Lawyer In South America

LATIN AMERICA'S CANDIDATE TO IMF SPEAKS OUT

What irony! Despite all their grandiose rhetoric about Latin American unity, Brazil, Argentina and Chile have not yet come out in support of Agustín Carstens, the Latin American candidate to head the International Monetary Fund.

Earlier this week, I asked Carstens, a Mexican, whether he is disappointed that the three South American countries have failed so far to support his candidacy to succeed Dominique Strauss-Kahn, the former IMB chief who resigned after being charged with sexually assaulting a New York hotel maid.

Carstens, the current head of Mexico’s central bank, former Mexican finance minister and former No. 2 at the IMF, has already won the support of Spain and 13 Latin American countries, including Mexico, Colombia, Peru, Venezuela, Bolivia and most Central American nations. He is competing against French Finance Minister Christine Lagarde for the job, which has traditionally been awarded to Europeans.

Throughout the interview, Carstens tried to avoid criticizing Brazil, Argentina and Chile, but left little doubt that the three South American countries should support his bid if they sincerely want Latin America — and emerging economies in general — to have a stronger voice in world affairs.

“I think they should support me,” Carstens told me. “Within the world’s BRIC [emerging] economies, Brazil would come across stronger if it were seen as a country supporting Latin America.”

I asked what he meant. Carstens explained that “Latin America has been losing influence within the IMF” in recent years. While a few years ago there was a Latin American — himself — in the No. 2 position at the institution, today there are only two Latin Americans among 25 officials in the third echelon, he said.

“If I win, it would be a strong statement of Latin America’s power,’’ Carstens said. “And even if we don’t win, a strong Latin American vote against the status quo would be a strong signal that we don’t agree with the way things are being done at the IMF. That’s why it is so important to have a region-wide Latin American vote.”

Carstens added that, aside from the fact that it’s time for a representative of emerging economies to head the IMF, he is a better candidate for the job than Lagarde. As an economist who played a key role in solving Mexico’s financial crises of 1987 and 1994, he has more experience in handling economic troubles such as those currently faced by Europe, he said.

Bank of America Assets Seized by Attorney — Fabulous South Bay

The guy in this story says it is sweet justice and that is the truth. See this news story about an attorney in North Carolina who brought Sheriff’s deputies and moving trucks to a Bank of America branch to seize their assets in order to force B of A to pay the couple for court costs that they incurred when B of A tried to foreclose on their house DESPITE THE FACT THAT THEY HAD PAID CASH and never had a mortgage with B of A or any other bank for that matter! With the little guys getting the shaft throughout this foreclosure crisis, this story brought a smile to my face!

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