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S. Africa''s Mining Weekly reports GATA''s exposure of double-counted gold

Section: Daily Dispatches

Deputy Secretary of State Quits for Wall Street

By Sue Pleming and Saul Hudson
Reuters
Monday, June 19, 2006

http://yahoo.reuters.com/news/articlehybrid.aspx?
storyID=urn:newsml:reuters.com:20060619:MTFH43613_2006-06-19_20-49-
55_N19307376&type=comktNews&rpc=44

WASHINGTON -- U.S. Deputy Secretary of State Robert Zoellick
announced his resignation on Monday to join investment house Goldman
Sachs after focusing on China and Sudan in the No. 2 job at the
department.

Zoellick had been tipped as a candidate for treasury secretary but
was passed over for the job, which went to Goldman Sachs chairman
Henry "Hank" Paulson.

With Zoellick at her side, U.S. Secretary of State Condoleezza Rice
paid tribute to her outgoing deputy as a strategist and an
intellectual leader.

She did not announce a replacement for Zoellick when he leaves next
month and State Department officials said it was undecided whether
his successor would be the point person on China and Sudan.

Last month, Zoellick played a pivotal role in getting the main rebel
groups in Sudan's western Darfur region to sign a peace agreement
after talks had dragged on for years. He had made several trips to
the region.

Darfur activists voiced concern his successor might not devote as
much time to the issue and they urged the Bush administration to
appoint a special envoy for Darfur.

"More than anyone else he (Zoellick) has moved this forward and come
up with tangible results. It is a matter of concern when one of the
administration's point people decides to leave," said Alex Meixner
of the Save Darfur Coalition, an alliance of groups that raises
public awareness about Darfur.

A candidate to succeed Zoellick has not yet been identified, but
Rice's top aid official, Randall Tobias, could be among those on a
short list, said one official.

"Bob has been greater than ever, whenever we have faced challenges,"
Rice said of Zoellick, adding he was willing to "get up his courage
and roll up his sleeves and even occasionally hug a panda."

Zoellick has a reputation as a demanding detail man and can appear
stiff in public, but he has been teased in the Bush administration
for a widely published photograph of him holding a baby panda in
China.

He was hired as a managing director at leading investment bank
Goldman Sachs Group Inc., where he will serve as international vice
chairman and chairman of the firm's "international advisors."

Goldman has long had close ties with official Washington, the recent
nomination of its Chief Executive Henry Paulson to become Treasury
Secretary being just the latest in a string of executives from the
firm who have gone on to government jobs.

The international advisors group Zoellick will chair includes former
U.S. House Speaker Thomas Foley.

Zoellick is likely to be paid over $1 million a year at Goldman,
including a cash bonus, said Paul Hodgson, a compensation critic at
Corporate Library. That would be a big raise from his State
Department salary of $165,200.

Zoellick denied reports he told the White House he would leave the
administration if not given the post of treasury secretary.

"If you're someone like me who is interested in public service those
are attractive possibilities, but no one ever said to me this is a
job you could have. I certainly knew I'd always be a contender as
the president and others told me, but as I said, if I were the
president and I had a choice in Hank Paulson, I'd pick Hank
Paulson," Zoellick said.

"So there was never any sense of like I must get this or I'm going
to do that."

Before joining the State Department, Zoellick was U.S. Trade
Representative from 2001, where he completed negotiations to bring
China and Taiwan into the World Trade Organization.

Much of his focus at the State Department was also on China, whose
military build-up and growing economic muscle has strained ties
between the two superpowers.

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