Playing Word Games.

When public figures get caught with their pants down, literally and figuratively, they are fair game. If they get caught with them down on the job, so to speak, they are even fairer game. So, when the head of a major international organization is exposed for having an affair with one of his senior subordinates--consensual or not--he at least should get the gloves-off treatment.

I do not agree with Anne Sinclair, wife of the IMF's Managing Director, Dominque Strauss-Kahn (the couple are pictured). She is a celebrated French journalist, who said on her own blog: "Just this, before any malevolent rumours start, a few quick details: everyone knows that these things can happen in the life of any couple. For my part, this one-night stand is behind us. We have turned the page." Interesting. He turns the sheets; she turns the page. This is now the standard public officials' wifely response: remember New York Governor Elliot Spitzer and Senator Clinton? In good political fashion, because let's not forget that Mr. Strauss-Kahn is first and foremost a prominent French politician, the call is for the "establishment" to rally round.

Mr. Strauss-Kahn apologized to the IMF's Executive Board, his family, the former employee, and staff of the IMF (the Fund), saying that he made "a serious error of judgment" in having the extramarital affair with the employee. No kidding! But after an official enquiry (see Board statement and report), he will be allowed to hold onto his position.

So much irony. Here we are at a time when the world is looking for new direction and leadership in a worsening financial crisis, and politicians are again talking about giving the Fund a new mandate. The same weekend that its MD stands up to call for major changes, the noted financial newspaper, The Wall Street Journal, scoops and tells the world that he has been finding himself a new man date. This happened in January-February this year, when financial meltdown was not yet looming, and calm heads should have been in place.

I'm sure that the staff employee, Ms. Piroska Nagy (who has since resigned and now working for the European Bank for Reconstruction and Development), and her husband, Mario Blejer (former President of the Argentine central bank, former IMF employee, former Bank of England Advisor, see his website) have gone through enough public grief to last a life time. But, after only a week of this public glare, it may not even be much beyond the beginning.

The Fund has made a great play in recent years for more transparency, greater accountability and improved governance, not only amongst member countries over economic and financial policies, but also with regard to what it does itself (see its website). Does it pass its own test? I would say not. As Mr. Shakour Shaalaan, the doyen of the Fund's Executive Board, is reported to have said (see NY Times report): "Mr. Strauss-Kahn would have to work to regain the trust of the staff, particularly female employees. 'There are a number of staff who are not at all happy, and do not approve of the managing director’s behavior.'" That will be the very least.