Furious IMF official attacks its 'tainted' leadership
Resigning whistleblower describes his shame at working for 'incompetent' body
A senior International Monetary Fund (IMF) economist has quit the organisation and launched a blistering attack on its record and present leadership.
In his resignation letter, Peter Doyle accused the IMF of suppressing warnings that the global economic system was heading for a crash in the years preceding the 2008 financial crisis.
Mr Doyle, who worked at the IMF for 20 years and was a senior adviser to the Fund's European Department, added that he was now "ashamed to have had any association with the Fund at all".
The Fund did voice some misgivings about growing imbalances in the global economy ahead of the 2008 banking crisis that set off a synchronised international slump. But, according to Mr Doyle, who left the organisation in June, its bureaucracy also gagged analysts who wanted to sound the alarm more loudly.
"The substantial difficulties were identified well in advance but were suppressed here" he said.
"The consequences include suffering (and risk of worse to come) for many including Greece".
He added that the IMF had not learned the lessons of its previous failure to warn of the impending crash.
"The proximate factors which produced these failings of IMF surveillance – analytical risk aversion, bilateral priority, and European bias – are, if anything becoming more deeply entrenched," he said.
Mr Doyle also lambasted the tradition, since the Fund was established in 1944, of appointing a European national to be its managing director, regardless of how well qualified candidates from elsewhere in the world might be.
Referring to the present managing director, former French finance minister Christine Lagarde, he said: "Even the present incumbent is tainted as neither her gender, integrity or elan can make up for the fundamental illegitimacy of the selection process".
He said the injustice of this process goes on "to infuse the organisation as a whole, overwhelming everything else" leaving the Fund "handicapped".
Mr Doyle also warned that disaffection was widespread in the Washington-based organisation and other IMF employees could also leave.
"There are good, salty people here. But this one is moving on," he said. "You might want to take care not to lose the others".
Mr Doyle's letter, obtained by CNN, was addressed to Skakour Shaalan, dean of the IMF's executive board.
- 1 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 2 Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
- 3 Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Kenya bus attack: Primary school head teacher plays dead to escape slaughter by Islamic extremists
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Rochester aftermath: Sacking of Emily Thornberry will make work of Labour MPs '10 times harder'
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...