L'Affaire Wolfowitz

World Bank President Paul Wolfowitz has been caught up in a "conflict of interest" scandal over a huge pay raise given to his girlfriend, a World Bank employee.
Last night, John ("P.C.") Hodgman explained the World Bank to Jon Stewart - here's the video from the Daily Show.
Also, Ken Rogoff imagines a secret internal memo from Wolfowitz to the World Bank staff (hat tip to Mankiw).
But, seriously, from the Washington Post, here's Sebastian Mallaby's column on the issue, and a defense of Wolfowitz from Andrew Young.