Not So Quick, Kofi

"As I had always hoped and firmly believed, the inquiry has cleared me of any wrongdoing," Kofi Annan quickly responded to Paul Volcker's interim report on the UN Oil for Food scandal today. However, the report didn't exactly exonerate Annan.

The report released Tuesday also accused the company, Cotecna Inspection S.A., and Annan's son, Kojo, of trying to conceal their relationship after the contract was awarded. It also faulted Kofi Annan for conducting a one-day investigation into the matter, saying it should have been a more rigorous, independent probe.

The report's conclusion was not the clear vindication that the secretary-general had wanted, though the investigation led by former U.S. Federal Reserve Chairman Paul Volcker did not accuse the U.N. chief of corruption or any other wrongdoing.

There's a big difference between finding Kofi innocent and not having enough evidence of wrongdoing. Also, I have no doubt that Volcker will give the benefit of any doubt to Kofi - especially since the UN is paying Mr. Volcker's fees. If Kofi were bound by the corporate laws of Sarbanes-Oxley, he would be going to jail alongside Dennis Koslowski, Bernie Ebbers and Ken Lay.