(December 19, 2007) In the wake of a staff mutiny against former World Bank president Paul Wolfowitz, the U.K. edition of The Economist notes that the lending giant’s new head, Robert Zoellick, has raised a windfall in support from rich countries.
Strike-out interest payments on questionable loans: Philippine debt watchdog
(December 17, 2007) Debt watchdog wants $512.57 million worth of foreign debt-related funds reallocated to social services.
Nigeria suspends Siemens dealings
(December 12, 2007) The Nigerian government has cancelled a $1.1 million contract with Siemens pending an investigation into bribery allegations.
Governments need to do more: OECD’s Gurria
(December 12, 2007) Angel Gurria, the head of the Organization for Economic Cooperation and Development (OECD), says governments need to do much more in the fight against international corruption. Speaking at a conference in Rome last month to mark the 10th anniversary of the OECD’s Anti-Bribery Convention, created to outlaw international bribery, Mr. Gurria expressed concern that "some countries are still holding back on implementing the Convention" and "have almost no investigations," and "have brought no cases to court."
Foreign Corrupt Practices Act gains ground as “powerful tool” in the fight against corruption
(December 12, 2007) Passed by U.S. Congress three decades ago in the wake of the Watergate scandal, the Foreign Corrupt Practices Act has become a powerful tool in the last five years for prosecuting domestic and overseas companies suspected of bribing foreign officials to secure business.
‘By what right’ Fiji?
(December 12, 2007) Concerns about the status of Fiji’s current governing power have prompted some analysts to warn lenders they should beware of dealing with the country’s self-declared leader and his administration, who rule without having been democratically elected by the citizens of Fiji.
Odious debts and nation building: When the incubus departs
(December 1, 2007) Few events in the life of a society are as heady as the ouster of a long-standing dictatorial or corrupt regime. In the euphoria that typically follows this kind of nation building, the new government will want to expunge all vestiges of the old regime – personnel, laws, decrees and offensive policies.
World bankruptcy
(November 28, 2007) When the World Bank staff staged a coup against then-President Paul Wolfowitz earlier this year, The Wall Street Journal editorials argued that one motivation was to stop his anti-corruption fight. Now The WSJ describes “another backroom putsch,” this time against Suzanne Rich Folsom, the head of the bank’s anticorruption unit (INT, or department of institutional integrity).
Equitable subordination, fraudulent transfer, and sovereign debt
(November 27, 2007) There is a growing body of scholarship that attempts to identify workable mechanisms to enable sovereigns to repudiate ‘odious’ sovereign debt – obligations incurred by sovereign regimes that provide no corresponding benefit to the sovereign debtor itself.
Canada’s PM right to take tough stance on China
(November 27, 2007) Canadian Prime Minister Stephen Harper’s outspoken criticism of China’s human-rights record will not hurt Canadian business opportunities, say Canada’s business leaders; a new survey finds big business supports Harper’s stance and believes it will produce benefits in the long-run.
Equitable subordination, fraudulent transfer, and sovereign debt
(November 27, 2007) There is a growing body of scholarship that attempts to identify workable mechanisms to enable sovereigns to repudiate ‘odious’ sovereign debt – obligations incurred by sovereign regimes that provide no corresponding benefit to the sovereign debtor itself.
Patricia Adams Review: Partially odious debts? A framework for an optimal liability regime
(November 20, 2007) This provocative paper is sure to raise the ire of a civil society that wants Third World debts canceled because of their illegitimacy. But it won’t make the lenders who want "no fault" debt forgiveness (courtesy of Northern taxpayers) happy either. Instead, authors Ben-Shahar and Gulati push the legal envelope of "how to" resolve the Third World debt quagmire and in doing so, empower odious debt advocates with more legal fight than ever before.
World Bank vetoes $232 million loan due to corruption fears
(November 20, 2007) The World Bank’s veto of a $232 million loan to the Philippines suggests a continued divide over corruption issues within the organization, The Wall Street Journal
Testimony in landmark debt cancellation bill
(November 20, 2007) Neil Watkins, National Coordinator of Jubilee USA Network, testified before the Congressional House Committee on Financial Services considering the Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2007, earlier this month.
REVIEW: Partially odious debts? A framework for an optimal liability regime
(November 20, 2007) This provocative paper is sure to raise the ire of a civil society that wants Third World debts canceled because of their illegitimacy. But it won’t make the lenders who want "no fault" debt forgiveness (courtesy of Northern taxpayers) happy either. Instead, authors Ben-Shahar and Gulati push the legal envelope of "how to" resolve the Third World debt quagmire and in doing so, empower odious debt advocates with more legal fight than ever before.


