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BREAKING NEWS FROM CNBC'S STEVE LIESMAN: STRAUSS-KAHN DOES NOT HAVE TO RESIGN OR STEP ASIDE AS A RESULT OF CHARGES

WHEN: TODAY, MONDAY, MAY 16TH

WHERE: CNBC'S "THE CALL"

Following is the unofficial transcript of breaking news from CNBC's Steve Liesman. All references must be sourced to CNBC.

LIESMAN: WELCOME BACK. A SOURCE TELLING CNBC A SOURCE FROM THE IMF IS TELLING CNBC THAT THE IMF WILL HOLD AN EXECUTIVE BOARD MEETING FOLLOWING THE CHARGES WHEN THEY ARE FILED AGAINST THE IMF MANAGING DIRECTOR DOMINIQUE STRAUSS-KAHN. IT WILL BE A MEETING TO UPDATE THE MEMBERS OF THE EXECUTIVE BOARD ON THE SITUATION AT THE IMF. NOW, WE'RE ALSO TOLD BY THIS SOURCE THAT HE DOES NOT HAVE TO RESIGN OR STEP ASIDE AS A RESULT OF SUCH CHARGES. IT WILL BE THE CHOICE OF THE MANAGING DIRECTOR TO DO SO. FINALLY WE'RE ALSO TOLD STRAUSS-KAHN WAS PERSONALLY PAYING $525 A NIGHT FOR THIS HOTEL ROOM NOT $3,000 AS HAS BEEN WILDLY REPORTED. WE ALSO SPOKE WITH A U.S. OFFICIAL.THIS PERSON TOLD US THAT THE ISSUE SURROUNDED STRAUSS-KAHN ONLY SPED UP SOMETHING THAT WAS ALREADY GOING ON WITH THE UNITED STATES, WHICH WERE DECISIONS ON THE IMF AND WORLD BANK AND A LOT OF OTHER FINANCIAL INSTITUTIONS WHOSE LEADERSHIP IS OUT INFLUX RIGHT NOW. BACK TO BILL.

BILL GRIFFETH: WE SHOULD POINT OUT, STEVE, THAT WHITE HOUSE OFFICIALS AND FORGET ONE OTHER GOVERNMENT OFFICIAL WAS SAYING THEY STILL SUPPORT THE IMF AND THEIR EFFORTS ON BEHALF OF THE EUROPEAN DEBT CRISIS. AT THIS POINT, SO AT THIS POINT THEY'RE NOT PULLING BACK AT ANY RATE.

LIESMAN: NO DEFINITELY NOT. BY THE WAY, THE IMF SOURCE TOLD US ALSO THAT AS A DEPUTY DIRECTOR RIGHT NOW IN BRUSSELS DOING THOSE NEGOTIATIONS ON BEHALF OF THE IMF AND THIS PERSON STRESSED THAT ALL OF THE FUNCTIONS OF THE IMF ARE ABSOLUTELY OPERATIONAL AT THIS TIME BILL.

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