Dominique Strauss-Kahn gets bail

Dominique Strauss-Kahn, the former managing director of the International Monetary Fund arrested on charges of a sex attack on a New York hotel maid recently, was granted bail on the condition that he remains under house arrest.

The bail amount was set at $1 million and elaborate arrangements were made to keep the 63-year-old banker diplomat, who on Wednesday resigned from his position maintaining that he is innocent, in a private apartment in Manhattan, monitored by armed guards.

Tough financial and personal movement conditions were put on Strauss-Kahn by Judge Michael Obus, including the house arrest, which would cost the defendant about $200,000 a month and a $5 million security deposit, to grant his release from Rikers Island prison.

The prospective Socialist Party presidential candidate in France, Dominique Strauss-Kahn, was arrested on Saturday last for allegedly sexually assaulting a maid of a Manhattan hotel.

On Wednesday Dominique Strauss-Kahn informed the Executive Board of the International Monetary Fund (IMF) of his intention to resign as Managing Director with immediate effect.

“It is with infinite sadness that I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF,” Strauss-Kahn said in a statement.

“I think at this time first of my wife?whom I love more than anything?of my children, of my family, of my friends.

I think also of my colleagues at the Fund; together we have accomplished such great things over the last three years and more,” he said.

“To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me,” he said.

“I want to protect this institution which I have served with honor and devotion, and especially?especially?I want to devote all my strength, all my time, and all my energy to proving my innocence,” he said.

The IMF said it will communicate in the near future on the Executive Board?s process of selecting a new Managing Director. Meanwhile, John Lipsky remains Acting Managing Director.

Port Authority of New York and New Jersey police took out Dominique Strauss-Kahn from an Air France plane at the John F. Kennedy airport on Saturday after he allegedly tried to rape the hotel maid.

Reports said, he allegedly came out naked from the bathroom and tried to force himself on the woman who managed to break free and alert the hotel employees. The victim reportedly suffered some minor injuries.

The New York Police was informed but Strauss-Kahn had by then left for the airport. He was later arrested from the plane’s first class.

Dominique Strauss-Kahn often referred to as DSK, is a French economist, lawyer, and member of the Socialist Party of France (PS).

He was selected as the new Managing Director of the International Monetary Fund (IMF) on 28 Sept 2007 with the backing of President Nicolas Sarkozy.