Sunday, November 23, 2008

Robert Rubin: Exposed

Many citizen activists have tried to inform the public about the criminal activity of Robert Rubin during the Clinton administration. Today, finally, the "paper of record," The New York Times in an article on why Citigroup (aka citi, Citibank, Citicorp) is melting down titled, "The Reckoning – Citigroup Saw No Red Flags Even as It Made Bolder Bets”, (dated November 22, 2008) set out the basic facts for all to see:

"When he was Treasury secretary during the Clinton administration, Mr. Rubin helped loosen Depression-era banking regulations that made the creation of Citigroup possible by allowing banks to expand far beyond their traditional role as lenders and permitting them to profit from a variety of financial activities. During the same period he helped beat back tighter oversight of exotic financial products, a development he had previously said he was helpless to prevent.

" And since joining Citigroup in 1999 as a trusted adviser to the bank’s senior executives, Mr. Rubin, who is an economic adviser on the transition team of President-elect Barack Obama, has sat atop a bank that has been roiled by one financial miscue after another."

What the New York Times failed to mention (and the journalist had much to cover in the article, and limited space), was that Rubin and Alan Greenspan openly engaged in criminal activity. They violated their oaths of office by letting Citigroup and other banks know that they could go ahead and act as if they were already deregulated, even before Congress actually passed the laws that Rubin was pushing. Bill Clinton, of course, was complicit (as were leading Republicans and other leading Democrats including Vice-President elect Joe Biden (the Senator from Mastercard).

Rather than repeat myself, I'll refer you to my earlier postings:

Gramm-Leach, Glass-Steagall, and Bill Clinton

Housing, the Credit Squeeze, and Glass-Steagall Act

You can get some somewhat-sanitized information on Robert Rubin at Wikipedia.

Can we recycle crooks from past administrations to be Barack Obama advisors? Yes We Can!

1 comment:

  1. I like this blog, the layout is great! Did you hear about the new bailout and financial assistance programs for citizens and immigrants??

    Bailout and Financial Assistance for USA Citizens and Immigrants

    ReplyDelete