Word: clausen
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Dates: during 1980-1989
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...here. I'm staying," said Paul Volcker last week to a relieved audience of international bankers. With those unequivocal words, the Federal Reserve chairman squelched rumors that he would leave his post to assume the presidency of the World Bank, which will become vacant when A.W. Clausen steps down next year. At a Washington conference sponsored by the American Stock Exchange, Volcker admitted that "the question arose" of his taking the World Bank job, but added, "My answer was no." Federal Reserve officials confirmed that the Administration had formally asked the chairman to replace Clausen...
World Bank President A.W. Clausen, the former chairman of Bank of America, had tried for several years to widen his institution's responsibility, but he was rebuffed by the White House. Ironically, just as the Administration is adopting some of his views, Clausen said last week that he will leave office at the end of his term in July. Clausen, 62, had expressed an interest in staying longer, but the Administration apparently believes he lacks the dynamism for the job. The White House wants to nominate another official, possibly Federal Reserve Chairman Paul Volcker...
...presidency of the World Bank is a position that has not received much attention in recent years, but under the Baker plan for dealing with Third World debt, it could take on far greater importance. Accordingly, after A.W. Clausen announced last week that he will step down as head of the global lender, speculation began almost immediately over who might succeed him. The post has traditionally been held by an American, and the opening could lead to an intriguing round-robin job shuffle...
Heading the list of prospective successors to Clausen is Paul Volcker, 58, chairman of the Federal Reserve Board. One enticement: the World Bank presidency pays $175,000 a year, vs. the $75,100 that Volcker now earns. The Fed chairman, whose term does not end until August 1987, refuses to comment on the speculation, and aides deny that he has any interest in running the bank...
President Reagan settled on the $750 million figure in early December, over the objections of Secretary of State George Shultz, who advocated a $950 million annual contribution. Reagan cited congressional reluctance to contribute more than $750 million a year. But his rationale did not mollify World Bank President A.W Clausen, an American. Said he: "I've always believed the President...