It just became a hell of lot less likely that we’ll have two consecutive IMF directors resign in disgrace, as that little police raid of Dominique Strauss-Kahn’s successor’s apartment apparently had nothing to do with her.

International Monetary Fund managing director Christine Lagarde wasn't put under formal investigation Wednesday after a marathon questioning session by French magistrates looking into the alleged misuse of state funds when she was France's finance minister, a court official said.

Ms. Lagarde remains an important witness in the case, the official said….

The hearing "demonstrates that I have always acted in the interests of the country and in accordance with the law," Ms. Lagarde said as she left the court.

Lagarde Not Under Formal Investigation in Tapie Case [WSJ]