Robert Rubin abandoned the Clinton administration when a recession was unavoidable. His relief was his protege, Larry Summers.
Robert Rubin talked the Citigroup board into investing in extremely high-risk mortgage-backed securities. He also showed the bank how to carry those risks off the books–exactly the way he showed Enron how to do it.
Robert Rubin negotiated the Fed’s bailout of Citi even as the government refused to help the auto makers.
Robin Rubin installed Larry Summers on Obama’s economic council in order to avoid prosecution as the kingpin of Citi’s downfall, which should have resulted in Fed takeover and receivership.
If you want to know who’s responsible for the economic meltdown, you’ve read them all here:
* Franklin Raines** James Johnson** Jamie Gorelick** Robert Rubin** Lawrence Summers** Christopher Dodd** Barney Frank** Lacy Clay** Maxine Watters
There’s your list. These are the men and women who brought you to brink of a Great Depression. And now the criminal, slimy thief Robert Rubin is whining and lying to the Wall Street Journal.
Still, Mr. Rubin was deeply involved in a decision in late 2004 and early 2005 to take on more risk to boost flagging profit growth, according to people familiar with the discussions. They say he would comment that Citigroup’s competitors were taking more risks, leading to higher profits. Colleagues deferred to him, as the only board member with experience as a trader or risk manager. “I knew what a CDO was,” Mr. Rubin said, referring to collateralized debt obligations, instruments tied to mortgages and other debt that led to many of Citigroup’s losses.
Disgusting. Yet Rubin is the odd-man out and could be the fall guy for the economic collapse. Unlike the others listed, Rubin remains outside of Obama’s inner circle. He’s a Goldman Sachs guy, which is not a popular thing to be these days.
Look for some federal prosecutor to make a name for himself by indicting Rubin.
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