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...!
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.
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 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?
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
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.