Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Report on Business

Economy Lab

Delving into the forces that shape our living standards
Best Business Blog, EPPY awards, 2011 and 2012

Entry archive:

Economy Lab has moved

Only Globe Unlimited members will now have access to a wide range of insightful commentary
and analysis on the economy and markets previously offered on this page.


Globe Unlimited subscribers will be able to read these columns,
written by some of Canada’s most deeply respected economists,
such as Christopher Ragan, Sheryl King, Andrew Jackson, and Clement Gignac,
as part of our ROB INSIGHT section.


All of our readers will still be able to browse the Economy Lab archives and read our
broader coverage of economic data and news by accessing their 10 free articles a month.


Learn more about Globe Unlimited and how to subscribe.

Pedro Delgado (Mauricio Muñoz/Presidencia de la Republica)
Pedro Delgado (Mauricio Muñoz/Presidencia de la Republica)

Fake degree catches up to Ecuador’s central banker Add to ...

Amid the intense focus on Mark Carney’s move to the Bank of the England and the latest monetary policy manoeuvres of the Fed’s Ben Bernanke and the ECB’s Mario Draghi, a central bank story of an entirely different kind was unfolding in Ecuador.

Until his sudden resignation six days before Christmas, Ecuador’s central banker was Pedro Delgado, a long-time public servant who also happens to be a cousin of President Rafael Correa. But it seems Mr. Delgado was utterly unqualified for his job.

More Related to this Story

Mr. Delgado publicly acknowledged that more than two decades earlier he had faked his economics degree, which gained him admittance to a prestigious business school. He then left town, against the advice of his cousin, for what he insisted would be a brief visit to Miami to spend Christmas with relatives. When he didn’t return to Quito after New Year’s, the embarrassed Ecuadorean government asked U.S. officials for help to get him back. They responded on Thursday by revoking Mr. Delgado’s travel visa.

The disgraced central banker faces possible charges for dereliction of duty. A gloomy Mr. Correa declared that Mr. Delgado, who was unmasked by a political opponent who simply contacted the centres of higher learning listed on his résumé, “has done serious damage to the revolution.”

It would be great to report that Ecuador had managed to prove that any idiot off the street could run a central bank. And capitalists are bound to cheer any setback to a market-damaging social revolution. But alas, Mr. Delgado was no candidate for the central bankers’ hall of fame. He came under fire for an allegedly improper loan to an Argentine citizen and for his purchase of a Miami house with another questionable loan. He has denied these and other accusations of illegal financial dealings with Iran.

Follow on Twitter: @bmilnerglobe

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular