Oh wait, he can officially go to work for Obama now.
Former Treasury Secretary Robert Rubin participates in a panel
discussion about Poverty Alleviation at the Clinton Global Initiative,
in New York, September 20, 2006. (Chip East/Reuters)
Posted on 01/09/2009 1:45:17 PM PST by NormsRevenge
NEW YORK (Reuters) – Robert Rubin, the former Treasury Secretary, resigned from Citigroup Inc on Friday, following months of criticism of his performance at the giant U.S. bank.
Rubin, 70, is stepping down immediately as senior counselor at New York-based Citigroup. He will remain a director until the bank's annual meeting later this year. Rubin joined Citigroup in 1999.
In a letter to Chief Executive Vikram Pandit, Rubin praised management for making the "tough decisions" to restore Citigroup to health, following $20.3 billion of losses in the year ended Sept 30.
But he admitted to not having foreseen the credit crisis and market deterioration, which caused nearly 90 percent of Citigroup's share price to evaporate over the last two years.
The bank has taken $45 billion from the government's Troubled Asset Relief Program, and in November won a federal bailout that will limit losses on $306 billion of toxic assets.
(Excerpt) Read more at news.yahoo.com ...
Seems like the damage is done.
Oh wait, he can officially go to work for Obama now.
Former Treasury Secretary Robert Rubin participates in a panel
discussion about Poverty Alleviation at the Clinton Global Initiative,
in New York, September 20, 2006. (Chip East/Reuters)
i’m sure he’s looking to some obama position.
He was always a scam artist
WSJ version here:
http://www.freerepublic.com/focus/f-news/2161749/posts
Seems like the damage is done.
—
You’d like to think so, huh? I don’t know, methinks we are going to see a lot more damage as future trials and schemes unfold, well, at least some of the intimate details.
It’s sad when a gubamint that should have known better did not just get out of the way and let nature take its course but No, rather decided to intercede to a hefty amount, it bought us a litany of debt that will be many generations long in repaying.
There should be hell to pay for some who profited well at many others expense. They earned it.
Trying to minimize the pain from gubamint induced calamity will only likely prolong the distress.
“But he admitted to not having foreseen the credit crisis and market deterioration, which caused nearly 90 percent of Citigroup’s share price to evaporate over the last two years.”
Because he is of Leftist persuasion he is blind to that which was forecast so incredibly accurately by the Right.
There was a time in which the Left could say “I hadn’t thought of that, but you are correct”. Today the Leftists won’t entertain any thought contrary to their own dictum.
It has become an integral part of their psyche.
But he admitted to not having foreseen the credit crisis and market deterioration,.....Horsepuckey. Any Clintonista was positioned for it.
Of course a true cynic would say the reason why he quit was that they eliminated his bonus and cut his salary.
We are soooooo screwed.
Could you post a link to that forecast!!! Seems I have missed that tarot card reading!!!
“But he admitted to not having foreseen the credit crisis and market deterioration, which caused nearly 90 percent of Citigroup’s share price to evaporate over the last two years.”
I was at a meeting with Rubin in May in DC at which he told us just the opposite of the above quote and that he had seen the problems with the debt/subprime mortgages. The next question was, “then why is citi getting clobbered?” Rubin had no answer to that question. All hubris.
Obama will really need and heed his advice in order to make matters as bad as possible.
Ha! So he gets no golden parachute? Hopefully it was tied to the tanked Citi shares.
After Chase, Citigroup was the worst company I ever had any business with! Maybe they were both were equally bad!
After Chase, Citigroup was the worst company I ever had any business with! Maybe they were both were equally bad!
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