Robert Rubin

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OK, Obama, Now Can We Get Tough on Wall Street?

His 2nd term is a chance to do it right: William Cohan

(Newser) - Back when President Obama took office in 2009, many assumed he'd reform the Wall Street system that had just blown a hole in the economy. "It turned out we were either naïve or stupid," author William Cohan writes at Bloomberg . Instead, Obama's administration was stocked... More »

Treasury Preparing to Hit Debt Limit

Government might stop paying troops, Social Security recipients

(Newser) - The Obama administration is loudly warning that failure to raise the debt ceiling would be an economic catastrophe —but it’s also quietly bracing itself for that possibility, scrounging under the proverbial couch cushions for cash. Timothy Geithner has already drained a $200 billion special account at the Federal... More »

SEC: Citigroup Execs Lied

Former heads knew of losses, SEC claims

(Newser) - Citigroup 's top brass lied about their knowledge of the firm's subprime losses, the SEC alleges. Court fillings from the SEC suggest former chief executive Charles 'Chuck' Prince and former senior adviser Robert Rubin were well aware that the highest-rated segments of subprime mortgage-backed securities were the source of... More »

Motto for Our Era: Don't Blame Me

Responsibility is a 'forgotten value,' says Frank Rich

(Newser) - Watching Alan Greenspan's don't-blame-me testimony on Capitol Hill leads Frank Rich to pronounce that "we live in a culture where accountability and responsibility are forgotten values." It's always somebody else's fault. This goes beyond the financial sector, with hollow apologies and obfuscations cropping up everywhere from the Vatican... More »

Villains of Financial Crisis Hide by Boring Us

Tepid hearings reveal pretty much nothing

(Newser) - If you’re like Peggy Noonan, you devoured CSPAN’s coverage of this week's Financial Industry Inquiry Commission hearings, and you got to see, live, the dramatic testimony of ex-Citigroup CEO Charles Prince. “Let’s be real,” Prince said. “You, for political reasons, both Republicans and Democrats,... More »

Citi Execs 'Sorry' for Financial Crisis, But...

Prince, Rubin take no responsibility at inquiry hearing in DC

(Newser) - Citigroup's former CEO Chuck Prince and former chairman Robert Rubin sure are sorry that their bank’s toxic assets struck a near-fatal blow to the economy and necessitated a $45 billion federal bailout, but they really didn’t see it coming. That’s the gist of their testimony today in... More »

Obama Sold Us Out to Wall Street

He pulled a bait-and-switch on America

(Newser) - President Obama's change from man of the people to friend of Wall Street is one of the biggest political turnarounds in history, writes Matt Taibbi. As soon as he was elected, Obama ditched his moderate economic advisers and built an economic team of Wall Street insiders with ties to "... More »

Brown's Woes Offers Obama Reality Check

Voters don't reward economic competence after crisis: Krugman

(Newser) - The Bush administration has taken much of the blame for the American recession, but a "huge housing bubble and a financial crisis" were always on the cards, as Paul Krugman writes for the New York Times. Writing from London, where voters gave Gordon Brown a pummeling in Thursday's elections,... More »

Missing, Not Missed: CEOs in Obama Cabinet

Prez keeps Wall Street at arm's length, leans on pols, academics

(Newser) - To the multitude of differences between the Obama administration and its predecessors, add the absence of corporate CEOs from Cabinet meetings. The reason is simple, reports Politico: There aren't any. Recent Wall Street-to-Washington catastrophes such as the Bush Treasury Department aren't the only reason, either. "Obama’s more... More »

Bill, Gore, Rubin Guide Obama in Spirit

Bill, Al Gore and Robert Rubin leave mark on transition

(Newser) - Three of Barack Obama’s most important advisers will accompany him to the Oval Office only in spirit, Gerald Seib writes in the Wall Street Journal: Bill Clinton, Al Gore, and Robert Rubin. In leaving behind a healthy record as Democratic building blocks, the Clinton years left Obama “what... More »

Rubin Quits Citi; Smith Barney for Sale

Ex-Treasury Sec. saw company's stock dive 90% since late '06

(Newser) - Former Treasury Secretary Robert Rubin is leaving his posts at struggling Citigroup, the Wall Street Journal reports. He retired as a senior counselor effective today, and won’t pursue another term on the board of directors. Journal sources also say Citigroup is in talks to sell Smith Barney, its brokerage... More »

Battle Over Regulation Looms in '09

Some worry Obama won't do enough to rein in derivatives market

(Newser) - After the economic meltdown of 2008, the coming year will see a battle over one of the most politically contentious issues in finance: the regulation of derivatives markets. Some who opposed government oversight before now acknowledge the need for tighter controls. But they face an uphill battle, reports Newsweek, against... More »

Blago the Only Rat Paying the Piper

'Chicago punk,' sure, but ever heard of Bush, Rumsfeld, Lay, Rubin?

(Newser) - Poor Rod Blagojevich: He merely tried to auction off the president-elect’s Senate seat and could be imprisoned for it. But the men who bungled Iraq and crashed our economy can anticipate vacations and White House jobs, Frank Rich writes in the New York Times. Luckily for us, Blagojevich “... More »

Obama Should Beware 'Best and Brightest'

A la JFK's Cabinet, too often masks poor judgment, inexperience

(Newser) - Barack Obama has won praise for appointing “the best and the brightest” to his Cabinet during a time of war and economic hardship. But all the back-patting sounds a little too familiar, Frank Rich writes in the New York Times. “The stewards of the Vietnam fiasco had pedigrees... More »

Obama Fiscal Team Reunites Rubin Protégés

But even ex-Treasury boss losing Clinton-era free-market policies

(Newser) - Barack Obama’s incoming administration is stocked with acolytes of Bill Clinton-era Treasury Secretary Robert Rubin, reports the New York Times. But even Rubin and his protégés are no longer quite as enamored as they once were of so-called Rubinomics—deregulation, balanced budgets, and free trade. Facing economic... More »

Paulson: We're Doing the Right Thing

Bush administration 'creatively working' on financial crisis

(Newser) - On the eve of his testimony before Congress, beleaguered Treasury Secretary Henry Paulson used last night's speech to defend the administration's response to the nation's "unprecedented" financial crisis. Paulson said without the $700 billion Wall Street bailout, things would be even worse, ABC News reports. "It's hard to... More »

Rubin Won't Take Treasury Post

Decision paves the way for another former Secretary, Lawrence Summers

(Newser) - Former Treasury Secretary Robert Rubin, a top economic adviser to Barack Obama during the campaign, will not reprise that Cabinet role in the new administration, Bloomberg reports. “I've spoken with him and told him I'm not interested in going back into government,” Rubin said today. His denial boosts... More »

Obama Donors Get to Hang With the Big Kids

Fundraisers with Kerry, Buffett kept the fat checks coming in

(Newser) - Barack Obama’s money machine has kept rolling thanks, in part, to a series of intimate fundraisers headlined by his top advisers, Politico reports. In exchange for a mere $28,500, Obama supporters could snag seats at a dinner with Warren Buffett or a “Round Table Discussion” with Robert... More »

Candidates Diverge on Picking the Next Paulson

McCain looks to big names; Obama seeks to sooth markets

(Newser) - The post of Treasury secretary may be the most important appointment the next president has to make and John McCain and Barack Obama seem to be using different criteria, Bloomberg reports. McCain has mentioned big names like billionaire investor Warren Buffett and former eBay CEO Meg Whitman, while insiders say... More »

Labor Blasts Obama's Top Economist

Unions worry that candidate is tilting toward Wall Street

(Newser) - After locking up the Democratic nomination, Barack Obama moved quickly to bring Clinton supporters into his general election tent, including Robert Rubin, President Clinton's treasury secretary. Jason Furman, an economist closely associated with Rubin, was hired as economic policy director, and that's provoked the ire of labor unions, who see... More »

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