BBC reports that the IMF to investigate its director

The International Monetary Fund (IMF) is investigating whether its French director abused his power in an alleged relationship with a subordinate.

The IMF said the inquiry was instigated by a long-serving governing board member, Shakour Shaalan of Egypt.

In a statement Dominique Strauss-Kahn said he was co-operating with the inquiry but denied abusing his power, according to Reuters news agency.

It comes as the world grapples with the worst financial crisis for decades.

At this point there is probably a majority opinion that we should line all of the world’s bankers up against a wall and shoot them.  This is definitely not the time to hear about misconduct of any kind that is connected to international banking in any way.

The Shrubbery is about to start talking about the economy again: Bush to host world leaders at crisis summit

US President George W Bush has agreed to host a summit of world leaders to discuss the global financial crisis.

Mr Bush made the announcement as he greeted French leader Nicolas Sarkozy and the president of the European Commission, Jose Manuel Barroso, at his Camp David retreat.

Mr Bush stressed that the summit, called in the wake of the worst financial crisis since the Great Depression, should not seek to undercut the basic economic principles of international capitalism.

For the sake of investors the man should just go away and shut up. Every time he talks about the economy the markets drop like a rock. They may be holding this in the US, but realistically Bush is the lamest duck the country has ever had, and no one cares what he thinks anymore.

Australian Broadcasting reports on the results of yesterday’s election: Macklin shrugs off Labor’s election fright night

Federal Government frontbencher Jenny Macklin says Labor’s poor results in the ACT election and three New South Wales by-elections are not a reflection on federal Labor.

Labor suffered a swing of about 10 per cent against it in the ACT while in New South Wales the party lost the previously safe seat of Ryde and saw its vote haemorrhage in Lakemba and Cabramatta.

Ms Macklin has told Channel Nine voters have sent the ACT and NSW governments a strong warning to improve.

“What we have seen in NSW and the ACT is very particular state and territory circumstances,” she said.

People are upset about the economy, and want change. This is worldwide and any politician currently in office is in danger because of this. Australia is actually is very good shape in comparison to most places, but what is an “economic downturn” to a pundit who still has a paycheck, is a “Depression” for the people have lost their jobs.

[ACT is the Australian Capital Territory, the equivalent of the US District of Columbia]

Position: 33.4 N 50.7 W [10 AM CDT 1500 UTC].
Movement: Northeast [045°] near 15 mph.
Maximum sustained winds: 40 mph [65 kph].
Wind Gusts: 50 mph.
Tropical Storm Wind Radius: 70 miles [110 km].
Minimum central pressure: 1002 mb ↑.

It is 820 miles [1320 km] East of Bermuda.

It has become a remnant low and this is the final advisory.

Here’s the link for NOAA’s latest satellite images.

[For the latest information click on the storm symbol, or go to the CATEGORIES drop-down box below the CALENDAR and select “Hurricanes” for all of the posts related to storms on this site.]