Dominique Strauss-Kahn Resigns as IMF Chief!

Looks like the jail time Dominique Strauss-Kahn faced has made him make some serious decisions. Dominique Strauss-Kahn resigned from his post as manager of the International Monetary Fund — saying he felt compelled to focus his energy on the sexual assault charges he faces — the French politician will try to get out of one of America’s most notorious jails.

Behind bars on New York’s Rikers Island since Monday, the beleaguered former IMF chief is scheduled to return to a Manhattan court Thursday afternoon to again ask for bail on charges he sexually assaulted a hotel maid — a move seemed certain to face vigorous opposition by prosecutors.

Late Wednesday, Strauss-Kahn resigned as managing director of the International Monetary Fund, according to a letter released by its executive board.

In the letter, Strauss-Kahn denied the allegations but said he felt compelled to resign with “great sadness” because he was thinking of his family and also wanted to protect the IMF.

Strauss-Kahn went from his $3,000-a-night hotel suite to an isolated cell block at Rikers normally reserved for patients with contagious diseases. Kept in protective custody and on a suicide watch, authorities said he ate his meals alone in a single cell and was escorted everywhere by prison guards.

Defense lawyers can raise the issue of bail as many times as they like, and it’s common to make new proposals and try again after a client gets high or no bail, said Stuart P. Slotnick, a New York defense lawyer not involved in the case. Such attempts can succeed if a judge is persuaded that new information reduces the perceived risk that the person won’t come back to court if released.

Strauss-Kahn is one of France’s highest-profile politicians and was seen as a potential candidate for president in next year’s elections. His arrest shocked France.

The scandal comes at a critical moment for the International Monetary Fund, which is trying to shore up teetering economies in Europe. The IMF is an immensely powerful agency that loans money to countries to stabilize the world economy. In exchange it often imposes strict austerity measures.