I can not disagree more with the sentiments of FT editorial of the 20th of December that the IMF has good reason to stick with Lagarde. Christine Lagarde is part of an untouchable globe elite who keep their job despite convictions, making the IMF look like FIFA under Blatter.
Lets not also forget the lecture she gave to the British public on BREXIT in the lead up to the referendum in support of her pals Osborne and Cameron. I for one am convinced her input along with Obama did not help the case of staying in the EU one bit and if anything helped swing it against staying in the EU.
It is bad enough that the IMF in 70 odd years of existence has never had a non-European as its helm and with its first women head it allows IMF to be the first banking organisation to have a convicted felon as their chief rather than typical alleged fraudsters. It is exactly this sort of thing, which reeks of establishment stitch-up, that fuels disenchantment with politics.
She should do the decent thing and simply stand down as other Central Bankers have in recent time in similar situations. For example, the resignation of Central Banker of the Year in Asia-Pacific of 2015 and the Governor of Bangladesh Bank, Atiur Rahman after the $100 m cyber-heist between New York & Dhaka at the beginning of the year comes to mind even though he was not convicted of anything at all.
So is there any surprise we have a backlash against globalisation when institutions like the IMF act in this manner.