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Article: WORLD BANK FORGES LINKS WITH SOCIALLY RESPONSIBLE INVESTORS
- Article from:
- US Fed News Service, Including US State News
- Article date:
- October 24, 2007
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The International Bank for Reconstruction and Development issued the following press release:
World Bank Treasurer Kenneth Lay remembers when his financially conservative grandfather owned World Bank bonds.
In those days, the World Bank soft-pedaled the fact its lending portfolio consisted of exposure to poor countries, and its main mission was to alleviate poverty. Instead, it worked on building confidence in the kind of institution worthy of a coveted triple-A rating.
"It's not too much of a stretch to say we downplayed what was actually done with the money," says Lay. "We emphasized the fact we kept very large reserves and were essentially backed by wealthy country governments."
Today, ...