World Bank President Paul Wolfowitz resigns

Paul Wolfowitz resigned as president of the World Bank on Thursday ending a protracted battle over his stewardship brought to a head by his involvement in a high-paying promotion for his companion. He said he would step down as of June 30, the end of the bank's current fiscal year. He fought hard up to the last hour to clear his name after a bank panel found he violated several bank rules in approving the promotion for Shaha Riza, a long-time Middle East expert at the bank.