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Monday, November 24, 2008

Citigroup Crashing, Thank Robert Rubin

The New York Times has a lengthy story on the financial problems plaguing Citibank.

It is the following paragraphs that I find so very, very interesting; that Citigroup had as an "influential director and senior adviser," one Robert E. Rubin:

    [Citigroup's] downfall was years in the making and involved many in its hierarchy, particularly [its CEO Charles O.] Prince III and Robert E. Rubin, an influential director and senior adviser.

    Citigroup insiders and analysts say that Mr. Prince and Mr. Rubin played pivotal roles in the bank’s current woes, by drafting and blessing a strategy that involved taking greater trading risks to expand its business and reap higher profits. Mr. Prince and Mr. Rubin both declined to comment for this article.

    When he was Treasury secretary during the Clinton administration, Mr. Rubin helped loosen Depression-era banking regulations that made the creation of Citigroup possible by allowing banks to expand far beyond their traditional role as lenders and permitting them to profit from a variety of financial activities. During the same period he helped beat back tighter oversight of exotic financial products, a development he had previously said he was helpless to prevent.

    And since joining Citigroup in 1999 as a trusted adviser to the bank’s senior executives, Mr. Rubin, who is an economic adviser on the transition team of President-elect Barack Obama, has sat atop a bank that has been roiled by one financial miscue after another.

Hmmmm... Mr. Rubin's "pivotal role in the bank's current woes."

Hmmmm..."Mr. Rubin helped loosen Depression-era banking regulations..."

Hmmmm...that Rubin, "helped beat back tighter oversight of exotic financial products..."

Oversight? What's that? Gee, the Dems sure seem to be tossing that word around a lot these days. Too bad they ignored it when they had Bubba in the White House and Rubin in the
Treasury. No, no oversight back then, not when you're setting the country up for the worst economic downturn since the Depression.

No wonder Rubin declined to be interviewed for the NYT story. God forbid he's held accountable and responsible for his actions. Accountability and responsibility only applies to Republicans.

And golly gee, isn't it just leg-tingling fabulous that Rubin is an economic adviser for Barack Hussein Pbama, Junior? Why, that's just swell!

You know...nobody FUBARs an issue, a business, an industry, a policy or a program better than do the Dems. Then they leave their mess to others - almost always Republicans - to clean up.

No group better represents or embodies The Peter Principle - that employees rise to the level of their incompetence - better than the Democrats.


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