THE MORNING SHOW
with
Patrick Timpone

Karen Hudes

Former World Bank Attorney Blows the Whistle on the World Bank

In 2007 Karen warned the US Treasury Department and US Congress that the US would lose its right to appoint the President of the World Bank if the current American President of the World Bank did not play by the rules. The 66 year old Gentlemen’s Agreement that Europe would appoint the Managing Director of the IMF and US would appoint the World Bank President ended in 2010 http://www.imf.org/external/np/cm/2010/042510.htm

In 1999 Karen reported the corrupt take-over of the second largest bank in the Philippines. Lucio Tan, a crony of Joseph Estrada, then President of the Philippines, acquired stock owned by government employees in Philippines National Bank (“PNB”) valued more than 10% of PNB’s outstanding capital without disclosure, as required by Philippines securities laws. Tan owned Philippines Airlines, in default on its loans from PNB. The government of the Philippines loaned $493 million to PNB after PNB’s depositors made heavy withdrawals. $200 million of a loan from the World Bank and a $200 million loan from Japan were cancelled. Estrada was ultimately impeached, and in 2007 an anti-corruption court in the Philippines required Estrada to refund graft he had plundered.(Read More)

Show Summary:

Karen Hudes worked as legal council for the World Bank from 1986 to 2007.Ms. Hudes has for the past six years been attempting to bring out in the opensome of the unsavory and she says illegal practices that are well beyond the rule of law that this Corporation has engaged in around the world.She learned early on while “Coming Out” that the main stream media is wholly owned and controlled by the very people controlling the World Bank. She weaves a fascinating story of the pushback and eventual firing she experienced as is experiencing today.Not the least of which is an initiation to court from none other than Eric Holder, Atty. General of The United States on May 30th.

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karen hudes and the world bank, may 21, 2013 https://soundcloud.com/oneradionetwork/052113_hudes_karen_world_bank