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World Bank President Paul Wolfowitz spent his two years in the job trying to build his credentials as the banker to the developing world. But one of his first decisions back in 2005 put his job on the line. On Friday, the World Bank released documents showing Wolfowitz signed off on the promotion and pay rise of his girlfriend Shaha Riza. Wolfowitz apologized for his involvements.

In hindsight, I wish I had trusted my original instincts and kept myself out of the negotiations. I made a mistake for which I am sorry. But let me also ask for some understanding. Not only was this a painful personal dilemma, but I had to deal with it when I was new to this institution and I was trying to navigate in uncharted waters.

The Board said proper procedures were not followed, noting (quote/), "The Ethics Committee had not been involved in the discussions with the concerned staff member". And that "neither were the terms and conditions of the agreement commented on reviewed or approved by the Ethics Committee". Wolfowitz's move from the Pentagon to the World Bank was controversial from the moment President George W. Bush nominated him in 2005. Wolfowitz was one of principal architects of the Iraq War. But he has also spearheaded an anti-corruption drive/ throughout the World Bank.

He wanted the countries where there was enormous corruption to clean up their act before he would give them the money. Now, that's not a bad idea, because the money gets into these countries and goes into corrupt pockets. So he had the right idea. But, when you take that kind of a holier-than-thou attitude, you'd better not have your own hands in somebody's cookie jar.

The bank's employee association called for his firing. Wolfowitz said he wanted to focus on what the bank does.

In the larger scheme of things, we have much more important things to focus on. For people who disagree with the things / they associate with me in my previous job, I'm not in my previous job. I'm not working for the US government. I'm working for this institution and its 185 shareholders. I believe deeply in the mission of this institution, and I have a passion for it.

The World Bank will have to rebuild its reputation, now tarnished by the Wolfowitz controversy. Jim Boulden CNN, London.