Released on = April 12, 2007, 12:14 pm

Press Release Author = Walt Lecter/Carlton Hedges & Associates

Industry = Financial

Press Release Summary = Paul Wolfowitz was under pressure to resign as president of
the World Bank on Thursday after admitting he was personally involved in securing a
large pay rise and promotion for a Bank official with whom he was romantically
involved.

Press Release Body = Wolfowitz personally issued a public apology, saying: "I made a
mistake for which I am sorry". The apology came after the Financial Times revealed
that Mr Wolfowitz ordered the World Bank's head of human resources to offer Shaha
Riza the pay rise and promotion as part of a secondment package.

The instructions were set out in a memorandum dated August 11 2005, according to two
sources who have seen the document. The Bank's board of directors, who represent its
shareholder governments, met in emergency session yesterday to review the findings
of their own investigation into the Riza assignment.

Pressed by journalists at the opening press conference of the Bank's spring meeting
as to whether he would resign over his handling of the Riza case, Mr Wolfowitz said
he would "accept any remedies" the board proposes. He did not comment on the
specifics of the memo.Moments later, amid chaotic scenes in the lobby of the Bank's
headquarters in Washington, the Bank president made an impromptu address to staff
who had gathered to call for his resignation.An emotional Mr Wolfowitz told staff
the controversy had been "very painful" and apologised to them in person for his
handling of the affair.

Carlton Hedges & Associates spokes person, Walt Lecter, said "Mr Wolfowitz must act
honourably and resign". He further went on to say "I believe he, Mr Wolfowitz, is
attempting to cover up his actions". He continued by saying "He has broken the
staffs trust on this and many other issues and the staff association should call a
vote of no confidence in him"

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