DSK quits IMF post

This has to rank as one of the most spectacular falls from grace in history (From the Wall Street Journal):

Dominique Strauss-Kahn resigned as head of the International Monetary Fund, ending a leadership crisis at the organization following charges that he sexually assaulted a hotel maid in New York.

In a letter to the board, Mr. Strauss-Kahn said: “I deny with the greatest possible firmness all of the allegations that have been made against me.”

The letter said Mr. Strauss-Kahn, being held in a New York jail on sexual-assault charges, would resign with immediate effect.

“I want to protect this institution which I have served with honor and devotion, and especially—especially—I want to devote all my strength, all my time, and all my energy to proving my innocence,” the letter said.

The IMF, which released the letter just after midnight Thursday, said it “will communicate in the near future on the Executive Board’s process of selecting a new Managing Director.”

Less than a week ago, he was one of the most powerful financiers in the world, the head of a global institution negotiating deals to resolve the European debt crisis, and an expected contender for the French presidency. Today, he’s sitting in a cell at Rikers Island in New York, charged with attempted rape, and his lawyer are expected to offer the court $1 million in cash to get him out on bail.

I can’t immediately think of anyone who has fallen so far, so fast.

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