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Rubin Slithers

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November 29, 2008 – Comments (4)

Really, how much oversight can you expect from the poor guy. Why should he take any blame, or admit to any mistakes?

"Nobody was prepared for this," Mr. Rubin said in an interview. He cited former Federal Reserve Chairman Alan Greenspan as another example of someone whose reputation has been unfairly damaged by the crisis.

Mr. Rubin, senior counselor and a director at Citigroup, acknowledged that he was involved in a board decision to ramp up risk-taking in 2004 and 2005, even though he was warning publicly that investors were taking too much risk. He said if executives had executed the plan properly, the bank's losses would have been less.

Phew. It's all those other guys' faults. The plan was sound, just the execution...

Mr. Rubin said his pay was justified and that there were higher-paying opportunities available to him. "I bet there's not a single year where I couldn't have gone somewhere else and made more," he said. He turned down his bonus last year, telling the board the money could be better spent elsewhere.

Asked if he had any regrets, Mr. Rubin said: "I guess that I don't think of it quite that way," adding that "if you look back from now, there's an enormous amount that needs to be learned."

Mr. Rubin's effort to salvage his reputation comes just after Chief Executive Vikram Pandit appeared on PBS's Charlie Rose show. Mr. Pandit, too, blamed the overall financial crisis, not Citigroup, for the problems that led the government to decide to inject money into the bank for a second time this fall.

Unbelievable. These guys put the bank in a position to fail, and when it nearly does, they're completely blameless. "Hey, it's not our fault we didn't buy flood insurance. You can barely see the river from here, and look at all those other houses down the street."

These two are a prime reason why Citi deserves to die. Too bad all those cozy political relationships that helped grease the way for its enormity now make it impossible to let the bloated whale be picked apart by those who like carrion.

Read all about it.

4 Comments – Post Your Own

#1) On November 29, 2008 at 4:26 PM, TMFBent (99.82) wrote:

Oh, and by the way, the stock is down because of those nasty short sellers.

The recent stock collapse "was a systemic problem of which Citi was a piece," said Mr. Rubin, who added that one cause was short sellers ganging up on the stock, selling borrowed shares in the hope of driving the share price down.

Moron, liar, or both? Who blames flies for crap? Banking execs, 2008.

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#2) On November 29, 2008 at 4:30 PM, jegr5347 (< 20) wrote:

It is incredible how the left wing media and all the Clinton lovers and CNBC analysts kiss the ground this guy walks in.

He is a crook just like all the other heads of Wall Street. Either that or he is an outright moron. Take your pick. He got the Chairmanship by allowing Citi to merge with Travelers with the concerted effort to dismantle Glass Steagall.

He was chairman of Citibank as it was pillaging and ravaging itself to insolvency while lining the pockets of all its executives.

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#3) On November 29, 2008 at 5:08 PM, DemonDoug (81.94) wrote:

I hope they forbid short-selling on C.  It will be guaranteed to go down in that case b/c short sellers are the only ones who end up buying the damn thing. :P

Rubin should do a perp-walk with Mozillo and many others IMO.

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#4) On November 29, 2008 at 5:10 PM, johnw106 (58.61) wrote:

I still wonder why they havent been charged with crimes against the state and endangering the public welfare. The stuff they have done and its result are a extreme hazard to the financial stabilty of the United States.

Can we say treason and military prison? Its what they deserve.

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