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Jun 1, 2003

Corbo Takes Over

In April, Chile's Senate approved by a vote of 40 to 6 the government's appointment of Vittorio Corbo as central bank governor. Corbo replaces Carlos Massad who resigned in March. Corbo took over on May 2nd and will run the bank until December 2007 when Massad's term would have ended, unless th Senate ratifies his reappointment for another full term. Corbo is highly respected in Chile and abroad, and his appoinment should reinforce the central bank's credibility after a damaging corruption scandal. Although Massad's integrity was never in question, he quit after investigators found that Pamela Andrada, his secretary, had sold market sensitive information to Eduardo Monasterio, CEO of Inverlink, a financial services comapny. Inverlink executives also earned $95 million in profits from illegal transactions involving certificates of deposits from Corfo, a government development agency. Corbo, an influential economist, has worked as an advisor to many...

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