Paul Wolfowitz may not be an elected politician, but he's certainly part of the US political elite, if for no other reason than having been accused of corruption.
His reaction is reminiscent of a politician in Jersey of my acquaintance. When accused of a lack of integrity he's responded with a whopper, quoted in the FT:
I will not resign in the face of a plainly bogus charge of conflict of interest.
As the FT continued,
Mr Wolfowitz lashed out against what he called a "smear campaign" that aimed "to create a self-fulfilling prophecy that I am an ineffective leader and must step down for that reason alone".
If you can read the story (also available at MSN) you'll have little doubt about what the FT really thinks.