"I'm here. I'm staying," said Paul Volcker last week to a relieved audience of international bankers. With those unequivocal words, the Federal Reserve chairman squelched rumors that he would leave his post to assume the presidency of the World Bank, which will become vacant when A.W. Clausen steps down next year. At a Washington conference sponsored by the American Stock Exchange, Volcker admitted that "the question arose" of his taking the World Bank job, but added, "My answer was no." Federal Reserve officials confirmed that the Administration had formally asked the chairman to replace Clausen.
Volcker's rejection of the job was...
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