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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