Posted on 11/29/2008 10:03:02 AM PST by BGHater
Former U.S. Treasury secretary Robert Rubin said the near-collapse of Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), where he is a senior counselor, was due to the buckling financial system and not his own mistakes, according to an interview published on The Wall Street Journal's website on Friday.
Rubin, who is also a director at Citigroup, acknowledged he was involved in a board decision to ramp up risk-taking in 2004 and 2005, according to the paper, and said if executives had executed the plan properly, the bank's losses would have been less.
The Journal said Rubin has earned $115 million in pay since 1999, excluding stock options.
"I bet there's not a single year where I couldn't have gone somewhere else and made more," said Rubin, according to the Journal.
Rubin cited former Federal Reserve Chairman Alan Greenspan as another example of someone whose reputation has been unfairly damaged by the financial crisis, according to the Journal
The paper reported that Rubin said of the current crisis: "what came together was not only a cyclical undervaluing of risk (but also) a housing bubble and triple-A ratings were misguided," he said. "There was virtually nobody who saw that low-probability event as a possibility."
Rubin told the Journal that the Citigroup board could bear some responsibility and that some things should have been done differently.
The former Treasury secretary also gave his support to Citigroup chief executive Vikram Pandit.
"Vikram runs this company on a worst reasonable case for this economy. Essentially, the pieces of Citi will look how they do today," the Journal quotes Rubin as saying.
(Excerpt) Read more at reuters.com ...
One only had to look at the Austin, Texas real estate bubble of the mid eighties to see what was coming. The guy was paid $115 million PLUS options, and he couldn't see this coming?
I sadly have only one thing to say and it’s not eloquent as Rubin doesn’t warrant it. Wot a d(*&.
Oh How Noble of him.
I don't believe him. He was high up in the Clinton Administration and probably had a hand in the mortgage mess. Prove me wrong Ruby, and I will believe you.
When has a Clintanoid ever taken responsibility.
The low probability event he must be referring to is that anyone as far left as Obama could ever get elected, returning Rubin to a position of 'restored credibility' as long as he quickly revises his own history of failure...!
Of course not.
Rubin saw this coming. But when you are paid millions and millions, why blow the whistle?
Rubin started the cascading bubble economic disasters with the early 2000 collapse of his original blue smoke and mirrors economy!
The dude glows at night, he's radioactive.
Knowing Obama's skill at throwing people under the bus, Rubin's got tire marks on his backside.
“When has a Clintanoid ever taken responsibility.”
Bingo. I think Janet Reno was the last Clintonite to take responsibility for a decision. Of course, it was for burning up 85 kids at Waco, not anything serious.
I don’t believe him, either, and I think anybody who does is foolish. Another damned expert pretending his pants aren’t down around his ankles in front of the whole world.
Excuses, excuses! Others to blame.
Makes it sound like they never made a decision... effecting anything!
Excuse me while I go barf on this Rubin schlock!
Wouldn't it be nice if part of the bailout required recovery from past looters.
“Rubin, who is also a director at Citigroup, acknowledged he was involved in a board decision to ramp up risk-taking in 2004 and 2005, according to the paper, and said if executives had executed the plan properly, the bank’s losses would have been less.
But my dear Mr. Rubin, everyone in the finance industry knew that CitiCorp was chaotic and disorganized, and full of incompetents at all levels. I guess you either hadn’t heard this, or thought they could execute your plan properly anyway.
“Rubin, who is also a director at Citigroup, acknowledged he was involved in a board decision to ramp up risk-taking in 2004 and 2005,”
and how much will this scumbag make because of this BOARD DECISION TO RAMP UP RISK-TAKING IN 2004-2005. Oh ya, it wasn’t his fault.
“-—executives had executed the plan properly, the bank’s losses would have been less.”
Well, that explains it, ya, sure does!!
This was a well thought out plan, beautifully finessed!
And who suffers!!!! Guess I should finish reading the article — this answers my question .... “The Journal said Rubin has earned $115 million in pay since 1999, excluding stock options.
Depends upon the meaning of ‘is’ is. Rubin, ‘You can’t blame me.”
Rubin is swimming in Shi’ite. He must be getting scared. You have to know this POS is worried. I just saw a PBS panel discuss corruption in D.C. The commentators were calling for public hangings. They were nodding and agreeing heads must roll. Rubin’s name was at the top of the list.
Sounds like bwaney fwank.
LLS
“The guy was paid $115 million PLUS options, and he couldn’t see this coming? “
Exactly! He was hired to provide guidance and vision. He obviously didn’t provide enough of either to protect the company. So, we as taxpayers have to pay for a bailout, while he walks away with a huge sum of money, all the while continuing to cling to the image of a populist. The media is absolutely at fault for not holding people like him accountable, and pointing out the hypocrisy.
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