th day fall on a holiday or weekend). HCA and the other parties also have agreed not to assert that (i) the surviving corporation in the merger or a shareholder who is entitled to appraisal rights may not file a petition in the Court of Chancery of the State of Delaware demanding a determination of the value of the shares held by all such shareholders if such petition is not filed within 120 days of the effective time of the merger so long as such petition is filed within 150 days of the effective time, (ii) a shareholder may not withdraw such shareholder’s demand for appraisal and accept the terms offered by the merger if such withdrawal is not made within 60 days of the effective time of the merger so long as such withdrawal is made within 90 days of the effective time of the merger, and (iii) that a shareholder may not, upon written request, receive from the surviving corporation a statement setting forth the aggregate number of shares not voted in favor of the merger with respect to which demands for appraisal have been received and the aggregate number of holders of such shares if such request is not made within 120 days of the effective time of the merger so long as such request is made within 150 days of the effective time.
The memorandum will be null and void and of no force and effect if the merger is not approved by the affirmative vote of a majority of the shares of common stock outstanding and entitled to vote at the meeting, the merger agreement is terminated under circumstances where the merger has not been previously consummated or final court approval of the settlement of the aforementioned class action lawsuits does not occur for any reason. In addition, the plaintiffs will have the right to terminate the memorandum if a majority of the shares voted on the proposal to adopt the merger agreement (excluding shares held by Dr. Frist and certain entities affiliated with Dr. Frist) are not voted “for†such proposal.
In addition, pursuant to the terms of the memorandum, HCA has agreed to provide additional information to shareholders through publicly available filings in order to supplement the proxy statement that has been provided to HCA’s shareholders in connection with the special meeting of shareholders concerning the proposed merger to occur on November 16, 2006, at 11:00 a.m., local time, at HCA’s executive offices located at One Park Plaza, Nashville, Tennessee 37203. HCA has filed the supplemental disclosures with the Securities and Exchange Commission, but HCA does not make any admission that such supplemental disclosures are material.. . .
Bill Frist: Criminal. Insider Trader. Unethical Doctor.
Quite a resume.
May 24th, 2007 at 10:07 amPatrick1 the troll is wrong as usual. The US contributes 16% of the funds to the WB. The European Economic Community contributes 38% of the funds. If the European finance ministers don’t want Frist — and they won’t — they have leverage over the US.
May 24th, 2007 at 10:08 amFrist would be a catastrophe, his ethics are questionable since his killing of cats when in med school, the Schiavo case, and the other issues that made him lose the last election. He is not qualified for a job of that nature. The rest of the world must be respected, they provide 83 percent of the capital and if the US nominates someone it should be someone decent.
May 24th, 2007 at 10:08 amHaving been leader of Rubber Stampers in the Senate, he’d be sure the Rubber Stamp anything Bush wants at the World Bank.
May 24th, 2007 at 10:10 amWorld Bank Quick facts:
Despite billions of dollars of aid, loans and other investments in the energy sectors in impoverished countries, World Bank data reports that 77 percent of people in Sub-Saharan Africa—526 million people—still don’t have access to electricity.
May 24th, 2007 at 10:10 amIn fiscal year (FY) 2006, the private sector lending arm of the World Bank, the International Finance Corporation, increased its lending for oil projects by 77%–from $150 million in FY05 to $264 million in FY06. (More on this…)
The soaring costs of oil are undermining the benefits of debt cancellation by draining far more money out of impoverished countries than canceled debts are able to contribute. According to figures compiled by the Center for American Progress (CAP), the cost of Tanzania’s oil imports rose by about $290 million from 2002 to 2006. Conversely, debt cancellation is expected to free up roughly $140 million in Tanzania in 2006, less than half of the additional amount that the country is paying for oil imports.
Because it is American money that keeps the World Bank going. You know, like the UN.
Comment by Patrick1
You’re an effing idiot. The amount of shares that has the USA is of 16.41%. If this was a democracy, or simply a corporation, the USA would be a simple shareholder, with rights amounting to its shares, and no more.
But we know how the USA works in international groups, specially with this GOP: bullying its way forward.
May 24th, 2007 at 10:12 amFrist family business had the largest Medicare fraud fine in history. So he sounds just right for both Bush’s crowd and the bank.
May 24th, 2007 at 10:12 amDoc Lee in Atlanta
I was disappointed that Scooter Libby’s name was not mentioned.
May 24th, 2007 at 10:12 amPatrick1 the troll is wrong as usual. The US contributes 16% of the funds to the WB. The European Economic Community contributes 38% of the funds. If the European finance ministers don’t want Frist — and they won’t — they have leverage over the US.
Its customary for the US to choose the world bank leader and Europe to choose the leader of the IMF
Europe gave Wolfy an option resign or we will choose the new leader
therefore he resigned as to let America choose the leader as tradition
May 24th, 2007 at 10:13 am#27,
May 24th, 2007 at 10:13 amFrist did not lose the last election, he did not run.
“#1 Because it is American money that keeps the World Bank going. You know, like the UN.”
Yeah right. US money keeps the UN going. NOT. Like we owe them millions in back dues. How does that keep the UN going? Patrick - you really are an idiot and should stop embarrassing yourself in public.
May 24th, 2007 at 10:17 amDoes this appoint have to be approved by Congress or is it strictly up to the mad man who is sitting in the White House?
May 24th, 2007 at 10:17 amOh, and to add to the Tobey’s list about “successes” of the WB, we must not forget Argentina. Thanks to the WB policies impossed, a shacky economy went down like a rock in a pond. Argentina is only recovering after they left the WB’s “recommendations” behind.
May 24th, 2007 at 10:17 amAnother F the world nomination by Bush. What a surprise.
May 24th, 2007 at 10:18 amI smell a distraction. I’d bet that BushCo has someone else that they really want at the WB that would be at least as controversial but they will spring the name into the public too late for any comment. Frist’s name is floating out there to take up the furor preemptively.
May 24th, 2007 at 10:22 am#36,
May 24th, 2007 at 10:26 amMadman.
Venezuela is one of several countries, particularly in Latin America, that have reduced their dependence on the IMF and World Bank in the last few years.
If everyone takes there money out the better
May 24th, 2007 at 10:27 amBush wanted to appoint Tony Blair as the replacement for Wolfowitz at the World Bank, but Blair is going to be indicted by the Hague for war crimes in Iraq.
May 24th, 2007 at 10:27 amBolivian President Evo Morales raised complaints about a World Bank body that mediates disputes between governments and foreign investors. He said governments never seem to win their disputes against transnational companies at the World Bank’s International Center for Settlement of Investment Disputes.
Chavez suggested that Latin countries could instead create their own arbitration body for disputes with big companies.
Venezuela is not the only country in the region distancing itself from international lenders.
Nicaraguan President Daniel Ortega said Sunday that he hopes to “get out of that prison†of IMF debt and that “we are negotiating with the Fund to leave the Fund.â€
Ecuador’s leftist president, Rafael Correa, recently asked the World Bank’s representative there to leave and said the country paid off its debt to the IMF. Argentina also has paid back billions of dollars to the IMF.
THIS BANK DOES NOTHING BUT RIP PEOPLE OFF WHILE PRETENDING TO FEED THE POOR -
May 24th, 2007 at 10:31 amHe should appoint a free market economist to the World Bank that wouls shake up those corrupt socialist fools. The World Bank has done more to create poverty than Jimmy Carter did in the 70s.
If the U.S stopped funding the World Bank tomorrow it would cease to exist, same with the UN.
May 24th, 2007 at 10:31 amArgentina is only recovering after they left the WB’s “recommendations†behind.
Comment by Evil Spaniard
And the IMF, and the Inter-american Development Bank
May 24th, 2007 at 10:34 amYeah, Patrick, let’s put Frist, guilty of securities fraud, in charge of the World Bank to root out corruption.
Patrick, you are truly so stupid it hurts my head to think about it.
May 24th, 2007 at 10:36 amBush wanted to appoint Tony Blair as the replacement for Wolfowitz at the World Bank, but Blair is going to be indicted by the Hague for war crimes in Iraq.
Tony Blair is millions in debt - The bank dont pay enough
Tony Blair bought a house for £3 million and now its worth £2.25 million
he only got £300 k per year as PM
his wife Cherie get £500 k per year as being the most useless human rights lawyer the world has ever encountered
The world bank should be finished soon - WB is a way for Big Oil to Rip off everyone
May 24th, 2007 at 10:36 amSorry, Bill Frist is in no way guilty of Insider Trading. Feds closed the investigation. Well, on Frist anyways.
Comment by CompTROLLER V-1 — May 24, 2007 @ 10:03 am
that doesn’t change his cat-killing, vegetable-diagnosing ways… he is tainted… Bush should try and nominate an unknown here, albeit a qualified one…
May 24th, 2007 at 10:49 amPete > Bush has no qualified pals to appoint to positions. He just has old cronies of his father to draw upon or criminal Neocon scum who hang around Cheney.
May 24th, 2007 at 10:54 amHe needs to nominate a free market capitalist to undo all the socialist damage done by the World Bank over the past decades. For a result of WB economic philosophy, look at Africa.
May 24th, 2007 at 10:55 amIts amazing to me how a third-rate surgeon who makes false diagnoses by watching a video tape can be qualified to run a bank, when there are actual bankers and economists out there who aren’t being considered. Oh, thats right, Frist is an unelected loyal Bushie. Thats all that matters.
May 24th, 2007 at 10:55 amJust 2 words:
Peeeee-yew…
I knew it… I knew it… I knew the blippin’ little monster would just choose another of his politically-connected, insdier, crony hacks.
Meet the new boss, same as the old boss… and we won’t get fooled again.
May 24th, 2007 at 10:56 am“Frist would be a good choice. But they need an ass kicker like Bolton to clean out that snake pit of corruption and stupidity.”
But Patrick1, if we cleaned out all the corruption and stupidity, who would ever hire you?
Oh wait, were you talking about cleaning out the GOP and BuschCo? God, where would we ever get the prison capacity to hold all the newly convicted criminals?
May 24th, 2007 at 10:59 amSeems it would make more sense to nominate a BANKER than a DOCTOR.
May 24th, 2007 at 11:01 amSeems it would make more sense to nominate a BANKER than a DOCTOR.
Comment by ann
Sense? What is this thing you speak of — sense? Never heard of it.
May 24th, 2007 at 11:06 amWhy not let the world community choose a leader?
May 24th, 2007 at 11:08 amQuack, Quack.
May 24th, 2007 at 11:08 amHeckuva job Fristie.
Bush needs someone to destroy the World Bank, so Frist the cat-killer makes sense to Dubya. He wants Frist to strangle the Bank just like he used to do to cats.
May 24th, 2007 at 11:09 amI was disappointed that Scooter Libby’s name was not mentioned.
Comment by Scooter Libby
Good point. If Frist can diagnose patients from videotape then Scooter can head up the World Bank from prison. What’s the diff?
May 24th, 2007 at 11:11 amAnother crony…why should I be surprised?
May 24th, 2007 at 11:23 amActually that would be great. Frist is an incompetent moron and would drag the place into the mud within six months. Which, in the end, would be a benefit to the world. I say, go for it.
May 24th, 2007 at 11:34 amUn-effing-believable! Just when I think I’ve heard it all…
May 24th, 2007 at 11:39 am59 . yes very good idea
May 24th, 2007 at 11:50 amThe cat dissecting, insider trading, Terri Schiavo misdiagnosing Bill Frist?
That Bill Frist?
May 24th, 2007 at 12:18 pmFrist as the nominee to head the World Bank? Yeah, I can see that… a mediocre physician and loyal right-wing soldier in a position that manages international banking and investment in underdeveloped nations…
Well, he IS from Tennessee.
You know, there’s something oddly comforting about the consistency of this administration. Just like you know Cathy is always going to suck in the Sunday funnies, you know that Bush is going to appoint an unqualified crony for any vital position that comes open. And you know that the unqualified crony will morph into an unqualified disaster.
May 24th, 2007 at 12:21 pmIf you liked Wolfowitz, you will love Dr. Frist the Cat.
A heart transplant, that’s what the World Bank needs.
May 24th, 2007 at 12:53 pmJust do not sweat, or shed any tears.
And please do not ask about insider trading.
I just found the Administration’s want ad for World Bank President.
May 24th, 2007 at 1:56 pmWanted: Corrupt arrogant prick with piss poor management skills. An amoral personality a must. Incompetence highly desired along with hypocracy.
Perhaps Frist isn’t so bad, at all. Just think of it: Tom Delay as the “surprise candidate”.
May 24th, 2007 at 2:02 pmI may throw up.
May 24th, 2007 at 3:26 pm