Thursday, April 16, 2009

Robert Rubin

- Goldman Sachs alum -- like practically everyone else central to the destruction of the world economy!

- Ran the Treasury Department under President Bill Clinton -- who called him "the greatest secretary of the Treasury since Alexander Hamilton"!

- In his autobiography, noted that many investors don't understand the risks of derivatives -- yet as Treasury Secretary, fiercely opposed derivatives regulation!

- In 2008, unregulated subprime-mortgage derivatives deals caused the collapse of credit markets -- pulling the global economy into a downward spiral worse than any since the Great Depression!

- Joined the Citigroup board in 1999!

- In 2001, used his influence at Treasury to pressure ratings agencies not to downgrade Enron's credit rating!

- Received $126 million in compensation from Citi, while overseeing the bank's extensive subprime lending -- and its $80 billion investment in risky "toxic" derivatives!

- Under Rubin's watch, in 2008, Citi's stock price declined by more than 90%!

- To date, Citi has received $45 billion in federal bailout money!

- Rubin refuses to take any responsibility for Citi's collapse -- or the collapse of the global economy!

- In 2009, named by Marketwatch as one of the ten most unethical people in business!

- Rewarded for his "accomplishments" by President Barack Obama, who tapped Rubin to advise on economic policy!

- With Rubin's help, the Obama team has come up with a plan to get "toxic" assets off banks' books by giving hedge funds the opportunity to make mountains of money == while taxpayers shoulder all of the (hundreds of billions of dollars of) risk!

- Idiot!

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