Wolfowitz is guilty.

To be honest, I don't know whether to laugh or cry at this.

He works for the World Bank and am sure of the laws. So what could have led such things to happen?

1) he really thinks that he is ABOVE the law and could break the laws/rules and not be punished.
2) he is very dumb and didn't bother to cover his tracks. I'm sure we have watched so many cop-thief shows to know that we have to cover our tracks. I mean, even the lowest person in the government knows the importance of covering our tracks.
3) he really think that he did no wrong...Well, I applaud his bravery and wonder where his warped sense of right/wrong comes from. If you have read my post before about Paris Hilton, you will understand that I'm very concerned over this right/wrong thing that pervades our society this days. What I would say as "relativity"...we are all wrong and right, all depends on which perspective we are looking from.
4) and of coz, just for fairness sake, he did not commit any wrongdoing (but the World Bank seemed to refute this suggestion).

Well, for one, I'm glad that such people are caught and punished.
But I'm not glad about the fact that there are such people in such institutions.

Okay, I can understand if there are corrupted people in private institutions and how they conduct insider trading. Let's face it, anyone that works in the financial institutions is well aware that insider trading happens all the time. It is just so hard to prove insider trading. If someone were to investigate all the suspicious activity, I doubt a year will be enough...

We are talking about the World Bank here, supposedly a non-profit organization...surely you would expect people of integrity to be present in the higher levels of the company. Then again, if you can have corrupted people working in some of country's government, then perhaps I should never be surprised...