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Headline: Opinion – Fool’s gold and the IMF Source: Euromoney Date: May 2000 Author: Adam Lerrick The alchemists sought to transform base metals into gold, but the IMF seems bent on turning ingots into dross. When president Bill Clinton’s millennial offer to forgive the debts of the globe’s poorest nations was blocked by mining interest protests against IMF gold sales, US Treasury strategists stayed up late over the Bunsen burners. Had the accounting subterfuge they cooked up to fulfil their promise been designed by one of the big five auditing firms for a megabank client, the US Treasury itself, the Securities & Exchange Commission and the Federal Reserve would have been lining up to clamp on the handcuffs. |
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