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The World Bank-China ranking controversy refers to the alleged manipulation of China’s ranking in the World Bank’s annual Doing Business report by World Bank officials while they were negotiating a multibillion-dollar capital increase from China.
The World Bank has regularly failed to live up to its own policies for protecting people harmed by projects it finances. The World Bank and its private-sector lending arm, the International Finance Corp., have financed governments and companies accused of human rights violations such as rape, murder and torture.
The Summers memo was a 1991 memo on trade liberalization that was written by Lant Pritchett and signed by Lawrence Summers who was then Chief Economist of the World Bank. It included a section that both Summers and Pritchett say was sarcastic that suggested dumping toxic waste in third-world countries for perceived economic benefits. [1]
The World Bank was the subject of a scandal with its then-president Paul Wolfowitz and his aide, Shaha Riza, in 2007. [122]
In Honduras, the business-lending arm of the World Bank aligned itself with a key player in a land dispute that has left more than 130 people dead, including Gregorio Chávez, a preacher who went out to tend his garden one day and didn’t come back. In the last decade, the International Finance Corp.’s lending and influence has soared, even as it has embraced financing methods that shield ...
In Kosovo, a state-owned energy company plans to destroy a village to make way for expanded coal mining as the government and the World Bank plan for a proposed coal-burning power plant. The government has already forced roughly 1,000 residents from their homes. Many former residents claim officials violated World Bank policy requiring borrowers to restore their living conditions at equal or ...
Here’s a look at five more bank scandals that appalled investors in 2020. HSBC, JPMorgan Chase, Deutsche Bank, Standard Chartered and Bank of New York Mellon were all accused of moving dirty ...
The end of 2012 wouldn't seem right without another incredibly high fine for incredibly horrible banking behavior, so we should welcome the latest $1.5 billion fine that hit UBS for manipulating ...