James David Wolfensohn, President of the World Bank Group, celebrated his 70th birthday last week by playing the cello at two concerts with world renowned musicians Yo Yo Ma, Pinchas Zukerman, Vladimir Ashkenazy, Vladimir Feltsman, Joseph Kalichstein, Jaime Laredo, Cho-Liang Lin, Sharon Robinson and Bono.
Their first performance was at New York's Carnegie Hall.Ê The second, co-hosted by Mr. Wolfensohn and The Librarian of Congress James H. Billington,Êwas hailed as
'A Peace Concert' and held at the Library of Congress. Ê(Dr. Billington later described the evening as one of the most memorable in the Library's long history).
The two audiences of some 900 included former President William J. Clinton; Jordan's King Abdallah; Queen Beatrix of the Netherlands; Secretary General of the United Nations Kofi Annan; England's Lord Rothschild and Sir David Frost; Deputy Secretary of Defense Paul Wolfowitz; former Chairman of the Federal Reserve Paul A. Volcker and Supreme Court Justices Sandra Day O'Connor and Ruth Bader Ginsburg.Ê
"I chose this position because, to me, it has a higher purpose . . . . For me, it is rewarding and really more important than negotiating another private deal.Ê I'm fully respectful of the financial profession and grateful for the opportunities it has afforded me.Ê At the Bank, however, I have the unique chance, given to few individuals, to make a lasting change, even if fractional, for the betterment of all humanity."
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An accomplished cellist today, James Wolfensohn, in an interview, told me: "I love to play the cello.Ê I regret I didn't start studying the instrument until after my 40th birthday. And I hadn't practiced or played much since I began working at the Bank eight years ago.Ê
"Yet, I'm extremely pleased with the success of these two concerts and will always delight in memories of them. I hope that the important message of music as a way to peace was understood.Ê Surely, I could give myself no better birthday gift." Ê
He firmly believes that music knows no bounds, that it transcends all cultural barriers and brings together peoples of all nations.
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After his birthday concert at the Library of Congress, James Wolfenshohn is interviewed by World Tribune.com correspondent Trude B. Feldman. Photo by Michele Iannacci.
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Normally, James Wolfensohn brushes off birthdays as just another working day in an overly-busy life. "Aging is part of living and I accept that," he says.Ê "I count my blessings for a fulfilling life so far.Ê I have had the good fortune of living what seems like several lives ø in business, the arts and now, in a unique organization.Ê What is more important to me today is continuing my work with colleagues at the World Bank where we're making a difference in creating a better environment for this and future generations."
Multi-faceted and motivated to serve humanity, Mr. Wolfensohn is an intellectual who has a strong moral compass and a genuine compassion for human suffering.Ê Since becoming president, he has visited over 100 countries and has seen first hand the challenges which face the World Bank and its 184 member countries.Ê
A witness to an ocean of suffering, he is not satisfied to merely sympathize with the hungry and deprived.Ê Rather, he says, his goal is to be a catalyst for change, and to tackle the problems of poverty and development in partnership with others.
"The world situation today is very difficult," he says.Ê "There is a need for global leadership to recognize that poverty and peace are interconnected.Ê Yet, I am apprehensive about the pace whereby that recognition is forthcoming."
Describing the World Bank as a 24-hour commitment, Mr. Wolfensohn defines one of its roles as dealing with the impact of crisis on people, including the urgent need to look beyond financial solutions and to take social and structural steps together with the macro-economic issues.
A current important role is the reconstruction of Iraq.Ê In October, Mr. Wolfensohn attended the International Donors Conference for the reconstruction of Iraq in Madrid, Spain, where 73 countries were present, and more than $33 billion in economic aid was pledged to rebuild Iraq.Ê Some three-quarters of the non-American pledges were from the World Bank and the International Monetary Fund (IMF).
In Madrid, Mr. Wolfensohn conferred with, among others, Ambassador L. Paul Bremer, U.S. Civilian Administrator in Iraq; with Secretary of State, Colin L. Powell and with Secretary of the Treasury John Snow. "It was a successful conference," he recalls, "because there is a general recognition that Iraq must have international help to rebuild its infrastructure, and social services of education, health and care for the disadvantaged."Ê
Mr. Wolfensohn also believes that the World Bank should be engaged in both North Korea and in Iran. "The level of devastation in North Korea is enormous," he says.Ê "It is one of the poorest countries, yet there are massive political controls on our ability to act.Ê North Korea is not a member of the World Bank or the IMF.Ê I started discussions with the last president of South Korea and we are trying to build a knowledge base, but our entry will depend on political solutions."
As for Iran, he says that its situation also depends on the political climate.Ê "The level of devastation is not the same, and the level of governance is much higher," he adds.Ê "Iran will move forward with or without us. ÊBut we are trying to build relationships with Iran even though the issue is complex between the two schools of governance Ñ one, more extreme and the other, more moderate. ÊWe want to support the moderate actions and we're currently engaged in social projects there.
"However, that activity is politically controversial.Ê The World Bank's Board is generally supportive, but until the climate changes, we hope to learn more about Iran and build links with Iran on a non-political basis so as to add to its stability."
Mr. Wolfensohn pointed out that when, on September 11, 2001, the United States was attacked by terrorists, some 3000 Americans and citizens from other counties were innocent victims.Ê "That tragedy still has a tremendous impact on the entire world," he emphasizes.Ê "The horrendous attack has made almost everyone realize that there is only one world and what happens in the developing countries directly impacts (on) the rest of the world."
In answering the criticism that the World Bank is not efficient enough, its president asserts:Ê "The World Bank has become an extraordinarily efficient institution.Ê I believe that, of the international institutions, it is the most efficient; and while I know it is effective, we continuously work on improving our performance."
ÊÊÊÊÊÊÊÊÊÊBefore joining the World Bank, James Wolfensohn was an international investment banker as well as President and CEO of James D. Wolfensohn Inc., an investment firm that advised American and foreign corporations.Ê He was also Executive Partner of Salomon Brothers in New York; Executive Deputy Chairman of Schroders Ltd in London and Managing Director of Darling & Co of Australia.
Since 1970, he has been active in the Performing Arts, particularly at Carnegie Hall and The John F. Kennedy Center For The Performing Arts in Washington, DC, each of which he served as Chairman of the Board, and as a catalyst for expanded private sector support.
His childhood in Sydney, Australia was influenced by his older sister Betty, who still resides in Australia, and by his parents, Dora and Bill Wolfensohn. "As a child," he recalls, "my parents inspired me and instilled the moral principles and ethics that have stood me in good stead."
Besides an MBA from Harvard, he holds a BA and LLB from the University of Sydney.Ê He practiced law in the Australian firm of Allen Allen & Hemsley and he served as an Officer in the Royal Australian Air Force.
In May, 1995, Queen Elizabeth II presented James Wolfensohn with an Honorary Knighthood for his contribution to the arts.Ê The Governments of Australia, France, Germany, Morocco and Norway have Ñ over the years Ñ similarly honored him.
A Fellow of the American Philosophical Society and the American Academy of Arts and Sciences, he received numerous other awards, including the first David Rockefeller Prize for his work in culture and the arts from New York's Museum of Modern Art.
At Harvard, he met his wife, Elaine, now an education specialist.Ê She is a graduate of Wellesley, with a BA; and of Columbia University, with an MA and a Master in Education.Ê
"Our marriage is my most important personal achievement," he told me, "and we are the parents of three wonderful and talented children who give us much pleasure."
The turning point in James Wolfensohn's life was when he entered Harvard Graduate School of Business after practicing law in his native Australia.Ê "That led me," he recalls, "into the area of finance, and opened up the possibility of an international career.Ê It changed the scope of my life."Ê
He credits that change to Sir Sigmund Warburg, founder of the British Merchant Bank that bears his name.Ê "We met in 1960 in London," he remembers, "and I regard him as a mentor and sort of a role model in the financial world.Ê He was also committed to philanthropy and culture and led me in that direction as well."
Today, James Wolfensohn, a French-speaking Renaissance man of the 21st century, has a full head of iron-gray hair and is world-respected as he moves easily among the poor and rich alike.Ê With his intellectual and physical stamina, he is able, without pause, to go from subject to subject, nation to nation, at a daunting pace.
A former member of the 1956 Australian Olympic Fencing Team, he still has an energetic constitution that allows him to lead a peripatetic life style.Ê His strength and leadership-by-example style are enhanced by his optimism and humility.Ê His wicked sense of humor and quick smile are as much a part of him as his self-discipline and remarkable perseverance.
So why did James Wolfensohn resist the allure and prestige of the business and financial worlds to involve himself in the World Bank?
"I chose this position because, to me, it has a higher purpose," he responds.Ê "It is an honor to be engaged in global issues that affect literally millions of people.Ê After some success in business in the private sector, the World Bank gives me the freedom to be independent and to speak vigorously on issues that impact our diverse world and its people.
"For me, it is rewarding and really more important than negotiating another private deal.Ê I'm fully respectful of the financial profession and grateful for the opportunities it has afforded me.Ê At the Bank, however, I have the unique chance, given to few individuals, to make a lasting change, even if fractional, for the betterment of all humanity."
Has Mr. Wolfensohn ever regretted his decision to choose public service?Ê
"No," he answers, "but I do regret that I don't have greater influence on the course or the direction of our political leaders.Ê As one example, too much is being spent on world defense, and not enough on human development.
Ê"I believe the direction in which we're moving is correct, but I very much regret that we haven't made more progress on the issue of poverty alleviation throughout the world. Since my presidency here, I have learned how poverty impacts directly on world peace."
As he sees it, freeing the world of poverty is one of the World Bank's most crucial missions.Ê And despite the enormity of his task, he says that he won't give up.Ê He knows the process is, at times, tedious, but is determined to bring about meaningful progress.
Since AIDS contributes to poverty, Mr. Wolfensohn was asked what the World Bank is doing about the disease.
"AIDS is a hugely significant issue and I spend much time on it," he replies.Ê "There are some 42 million cases in the world, and each year, three million people contract it.Ê We have a good team taking a frontal initiative and already have allocated some $2 billion, but we need to put more money into it.Ê The issue of AIDS is not only a dramatic human issue, but is one of growth and of stability, and these facts are underappreciated."
James Wolfensohn continues to urge the Bank's Board of Governors to recognize the challenges of development.Ê He reiterates that the Bank needs to strengthen partnerships with other official aid and development institutions, with civil society and the private sector.Ê He asks that they work more closely on these issues with governments served by the Bank.
He often reminds his colleagues that the Bank is also committed to fight corruption, adding: "We have been pushing ahead vigorously with this agenda."
In addition, Mr. Wolfensohn speaks frequently of the 'Challenge of Inclusion'-- the need to think of development in human terms and bring the weakest and the most vulnerable from the margins of society to center stage.
Now, as he turns 70, James Wolfensohn expresses his vision for the World Bank by asking his own thought-provoking questions:
- Will we seize the moment to raise our sights for a better world?
- Will we begin to judge our efforts, not by the prosperity of the few, but by the needs of the many?
- Will we be prepared to hold ourselves accountable, to make the effort necessary to bring about change?
"I do not think in terms of legacies," he allows.Ê "But I certainly hope that these three questions will be answered in the affirmative during my tenure at the World Bank Group."
Ñ Trude B. Feldman, a veteran White House and State Department correspondent, is internationally syndicated and a contributing editor for World Tribune.com.
