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Politics : Formerly About Advanced Micro Devices

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To: Jim McMannis who wrote (404960)	8/7/2008 11:47:31 PM
From: steve harris	Read Replies (1) of 1575875

Seems there is more to $150mill dem Rubin's involvement than I knew about. Elect Obama and it's Enron, Worldcom, and the loss of confidence in the banking system all over again... en.wikipedia.org In 1999, affirming his career-long interest in markets, Mr. Rubin joined Citigroup. Of note, the supermerger between Travelers Group and Citicorp was facilitated by the repeal of the Glass Steagall Act (Gramm-Leach-Bliley Act). This legislation was passed under the Clinton administration, days before Rubin's resignation. Consolidation of investment, commercial banking, and insurance services as practiced by Citigroup under the direction of Rubin, has been implicated in the subprime mortage crisis. Despite criticism for his role in this debacle, Rubin serves as a Director and Chairman of the Executive Committee, and remains there to this day.[2] He sparked controversy in 2001 when he contacted an acquaintance at the Treasury Department and asked if the department could convince bond-rating agencies not to downgrade the corporate debt of Enron, a debtor of Citigroup. Rubin wanted Enron creditors to lend money to the troubled company for a restructuring of its debt; a collapse of the energy giant might have serious consequences for financial markets and energy distribution.

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