Posted on 11/29/2008 10:03:02 AM PST by BGHater
The very wealthy Saudi Prince al Waleed who owns Citi stock since 1990 was interviewed on MSNBC last week. If the chump change that Rubin earned, i.e. $115 million excluding options was so small, then why didn’t he leave. Was it because of Waleed’s influence?
How come many smaller and a few well run larger banks did not get into this trouble? US Bank, PNC, Wells Fargo and many many other banks did not get into this mess.
Obama has some of the most corrupt and incompetent people ever to be involved in the financial services industry. Emmanuel, Gorelnick and Rubin are looters. They are FAR FAR worse then Ken Lay and Skilling at Enron. They should be in jail.
Internet bubble, housing bubble, CRA idiot and now an adviser to Obama. I am sick of the "best and brightest".
This guy sounds like Abraham Lincoln: “...and then the war came.”
Rubin probably has as much direct responsibility for the disaster as any one person due to his key role in the Clinton Administration when the CRA was modified to require banks to make subprime loans. He followed up that role with a period of advising Citibank as they piled into sub-prime lending.
Bob Rubin is a jerk bump
He’s suggesting they didn’t think the housing bubble would burst. Give loans to people with no income,no job, and no assets. And you didn’t suspect these folks were never going to pay back one penny!
What a lying sack of dog poop.
Right. The Clinton Administration was desperate to keep approval ratings up and so did everything they could to keep the economic bubble going, with low underwriting standards for home loans and low interest rates. If you were a speculator or a down-and-outer, why wouldn't you take out a mortgage with nothing down and interest at 1%?
Rubin sounds like an organization guy who will do the politically correct thing and then try to squirm out of it when it doesn't work out.
Rubin and his buddy Sanford Weill also pushed Clinton to sign the repeal of the Glass-Steagall Act, which is probably the single largest factor in the collapse of the banking industry.
Rubin was a huge influencing factor in the conditions that created the risky sub prime loans even before he worked for Citi. Under his guidance as treasury secretary of the Clinton administration rules were changed at Fannie/Freddie to assist CRA’s that gave birth to the disastrous sub prime loans resulting in the housing foreclosure meltdown.
Me bitter? Yes... long term investor in "C" (8+ years)... paper loss of 90%+ so far.
Probably take 8+ years to break even.
Funny, so many of them went to Harvard.
Yep. Frank, Dodd, Rubin, not their fault, right.
Being dims all... then yes... they are never responsible for anything bad and take credit for everything good.
LLS
I could have run Citi into the ground for one hell of a lot less than this clown.
for a Sunday bump
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