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Breaking:Citi-Group About To Release Enron Like Problem
FOX,CNBC | 7-22-02 | my favorite headache

Posted on 07/22/2002 11:39:57 AM PDT by My Favorite Headache

Radio and I just see FOX reporting this. Big lender to worldcom and other giants...in trouble.Markets now back to falling...here we go.


TOPICS: Breaking News; Crime/Corruption; News/Current Events
KEYWORDS: citigroup; enron; robertrubin; worldcom
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To: Diddle E. Squat
Personally, I think that eight years of Bush would make a number of things go very well for us. Particularly judicial nominations, and a number of other things.

HOWEVER, keep in mind that Giuliani has been, for the most part, a team player, even though he is more liberal than a lot of Republicans. The only cost I could imagine would be Bush showing up for whatever race Giuliani gets involved in (either going up against Schumer in 2004, or to become mayor of NYC again in 2005).

And Giuliani is an improvement over Schumer, so I'd take that in a heartbeat.
241 posted on 07/22/2002 4:11:27 PM PDT by hchutch
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To: The Vast Right Wing
This isn't the same Citi-Group that employ's Robert Rubin as Vice Chair is it?

And a big contributor to Holy Joe Lieberman?

242 posted on 07/22/2002 4:20:50 PM PDT by My2Cents
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To: Mo1
[Rubin] Worked for Goldman Sacks if memory serves me correct

He was involved in what I saw was a little bit fo a scandal back then as well. He was in charge of their international investing division and was most likely the lead in making huge investments in Mexico. A couple of years later the Mexican economy was in big trouble and many companies were in danger of defaulting on loans. By this time Rubin was Secretary of Treasury and arranged for a bailout allowing all of their debts to be paid off. The biggest benefactor in all of this was Goldman Sachs.

From some left-wing website (Democracy Now):

In December of 1994, when the Mexican peso plummeted, US Treasury secretary Robert Rubin engineered a $20 billion bailout of the Mexican financial system. At the time, Ken Silverstein and Alexander Cockburn wrote in The Nation: "The need to attract foreign money gave US investors great leverage with Mexican authorities... the central demand of US fund managers has been that Mexico keep the peso artificially inflated, which protects the value of their Mexican investments by allowing favorable conversion back into dollars." Rubin was formerly with US investment giant Goldman Sachs. In another article, Cockburn noted, "The Mexican bailout... will allow Goldman Sachs and its affiliated investors to cash out their Mexican holdings and also give them the opportunity for short-term, immensely lucrative plays in Mexican bonds..." The same Robert Rubin is now Citigroup's vice chairman.

IMO, he is as crooked as they come.

From CNN's All Politics website:

The president nominated Rubin as Bentsen's successor at Treasury in 1994. After a quick confirmation, Rubin was soon confronted with a financial crisis in Mexico, and orchestrated the Clinton Administration's controversial, $20 billion loan guarantee program.

Though Republicans eventually gave Rubin high marks for the Mexico bailout, some lawmakers threatened impeachment after Rubin used creative accounting to keep the federal government running during the protracted budget fight of 1995.

Excerpt from Safire column in the NYT in January:

New York Times, January 14, 2002
Andersengate
By WILLIAM SAFIRE

WASHINGTON -- Fed Chairman Arthur Burns, worried that the impending collapse of Penn Central would roil the capital markets, suggested that the Pentagon arrange a loan to prevent bankruptcy. George Shultz, then the Nixon budget director, argued that government intervention would send the wrong message about risk-reward to our economic system.

The dispute was resolved when Bryce Harlow, the sage speechwriter- adviser, entered the Oval Office and said to President Nixon: "The board of Penn Central, in its infinite wisdom, has just hired your old law firm to help you decide. Mr. President, you can't touch this with a ten-foot pole."

Nixon took the advice not to meddle. The huge company went bankrupt - and the markets quietly absorbed the shock. No scandal touched the White House (until later).

We had another non-intervention in the Enron collapse. Kenneth Lay, chairman of the nation's seventh-largest company and a longtime political contributor, called a couple of Bush cabinet secretaries to reveal his rapid unraveling. He was surely hoping for some government succor. The Bush Treasury and Commerce secretaries, without even consulting the president, decided not to mix in.

Then Robert Rubin, now a head of Citigroup, called a high official at Treasury. It was consistent for the man who, as Clinton Treasury secretary, arranged the bailout of Mexico to ask for government help in shoring up the credit rating of a customer that owed his bank $800 million.

243 posted on 07/22/2002 5:19:14 PM PDT by L_Von_Mises
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To: My Favorite Headache
If this news is true, it is not breaking now because the Democrats and the media are still trying to figure out how to report it and leave Rubin out of the story.

Failing that, they're trying to find a way to blame Bush for it.

-PJ

244 posted on 07/22/2002 5:29:09 PM PDT by Political Junkie Too
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To: kcvl
Saudi Prince Alwaleed.....I've often wondered just how much of what went down 911 could have been engineered by those foreigners with the greatest exposure to Clintonian accounting on Wall Street....
245 posted on 07/22/2002 5:32:53 PM PDT by mo
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To: Stultis
Lisa Meyers did the story on Brokaw tonight,Rubin wasn't mentioned.
246 posted on 07/22/2002 5:59:22 PM PDT by John W
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To: John W
Why does that NOT surprise me?! How many weeks have we heard BUSH & Harkin Oil?!!! But, let a Demo cheat, steal, lie, murder, etc., etc. (Clinton, Torricelli, Condit, Traficant, McAuliffe, Hillary, Kennedy, the list is tooooo looonngg) and it's SILENCE is golden. It makes me so furious...
247 posted on 07/22/2002 6:04:08 PM PDT by kcvl
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To: kcvl
Why does this remind me of the savings & loan
248 posted on 07/22/2002 6:27:22 PM PDT by Mo1
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To: Mo1
Most of them are so corrupt that it would make the rest of us look like saints. These are the same people who are making "our laws". Have you yet seen one of their own do any time where they belong wearing BIG ORANGE JUMPSUITS?

If any of us had done 1/10th of what they have we would probably be living with a child molester, murderer, mobster or all of the above in a 4x6 room with one toilet and a bed sheet.

249 posted on 07/22/2002 6:50:46 PM PDT by kcvl
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To: Stultis
May be we should see if Hugh Hewitt or Bill O'Reilly are reading.
250 posted on 07/22/2002 7:07:30 PM PDT by bonesmccoy
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To: John W
I was out tonight for dinner...you have to be kidding me. NO MENTION OF RUBIN AT ALL???!?!? I hope FOX NEWS and Bill O pick up on this and beat it to death like they do everything else.
251 posted on 07/22/2002 7:17:29 PM PDT by My Favorite Headache
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To: My Favorite Headache; kcvl
One by one, Fortune 500 corporate backers saw the DLC as a good investment. By 1990 major firms like AT&T and Philip Morris were important donors. Indeed, according to Reinventing Democrats, Kenneth S. Baer`s history of the DLC, Al From used the organization`s fundraising prowess as blandishment to attract an ambitious young Arkansas governor to replace Senator Sam Nunn of Georgia as DLC chairman. Drawing heavily on internal memos written by From, Bruce Reed, and other DLCers, Baer says that the DLC offered Clinton not only a national platform for his presidential aspirations but "entree into the Washington and New York fundraising communities." Early in the 1992 primaries, writes Baer, "financially, Clinton`s key Wall Street support was almost exclusively DLC-based," especially at firms like New York`sGoldman, Sachs.

The DLC`s investment in Clinton paid off, of course, after the 1992 election. Not only did the DLC bask in its status as idea factory and influence broker for the White House, but it also reaped immediate financial rewards. One month after the election, Clinton headlined a fundraising dinner for the DLC that drew 2,200 to Washington`s Union Station, where tables went for $15,000 apiece. Corporate officials and lobbyists were lined up to meet the new White House occupant, including 139 trade associations, law firms, and companies who kicked in more than $2 million, for a total of $3.3 million raised in a single evening. The DLC-PPI`s revenues climbed steadily upward, reaching $5 million in 1996 and, according to its most recent available tax returns, $6.3 million for 1999. "Our revenues for 2000 will probably end up around $7.2 million," says Chuck Alston, the DLC`s executive director.

While the DLC will not formally disclose its sources of contributions and dues, the full array of its corporate supporters is contained in the program from its annual fall dinner last October, a gala salute to Lieberman that was held at the National Building Museum in Washington. Five tiers of donors are evident: the Board of Advisers, the Policy Roundtable, the Executive Council, the Board of Trustees, and an ad hoc group called the Event Committee--and companies are placed in each tier depending on the size of their check. For $5,000, 180 companies, lobbying firms, and individuals found themselves on the DLC`s board of advisers, including British Petroleum, Boeing, Bristol-Myers Squibb, Coca-Cola, Dell, Eli Lilly, Federal Express, Glaxo Wellcome, Intel, Motorola, U.S. Tobacco, Union Carbide, and Xerox, along with trade associations ranging from the American Association of Health Plans to the Pharmaceutical Research and Manufacturers of America. For $10,000, another 85 corporationssigned on as the DLC`s policy roundtable, including AOL, Blue Cross Blue Shield, Citigroup, Dow, GE, IBM, Oracle, UBS PacifiCare, PaineWebber, Pfizer, Pharmacia and Upjohn, and TRW.

And for $25,000, 28 giant companies found their way onto the DLC`s executive council, including Aetna, AT&T, American Airlines, AIG, BellSouth, Chevron, DuPont,Enron, IBM, Merck and Company, Microsoft, Philip Morris, Texaco, and Verizon Communications. Few, if any, of these corporations would be seen as leaning Democratic, of course, but here and there are some real surprises. One member of the DLC`s executive council is none other than Koch Industries, the privately held, Kansas-based oil company whose namesake family members are avatars of the far right, having helped to found archconservative institutions like the Cato Institute and Citizens for a Sound Economy. Not only that, but two Koch executives, Richard Fink and Robert P. Hall III, are listed as members of the board of trustees and the event committee, respectively--meaning that they gave significantly more than $25,000.

The DLC board of trustees is an elite body whose membership is reserved for major donors, and many of the trustees are financial wheeler-dealers who run investment companies and capital management firms--thoughsenior executives from a handful of corporations, such as Koch, Aetna, and Coca-Cola,are included. Some donate enormous amounts of money, such as Bernard Schwartz, the chairman and CEO of Loral Space and Communications, who single-handedly finances the entire publication of Blueprint, the DLC`s retooled monthly that replaced The New Democrat.

From: How the DLC does it, The American Prospect, Apr. '01.
...or FR thread.
252 posted on 07/22/2002 7:24:06 PM PDT by Ragtime Cowgirl
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To: putupon
The press is shutting out the GOP.

You are WRONG! Tom Delay was on the radio down here in Houston last Friday. He said that the Republicans are blue in their collective faces trying to get stories like this out to the public.- a frustrated American. July '02.

Tom Delay doesn't make excuses. The press is now acting for the Dem. party full time. They scoff at Rush and Foxnews....we're a tiny nuisance.

It's time to expose the organized Clymers.

253 posted on 07/22/2002 7:32:23 PM PDT by Ragtime Cowgirl
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To: Ragtime Cowgirl
I believe the DLC are having a get together this weekend

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20020722/ap_to_po/gore_s_camp_1
254 posted on 07/22/2002 7:35:34 PM PDT by Mo1
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To: Ragtime Cowgirl
It's time to expose the organized Clymers

I think you are right

255 posted on 07/22/2002 7:36:27 PM PDT by Mo1
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To: Mo1
DLC meeting this weekend...

Time for some serious Freeping of the press, imho, local....national, TV, print....they're 'bout do for a reality check from "we the people."

256 posted on 07/22/2002 7:54:28 PM PDT by Ragtime Cowgirl
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To: Ragtime Cowgirl
Thanks for the article and links...

Here's more of the junk... New Democrats Online

What a joke!

The New Democrat Creed

We believe that the promise of America is equal opportunity for all and special privilege for none.

257 posted on 07/22/2002 8:04:07 PM PDT by kcvl
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To: Ragtime Cowgirl

From left to right: Al From is Founder and CEO of the DLC; Maryland Lt. Gov. Kathleen Kennedy Townsend is Chair of the DLC's Statewide Officials Advisory Board; Houston (TX) City Councilman Carroll Robinson is Founding Chair of the DLC's Local Elected Officials Network; U.S. Rep. Ellen Tauscher (D-CA) is Vice Chair of the DLC; U.S. Sen. Evan Bayh (D-IN) is Chairman of the DLC; and Wisconsin State Rep. Antonio Riley is Chairman of the DLC's State Legislative Advisory Board. Not Pictured: Detroit (MI) Mayor Kwame Kilpatrick is Chairman of the DLC's Local Elected Officials Network.
258 posted on 07/22/2002 8:07:41 PM PDT by kcvl
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To: Ragtime Cowgirl
Yep .. this weekend ....


DLC | Press Release | July 19, 2002
The 2002 DLC National Conversation in New York City
''Leadership in the National Interest: Security, Opportunity, Responsibility''


For Immediate Release:
Contact: Karin Kullman/Eric Wortman (202) 546-0007 / (800) 546-0027

The Democratic Leadership Council (DLC) will hold the 2002 National Conversation in New York City from Sunday, July 28th through Tuesday, July 30th. More than 300 elected officials from across the country will attend this event, and featured speakers include DLC Chair Sen. Evan Bayh, Senate Majority Leader Tom Daschle, House Minority Leader Richard Gephardt, former DLC Chair Sen. Joe Lieberman, Sen. John Kerry, Sen. John Edwards, and Sen. Hillary Rodham Clinton. Also joining the 2002 National Conversation will be several members of the DLC leadership team including Sen. Tom Carper, Sen. Blanche Lincoln, Rep. Ellen Tauscher, Rep. Gregory Meeks, Detroit Mayor Kwame Kilpatrick, and Wisconsin State Rep. Antonio Riley, and event chairman Harold Schaitberger, president of the International Association of Fire Fighters.

Now in its sixth consecutive year, the 2002 National Conversation will be the premier meeting of New Democrat elected officials this year. The theme of this year's event is "Leadership in the National Interest" with various speeches, panel discussions, and strategic meetings focused on how New Democrats can take the lead in advancing a national leadership agenda that emphasizes security, opportunity, and responsibility

http://www.ndol.org/ndol_ci.cfm?kaid=85&subid=108&contentid=250659

259 posted on 07/22/2002 8:09:50 PM PDT by Mo1
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To: Mo1
New Democrat Coalition | Press Release | June 27, 2002

New Democrat Coalition Unveils "E-genda 2002"

For Immediate Release:
Contact: Joan Mooney (Rep. Darlene Hooley) (202) 226-8018

Washington, DC -- Today, the New Democrat Coalition unveiled its 2002 "e-genda," marking the fourth release of a comprehensive New Economy policy agenda, and the Coalition's continuing efforts on familiar fronts, such as trade, privacy, education and research funding. New issues include public-private partnerships to improve homeland security and win the war against terrorism, a balanced approach to digital rights management and restoring investor confidence in our financial markets.

"It's critically important that we promote policies to grow and expand the New Economy," said Representative Adam Smith (D-WA). "It's the surest route to economic recovery and opportunity for all Americans; furthermore, having the best technology in the world will help ensure our national security."

Key priorities for the New Economy include:

invest in education and a skilled workforce so that all Americans have the opportunity to succeed in the New Economy;

foster the digital economy and digital government so that productivity and technology continue to be the engine of our economic growth, and so that Americans can get out of line and on-line to participate in their democracy;

promote innovation by ensuring our laws reflect the realities of the New Economy to unleash the potential to improve people's lives and open doors to the future;

assert global leadership to open overseas markets to American goods and services; and

enhance homeland security by creating public-private partnerships, utilizing technology, and a more streamlined, coordinated and accountable government.
"The New Democrat Coalition has always been on the forefront of promoting practical policies that fuel our nation's economic engine," said Congressman Jim Davis (D-FL). "As America continues to regain her balance following the September 11th attacks, the New Democrat's e-genda 2002 builds on this track record and provides innovative ways for the public and private sectors to work together in addressing new concerns like homeland security."

"The NDC works hard to recognize the opportunities of the high-tech economy and to pursue policies so all our citizens can be full participants in the New Economy," said Rep. Ron Kind (D-WI). "As a co-chair of the NDC and a leader on education issues, I am proud our e-genda recognizes the necessity of investing in education and job training so our children and workers are prepared to compete in the global marketplace."

"Innovation in technology is key to the future success of our country's economy," said Rep. James P. Moran (D-VA).

"New Democrats will continue to take the lead on the issues that drive the technology sector, ensuring greater innovation and increased productivity within the economy," added Rep. Cal Dooley (D-CA). "This e-genda calls on our Congressional colleagues and the Administration to adopt policies that enhance, rather than hinder, technological progress."

"New Democrats know the importance of investor confidence in our markets," Representative Darlene Hooley (D-OR) noted. "That confidence is vital to capital markets and our economic recovery, and New Democrats will be working to safeguard our nation's economic interests."

"As we work to protect our nation from the continuing threat of terrorism, the technology industry must have a seat at the table. Our efforts will not succeed without the innovation and experience of the technology industry," Rep. Jane Harman (D-CA), head of the NDC Executive Council.

Since its creation, the New Democrat Coalition has successfully fought to grant China Permanent Normal Trade Relations, improved the export control and encryption regimes, expanded the H-1B program, made schools more accountable and promoted public school choice, included accelerated depreciation for capital assets in the economic stimulus bill, passed a common sense digital signature bill, and urged a "go-slow" approach on overzealous government regulation of these burgeoning New Economy sectors. These are just a few of the major policy issues in which New Democrats have played a pivotal role.

The New Democrat Coalition is a group of 74 pro-growth, centrist Democrats in the House of Representatives founded in 1997. Since then, two-thirds of Democrats elected to the House have joined the NDC, making it the largest and one of the most influential caucuses in the House.


260 posted on 07/22/2002 8:14:40 PM PDT by kcvl
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