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Andrew Sullivan: The Dog That Didn’t Bark — Just Where Is Bob Rubin These Days?
The New York Sun ^
| 07/26/2002
| Andrew Sullivan
Posted on 07/26/2002 11:36:47 AM PDT by Pokey78
Andrew Sullivan Wonders Why Questions Arent Being Asked of Clintons Treasury Guru
Wheres Rubin?
You might think that the Treasury secretary who presided over the now-bursting bubble might be a logical subject for some of the discussion out there right now. But: Nuh-huh. Like Waldo in a cartoon, Robert Rubin is somewhat invisible these days, lost in the lazy media impulse to blame whoevers in power now. But think about it for a minute. Heres a guy who poured cold water on Alan Greenspans irrational exuberance comments. Along with Phil Gramm, he helped kill legislation to make derivatives more transparent and then he went to Citigroup the same year the bank engaged in a dubious scheme to keep Enrons paper profits afloat. Hes widely synonymous with the boom that just went bust in a big and very bad way. Worth a reporters phone-call or two, wouldnt you think? Nada in the New York Times (surprise!), the Washington Post, the Wall Street Journal or anywhere, as the story broke. Even liberals like Slates Tim Noah picked up on this weird lacuna.
Of course, Mr. Rubin hasnt really been absent from the media these last couple of weeks. He has one of the best media rolodexes in the country and spends almost as much time as Colin Powell and Richard Holbrooke manipulating it. There was a piece in the Washington Post last Sunday on the financial crisis and its roots, but it wasnt likely to ask questions about Mr. Rubins responsibility. Why? Because Mr. Rubin wrote it himself. I guess it saves time for financial reporters. Rather than get a reporter to translate Mr. Rubins views into a news article, the Post cut out the middle-man and got Mr. Rubin to do his own spin himself.
Or take Gloria Borgers piece in U.S. News. She asked herself the good and important question: Was this Bubbas Bubble? Just because the Nasdaq went up 80% in one year on his watch, just because interest rates stayed artificially low, just because his Treasury secretary kept talking up the markets, just because staffing at the SEC in New York collapsed in those years none of that means President Clinton had anything to do with it. How does Ms. Borger know this? Because Mr. Rubin told her! Blaming Clinton is absolutely ridiculous, Mr. Rubin is quoted as saying in her piece. We all have our faults, and Bill Clinton has his faults. But money and greed are not among them. This follows the Clintonian device of asserting that the only impropriety or misjudgment in Mr. Clintons eight years was a sordid extra-marital affair. But that isnt the point, Gloria. Weve just gone through a wrenching boom-and-bust. Who gets the blame for letting the boom get out of hand in 1998 and 1999? Corporate debt was up and so was the stock market. There had to be a period of adjustment, Mr. Rubin tells Ms. Borger. Who gets the blame? No one in particular, says Rubin. No one in particular? Hmmm. Whom could Mr. Rubin have been thinking of?
Even if you buy the notion that the bubble was something the Clinton administration could not have done much about (although Mr. Greenspan is another story), isnt the Mr. Rubin angle noteworthy? He has already conceded he placed a call to the Bush Treasury Department, floating the idea of an Enron bail-out before the companys collapse. His own bank, Citigroup, is now being investigated for constructing a phony pre-pay scheme to hide Enrons losses in 1999. He was the most senior administration official in charge of the economy when the boom reached its crazy peak. Wouldnt this disqualify him just a little bit from being regarded as neutral on these matters? Wouldnt it even require some reporters to put in a couple of qualifiers to his comments? Nope. Who do they think he is? Mr. Powell?
TOPICS: Business/Economy; Editorial; Government; News/Current Events
KEYWORDS: andrewsullivanlist; citicorp
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FYI, the New York Sun is now has some of their articles online.
1
posted on
07/26/2002 11:36:47 AM PDT
by
Pokey78
To: summer; Howlin; Miss Marple; mombonn; DallasMike; austinTparty; MHGinTN; RottiBiz; WaterDragon; ...
is now =
is now.
Ping for the ASPL.
2
posted on
07/26/2002 11:39:31 AM PDT
by
Pokey78
To: Pokey78; kcvl; Dog; kayak; Miss Marple; Fracas; PhiKapMom; JeanS; kattracks
YES........YES.
And where IS Louis Freeh????
3
posted on
07/26/2002 11:43:13 AM PDT
by
Howlin
To: Pokey78
No doubt that many of the Democratic power players are taken aback by the gall of someone to actually
question one of their own regarding their scandal du jour...
4
posted on
07/26/2002 11:44:13 AM PDT
by
Southack
To: Pokey78
Bump for a good question. Where's Bob? I've been very curious about the lamestream media's absolute hands-off policy for ol' Bob. But it doesn't surprise me. fsf
To: Pokey78
Me thinks that the FReepers should be on this guy with both barrels.
6
posted on
07/26/2002 11:44:53 AM PDT
by
Digger
To: Pokey78; Clara Lou; deport; Mo1; nopardons; Howlin; ned; RedBloodedAmerican; terilyn
I think a Congressional committee ought to question him. Wonder why Larry Klayman hasn't sued him yet?
7
posted on
07/26/2002 11:49:23 AM PDT
by
Amelia
To: Pokey78
Who, or what, is Bob Rubin?
To: Pokey78
Seems to me I read some place this morning that a very recent column of David Broder's (yesterday's?) again quoted Rubin.
To: Digger
Seems to me that puff piece the NY Times ran on Rubin back around Valentine's Day mentioned that his office is right next to CEO Weill's in Citigroup headquarters. I wonder how often he's showing up to work these days.
To: Howlin
I was wondering the same thing about Freeh -- just where did he go? As for Rubin -- I want to watch that House hearing where he is grilled because at least there will be some tough questions. The Senate and LIEberman (the only person in the room not clapping this morning) are going to look like the democRAT biased folks they are for not calling Rubin. All they care about is using this whole cooked books by businesses for political gain!
To: Pokey78
I discussed this with my commie Democrat sister. She said this is all payback for White Water which "found nothing Bill Clinton did wrong, cost us a lot of money, and just made her angry" I told her that if they had held the impeachment trial in the US Senate she would have found out that Clinton did commit treason, etc. She doesn't care. She said Democrats just want to impeach Bush & Cheney now as payback for White Water. Such a compassionate party! I think this is what the dems are doing. Plus, they want to have lots of mud to throw in the election in 100 days.
12
posted on
07/26/2002 1:12:13 PM PDT
by
buffyt
To: curmudgeonII
Robert Rubin was Bill Clinton's Treasury Secretary. Then went to work for Citicorp when he left the White House. While Treas. Sec. they got some relaxed laws passed that allowed banks and insurance companies to merge. Right before Clinton left office he signed an EO or some kind of bill that allowed his cabinet, et al. to go to work for companies like CitiCorp. It used to be illegal for people to go right from White House to a company that had had dealings with that White House. Rubin's hands are dirty. but dems don't care. It is all political in nature.
13
posted on
07/26/2002 1:15:57 PM PDT
by
buffyt
To: aristeides
his office is right next to CEO Weill's in Citigroup headquarters Goldman Sachs upgraded banks today. The banks broke every volume record this week without going up too much. Intervention is expensive these days.
14
posted on
07/26/2002 1:16:46 PM PDT
by
alrea
To: Howlin
"And where IS Louis Freeh????" Excellent question.
To: alrea
To: Pokey78; aristeides
If anyone ever doubted that the mainline media were totally in the tank to the democrats, the complete pass on Rubin should dispel it.
To: Right_in_Virginia
Freeh had access to the F.B.I. files on everyone including our distinguished Senators and Representatives of both parties. They no doubt cringe at the thought of calling him before congress to testify about anything.
18
posted on
07/26/2002 1:51:30 PM PDT
by
hgro
To: Pokey78
If the New York Sun keeps publishing terrific editorials it will be a success.
To: aristeides
You should read the actual column. It is real BARF material.
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