Now, mr Dominique Strauss-Kahn is not someon you will find Capitalists defending in general. The communist Frenchman has a long hisotry of economic and political misjudgements. However, his arrest on Friday in New York is quite something.
At a crucial moment in the negotiations over further European bailout the key lead is gone. the IMF have bent over to help the EU, even though the EU has held tight onto its prinicples of keeping the Euro and avoiding default. In part, this has been thanks to the head of the IMF backing this unorthodox (read silly) strategy.
His temporary replacement is an American with a background of working for JP Morgan. He is sure to have different views, although perhaps the needs of diplomacy mean that he won't be able to obviously change track on IMF policy too quickly; however, charges for Stauss-Kahn will mean Lipsky will get a more long-term shot at the job, certainly until new appointments in the new year.
Timing is everything and this timing sure seems 'odd', conspiracy theorists will have a field day but the key will be to see if there is any change to the terms of the Greek bailout - the more changes there are, the more suspicious I will become.