[stop-imf] New U.S. IMF director-designate (fwd)

[Robert Weissman]

Bush names new U.S. director of IMF|
7/2/01

 WASHINGTON (AP) ? President Bush named an attorney who worked in his
father's Treasury Department to be U.S. executive director of the
International Monetary Fund on Friday.

 Randal Quarles, who leads the financial institutions group at the New York
law firm of Davis, Polk & Wardwell, will replace Karin Lissakers as
representative of the largest IMF shareholder if he is confirmed by the
Senate.

 Lissakers, an appointee of President Clinton, resigned in April to make
way for someone of Bush's choosing.

 The Web site for Quarles' firm describes him as a Yale-trained lawyer with
''significant experience in advising international banks in cross- border
and cross-industry acquisitions, including most recently the $38 billion
offer by the Royal Bank of Scotland for National Westminster Bank, which
was the largest hostile tender offer ever completed in the banking
industry.''

 Quarles served in the Treasury Department from 1991 to 1993, first as a
special assistant to the secretary and then as deputy assistant secretary
for financial institutions policy.

 On March 23, Quarles wrote three separate checks ? for $250 apiece ? to a
political action committee for House Republicans.