[dirtboy]

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."

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?

[pieceofthepuzzle]

“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.

[Frantzie]

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.

[dearolddad]

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 could have run Citi into the ground for one hell of a lot less than this clown.