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Meet Robert Rubin: The Man In Charge

Tyler Durden's picture




 

Meet the man, who many say (most of whom correctly) has been running pretty much everything from deep behind the scenes.

Rethinking Robert Rubin, by William Cohan

Bill Clinton has a favorite Robert Rubin story. It’s 1999, and the Cabinet has gathered to discuss the business of the American people. Except no one can focus because the impeachment crisis is raging, and even the most veteran Washington power players are, for lack of a better term, freaking out. “It was amazing what he did,” says Clinton of Rubin, his then-Treasury Secretary. “He often didn’t say much, and I was stunned when he wanted to speak. He just sat there and in about three minutes summed up the whole thing in a very calm way, and had an incredibly positive impact on the attitude of the Cabinet. He said, ‘What we’ve got to do is get up tomorrow and go back to work, just like we did today, make good things happen, and trust the system and trust the American people. It’s going to be fine.’ And oh my God, you would’ve thought that somebody had gone around and lifted a rock off everybody’s shoulders.”

Rubin’s knack for spreading wisdom and tranquility has been the defining trait of his professional life. Whether economies across Asia are contaminating each other like kids on a school bus or the Mexican government rises one morning and decides to devalue the peso, Rubin’s hooded eyes and perpetually mussed gray hair give him the air of an ancient Galapagos tortoise. Whatever nastiness politics or the global economy may throw at him, he abides.

Rubin in the 1960 Harvard yearbookPhotograph by Ed Quinn/CorbisRubin in the 1960 Harvard yearbook

This legendary stillness, combined with decades of economic and market expertise, keeps Rubin in constant demand. Since 2007 he’s been the co-chairman of the Council on Foreign Relations, where he maintains a disheveled office and employs his longtime assistant. He’s considered the intellectual father of the Hamilton Project at the Brookings Institution, which examines the relationship between government spending and unemployment. He’s a regular participant at the annual Bilderberg Meetings (so secretive they make Davos look like an American Idol taping) and a member of the Harvard Corporation, the discreet board that runs his alma mater. He also meets regularly with congressmen and foreign leaders and has access to the Obama administration through Timothy Geithner and other protégés. In 2010 he joined Centerview Partners, an advisory investment banking boutique, as a counselor to founders Blair Effron and Robert Pruzan.

It’s enough to keep a 74-year-old plenty busy. But not enough to shake questions about just how wise and thoughtful Robert Rubin really is, especially on the fourth anniversary of a financial crisis in which he played a pivotal, under-examined role. Rubinomics—his signature economic philosophy, in which the government balances the budget with a mix of tax increases and spending cuts, driving borrowing rates down—was the blueprint for an economy that scraped the sky. When it collapsed, due in part to bank-friendly policies that Rubin advocated, he made more than $100 million while others lost everything. “You have to view people in a fair light,” says Phil Angelides, co-chair of the Financial Crisis Inquiry Commission, who credits Rubin for much of the Clinton-era prosperity. “But on the other side of the ledger are key acts, such as the deregulation of derivatives, or stopping the Commodities Futures Trading Commission from regulating derivatives, that in the end weakened our financial system and exposed us to the risk of financial disaster.”

After he stepped away from Treasury in 1999, Rubin moved to Citigroup (C), and until 2009 he served as chairman of the executive committee and, briefly, chairman of the board of directors. On his watch, the federal government was forced to inject $45 billion of taxpayer money into the company and guarantee some $300 billion of illiquid assets. Taxpayers ended up with a 27 percent stake in Citigroup, which was sold in 2010 at a cumulative profit of $12 billion. Rubin gave up a portion of his contracted compensation—and was still paid around $126 million in cash and stock during a tenure in which his serenity has come to look a lot more like paralysis. “Nobody on this planet represents more vividly the scam of the banking industry,” says Nassim Nicholas Taleb, author of The Black Swan. “He made $120 million from Citibank, which was technically insolvent. And now we, the taxpayers, are paying for it.”

Evaluating Rubin’s role in the financial crisis is a tough task made tougher by the fact that the tortoise has retreated into his shell. Once famously adept at working the press—the author of a 2007 American Prospect profile noted that he “literally could not find a single feature piece that was, on balance, unflattering”—Rubin has turned down countless interview requests over the past four years, including several for this piece.

Which is not to say he dismissed the idea lightly. After an April event at the Council on Foreign Relations, Rubin appeared in the building’s Park Avenue lobby. His white Brooks Brothers shirt was fraying, and his gray suit looked rumpled enough that he might well have slept in it the night before. He was carrying an old-fashioned Redweld legal folder, filled with papers, when he pulled me aside. “I have been working hard to try to balance my work-life issues,” he said, explaining why he’d deliberated for months about whether to talk on the record. “I have been really busy, and I am not sure I have the right balance.” A few weeks later a representative conveyed that it was a close call, but Rubin would be heeding advisers who urged him not to speak. Instead, he dispatched his friends to speak for him.

During his 26 years at Goldman Sachs (GS), Rubin rose from trader to the corner office, and along with his partner, Stephen Friedman, helped transform Goldman from an investment bank into shorthand for financial dominance. Goldman has made thousands of people, including Rubin, very rich. But the firm’s reputation for avarice has also created a cloud that follows its all-star alumni into civic life. The case against Rubin’s performance as a public servant is mainly about that cloud. As Treasury Secretary, was he motivated by a desire to serve the people, or an opportunity to serve himself and his friends?

Rubin and Clinton worked closely together managing the nation’s economy 

“Most people see him as your sort of archetypical buttoned-down Wall Street guy,” says President Clinton, acknowledging the perception that Rubin favored the financial sector. Clinton, for one, doesn’t buy it, and cites numerous examples of Rubin advocating for policies that ran counter to his own economic interest. “When we had to give up the broad-based middle-class tax cut to reach our deficit reduction targets, he was one of the strongest supporters I had in not giving up the proposal to double the Earned Income Tax Credit. He said, ‘We can’t do that. It’ll move millions of poor people who are working out of poverty.’ You wouldn’t expect somebody who had spent a career on Wall Street, making and helping other people make millions and millions of dollars, to be in there arguing. But he was just as strong as [Secretary of Labor Robert] Reich was. He said, ‘We’ve got to keep that.’ And we took a lot of heat for it.”

Rubin’s selflessness, whether in economic policy or the day-to-day management of the Treasury, is a frequent theme of his admirers. Sheryl Sandberg, the chief operating officer of Facebook (FB), worked at Treasury after she graduated from Harvard Business School in 1995. In her first meeting with Rubin and a dozen senior staffers, she hid in the back of the room, hoping to turn invisible. “I’m young and brand new at Treasury, and I did not know much,” says Sandberg, now 43. Rubin called on her anyway. “He said, ‘You’re new. You may see things we’re missing.’ And it was a really powerful lesson, because he was showing everyone that you take opinions and you get feedback from everyone. He wasn’t going to be curtailed by hierarchy or titles.”

She says Rubin was spectacularly self-aware, and taught her that people will “overreact to things you do when you are senior,” especially in places like Goldman Sachs and the U.S. Department of Treasury. “He’d start, ‘I’m going to say this really carefully. Here’s what I mean. Here’s what I don’t mean,’ ” recalls Sandberg. “More importantly, he encouraged everyone to ask questions. He said, ‘If you have questions, come to me.’ ”

Peter Orszag, another Rubin protégé who later became President Obama’s director of the Office of Management and Budget (and is now a managing director at Citigroup and a contributor to Bloomberg View), had a similar experience as a junior White House staffer. In a meeting with Rubin, the Secretary bungled a calculation, transposing a billion dollars for a trillion. Orszag scribbled a correction on a note in an attempt to help Rubin save face. A week later, Orszag’s phone rang. “[Rubin] was abroad, like in Italy or somewhere,” Orszag says. “He called to tell me he was going through his briefcase and he came upon my note, and I was right. He just wanted to tell me that I was right. Most Treasury Secretaries would not do that.”

It’s not his personality that riles critics of Rubin’s four-and-a-half-year tenure at Treasury. It’s his failure to tame the 1999 repeal of Glass-Steagall and the wild expansion of over-the-counter derivatives, which were traded between banks, out of the public eye. “The changes that Robert Rubin drove through in the 1990s certainly helped plant the seed for [the] collapse,” says Angelides.

Rubin’s legion of defenders stir at any mention of Glass-Steagall, the 1933 law that separated the activities of commercial and investment banks. “There is an assumption that Bob was pushing hard for the repeal,” says Michael Schlein, a former chief of staff at the Securities and Exchange Commission and a former Citigroup executive. “I was there. That’s not the way it happened.”

In testimony before the Financial Crisis Inquiry Commission in March 2010, Rubin conceded that he “was an advocate of rescinding Glass-Steagall.” But: “By the time we rescinded it, there were no restrictions left in it at all except for the insurance underwriting, which had no relevance to anything that has happened since then.” What Rubin meant was that commercial banks had long been able to underwrite debt and equity and advise on mergers and acquisitions, and they had been buying investment banks through much of the 1990s. Rubin told the FCIC that ditching Glass-Steagall removed the “cumbersomeness” experienced by banks already in those businesses. In other words, he argued, he pushed for the removal of a law that was a phantom.

“Of course, it would have been better if we’d had the foresight and political strength to put in place the protections that were put in place in 2010 after the financial crisis occurred,” says Larry Summers, Rubin’s friend and successor as Treasury Secretary. “But this does not relate to the repeal of Glass-Steagall. There were virtually no restrictions on the investment banking activities of the major banks after the Federal Reserve’s undertakings during the decade before Glass-Steagall was repealed.” Speaking at a CNBC forum on July 18, Rubin said simply, “It is a myth that the repeal of Glass-Steagall contributed to the financial crisis.”

This is no longer the consensus. Aside from Paul Volcker, several of Rubin’s ex-Citigroup colleagues have recently revised their opinions. In an October 2009 letter to the New York Times, John Reed, the co-chief executive officer of Citigroup from 1998 to 2000, wrote: “As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I would agree with Paul A. Volcker (and also Mervyn King, governor of the Bank of England) that some kind of separation between institutions that deal primarily in the capital markets and those involved in more traditional deposit-taking and working-capital finance makes sense.” Richard Parsons, the former Citigroup board chairman, told a Washington audience this past spring that “to some extent, what we saw in the 2007-2008 crash was the result of the throwing off of Glass-Steagall.” Most famously, Sandy Weill told CNBC in July 2012 that the law’s reinstatement in some form is necessary to restore confidence in the financial system. “Have banks be deposit takers, have banks make commercial and real estate loans,” Weill said. “And have banks do something that will not risk taxpayer dollars.”

With Greenspan and Summers on the cover of ‘Time’ in February 1999Summers dismisses this as revisionism, warped by hindsight and political convenience. Instead, he offers a syllogism: If permitting the combination of commercial and investment banks caused the financial crisis, why was fixing it so dependent on commercial banks buying investment banks? True enough, many companies that took advantage of Glass-Steagall’s repeal (Citigroup, JPMorgan Chase (JPM), Bank of America (BAC)) still exist. Souvenirs from the standalone investment banks (Bear Stearns, Lehman Brothers, Merrill Lynch) are available on EBay (EBAY).

In part because of its complexity, less attention has been paid to Rubin’s role in the unleashing of the over-the-counter derivatives market. In March 1998, Brooksley Born, chairman of the CFTC, wanted to release a “concept paper” that would raise a series of questions about the possible regulation of derivatives. “I was very concerned about the dark nature of these markets,” Born told the Washington Post in 2009. “I didn’t think we knew enough about them.”

With Greenspan and Summers on the cover of ‘Time’ in February 1999

Born’s plan was to have the CFTC oversee these new, often inexplicable financial products. Rubin, Summers, Federal Reserve Chairman Alan Greenspan, and Securities and Exchange Commission Chairman Arthur Levitt countered that Born was out of her depth. (Levitt is a board member of Bloomberg LP, which owns Bloomberg Businessweek.) They argued that the CFTC, created in the 1970s to regulate futures contracts bought by farmers, didn’t have the authority or expertise to regulate complex derivatives in a fast-expanding market. Born was no match for their firepower. They persuaded Congress to ignore her.

 

Continue reading here.

 

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Thu, 09/20/2012 - 11:10 | 2815020 Colombian Gringo
Colombian Gringo's picture

Too bad its a tie, and not a noose, draped around his neck.

Thu, 09/20/2012 - 11:13 | 2815025 Pladizow
Pladizow's picture

What would Cecil Rhodes and Professor Quigley say about Rubin?"

....give him the air of an ancient Galapagos tortoise." - Didnt Lonsome George die recently?

Thu, 09/20/2012 - 11:18 | 2815040 idea_hamster
idea_hamster's picture

            trust the system and trust the American people

LMAO -- that's rich.

Thu, 09/20/2012 - 11:27 | 2815059 Pinto Currency
Pinto Currency's picture

 

Where is the section about Rubin and Larry Summers coordinating bullion bank gold leasing from central banks to suppress the gold price thus depressing interest rates. 

This led to the wildely speculative .com bubble and a completely false economy.

Rubin's briliance has been in coordinating a worldwide bubble and economic collapse.

Also nothing in the article about the role of the B.I.S. in the whole affair.

Thu, 09/20/2012 - 11:31 | 2815081 strannick
strannick's picture

Rubin's briliance has been in coordinating a worldwide bubble and economic collapse.

Except no one can focus because the impeachment crisis is raging. He said, ‘What we’ve got to do is get up tomorrow and go back to work, just like we did today, make good things happen, and trust the system and trust the American people. It’s going to be fine.’

Rubin said the American people are so ignorant, the system is so corrupt, that we can ride out this scandal, and we can go on manipulating things for our benefit.

Thu, 09/20/2012 - 11:33 | 2815089 Badabing
Badabing's picture

Copo di Copo get a rope

Thu, 09/20/2012 - 11:46 | 2815120 BaBaBouy
BaBaBouy's picture

Ya Gata Love These Isrealis, They Really Know Everything Thats Good For US ...

Thu, 09/20/2012 - 12:09 | 2815191 WTFx10
WTFx10's picture

"Ya Gata Love These Dual citizenship Isrealis USA TRAITORS"

Fixed it.

Thu, 09/20/2012 - 15:11 | 2815846 phyuckyiu
phyuckyiu's picture

That Time magazine cover from 1999 gives me the chills, eerily similar to The Bernank cover on the Atlantic from a few months ago. Just add Orszag and you have the Obama 'we will continue the anal fucking till morale improves' dual citizenship recovery team. Must the Hebe overlords always use their 'don't worry we know better than you do' smile while they fuck us in the ass? The Atlantic took it one step furthur and used a soft glow lens and airbrushed his ugly ass. The only thing missing from those magazine covers is some moving spirals in the eyeballs that flash obey once every 30 frames.

Thu, 09/20/2012 - 12:15 | 2815213 Oh regional Indian
Oh regional Indian's picture

Unbelievable tenor to the post, given what this man has done to the world (and the US of course)/

Goldman, Citi, Tres. Sec.

Enough said. He runs with the foxes.

ori

Thu, 09/20/2012 - 12:47 | 2815349 SeattleBruce
SeattleBruce's picture

Whatever else could be said about this - it's not "their" fault that 'we the people' - generally speaking - scratch our bellies, drink beer and watch American Idol.  Now "they" do have responsibility for acting morally, as do all of us.

Thu, 09/20/2012 - 15:37 | 2815949 Panafrican Funk...
Panafrican Funktron Robot's picture

"it's not "their" fault that 'we the people' - generally speaking - scratch our bellies, drink beer and watch American Idol."

Depends on your concept of personal choice.  If you're not able to see the forest for the trees, to what degree are you culpable?  Keeping in mind that the education complex is designed to make the citizenry docile and ignorant; ditto for the media complex.  The internet does open up more easily accessible opportunities for re-education, but we're talking an island in a sea of intentional stupidity.  The standard fatass middle aged NFL fan who's angry at a particular side of the political isle (when he's not busy getting absurdly angry with Mark Sanchez) is by design my friend.  

Thu, 09/20/2012 - 11:39 | 2815110 ParkAveFlasher
ParkAveFlasher's picture

Here's my brilliance:

gold, bitchez!

Where's my position at Citibank?

Thu, 09/20/2012 - 11:43 | 2815123 Bastiat
Bastiat's picture

Rubin, Summers, Clinton and the repeal of Glass-Steagel.  Save the world?  Doom the world.

Thu, 09/20/2012 - 12:04 | 2815182 Bay of Pigs
Bay of Pigs's picture

The Gold Carry Trade came before that. Rubin was the leading force to dump CB gold into the market, depress prices and distort interest rates and thus low ball inflation

He is directly responsible for much of this mess. He's an evil rotten son of a bitch.

 

 

Thu, 09/20/2012 - 12:46 | 2815338 Bastiat
Bastiat's picture

Couldn't agree more.

Thu, 09/20/2012 - 16:14 | 2816070 DaveyJones
DaveyJones's picture

Hey, the Antichrist's gotta make a living too

Thu, 09/20/2012 - 12:19 | 2815237 john39
john39's picture

should be 'man who sold the world'....

Thu, 09/20/2012 - 12:23 | 2815249 Turin Turambar
Turin Turambar's picture

Bastiat,

You need to rethink your criticism of Glass-Steagel.  Glass-Steagel wasn't repealed, it was only modified, regardless of what the pundits say.  The main problem that resulted in increased moral hazard was FDIC insurance which remained.

Peter Schiff has a great little section on this in his recent book Crash.

Thu, 09/20/2012 - 12:48 | 2815354 Bastiat
Bastiat's picture

I will check out Crash, thanks.  Do you not agree that the essential effective elements of Glass-Steagal were gutted? 

Thu, 09/20/2012 - 14:03 | 2815622 Nothing To See Here
Nothing To See Here's picture

Bastiat, really, that Glass-Steagall repeal story is the progressive baseline to make people believe that regulation (and the government) is necessary to save the markets from themselves.

Before some of its elements were repealed, GS did not apply to Bear Stern, Lehman, AIG nor to Fannie or Freddie. This is the greatest red herring ever told.

Thu, 09/20/2012 - 16:15 | 2816076 Bastiat
Bastiat's picture

I don't think it's a red herring at all.  I recall ranting down the hall the day it happened because I knew then what the banksters were and it removed a real protection.  If they don't want "regulation" they shouldn't be protected by the FDIC.  Of course they want the appearance of regulation, captured regulation and they wanted it without those inconvenient hard lines, isolating investment banking risks from depositors and depositors insurance.

What about the shifting of derivatives and other risk assets into bank holding companies post 2008?  What about the stampede to become banks but GS etc, post 2008 so they could get their shit-encrusted shouts into Timmy & Ben's trough?  This is no small thing and the changes which permitted it, no red herring but a big stinking dead fish served up to us all.

Thu, 09/20/2012 - 12:55 | 2815391 trichotil
trichotil's picture

Did you mean: Glass-Steagall?
Learn to spell first.

Thu, 09/20/2012 - 13:40 | 2815555 Bastiat
Bastiat's picture

Argo.

Thu, 09/20/2012 - 13:59 | 2815538 Bay of Pigs
Bay of Pigs's picture

Say what? It allowed the banks to run fucking wild with leverage. Sorry, but thats just not accurate at all.

That was a huge mistake by Congress.

Thu, 09/20/2012 - 12:39 | 2815298 Canuckistan Al
Canuckistan Al's picture

He was flapping his lips on Canuck TV here last night. In passing he referenced solutions to the current challenges in the economy etc. When he referenced "perhaps we need to reinstitute Glass - Steagal, I threw up in my mouth...........

Thu, 09/20/2012 - 12:36 | 2815287 LMAOLORI
Thu, 09/20/2012 - 11:52 | 2815152 uno
uno's picture

we own the MSM

Thu, 09/20/2012 - 11:50 | 2815147 Burticus
Burticus's picture

Yeah, and what about Rubin's alleged leadership role in swapping out the real gold from the Untied States gold reserves at Ft. Knox for gold-plated tungsten?!

Thu, 09/20/2012 - 11:42 | 2815121 Urban Redneck
Urban Redneck's picture

It's no more superficial fluff than the rest of the article-

Thu, 09/20/2012 - 11:48 | 2815142 idea_hamster
idea_hamster's picture

Likely true -- but I couldn't keep reading after "trust the system and trust the American people."

Honestly, what little I know of both those entities does nothing to instill confidence.  In fact, quite the opposite.

Thu, 09/20/2012 - 20:19 | 2815188 buckethead
buckethead's picture

The photo from his Harvard years lends credence to some of David Icke's theories.

Thu, 09/20/2012 - 11:33 | 2815090 LMAOLORI
LMAOLORI's picture

 

 

They would have said thank you for helping our plan come to fruition. Quigley was scumbag bill's mentor

Clinton, Quigley, and the New World Order

Thu, 09/20/2012 - 11:47 | 2815137 DeadFred
DeadFred's picture

Is it my imagination or can you see bats and dark shapes floating around him in the photos?

Haha, got you to look. Don't you know it takes more discernment than a photograph has to really see them?

Thu, 09/20/2012 - 12:18 | 2815233 Sean7k
Sean7k's picture

I was going to say he looks rather reptilian in that old harvard photo...

Thu, 09/20/2012 - 12:40 | 2815306 pods
pods's picture

I would like to see a picture of him next to a mirror.

pods

Thu, 09/20/2012 - 11:41 | 2815119 paradism_
paradism_'s picture

Don't worry, a tie is an upside down noose.

Thu, 09/20/2012 - 12:51 | 2815373 mayavision2012
mayavision2012's picture

The undercurrent of utter frustration with all the pol/mil/corp/bankster corruption is about to hit the beach as a tsunami, me thinks.  I'm actually beginning to wonder who will emerge from the mists to become the next General George Washington.

Thu, 09/20/2012 - 11:11 | 2815021 williambanzai7
williambanzai7's picture

MENAGE A TBTF (Pop Version) (Gramm, Rubin, Sandy Weill)

Thu, 09/20/2012 - 11:15 | 2815036 malikai
malikai's picture

OW IT BURNS!

Thu, 09/20/2012 - 11:24 | 2815061 Comay Mierda
Comay Mierda's picture

lemonparty

what is seen cannot be unseen

Thu, 09/20/2012 - 11:22 | 2815056 Shizzmoney
Shizzmoney's picture

Hey look, it's the corporate welfare version of "Lemon Party"

Thu, 09/20/2012 - 12:00 | 2815175 luckylogger
luckylogger's picture

Good one WB! you never seize to amaze me with your creativity......

Thu, 09/20/2012 - 12:22 | 2815243 iDealMeat
iDealMeat's picture

Finally seeing some Tits around here again..  Thanks lucky...

Thu, 09/20/2012 - 11:11 | 2815022 Winston Churchill
Winston Churchill's picture

Rubin Hood,

Robs from the poor,

to give to the rich,

Rubin Hood.

Thu, 09/20/2012 - 11:45 | 2815132 LongSoupLine
LongSoupLine's picture

And once again, Madoff sits in his cell...alone.

WTF...

Thu, 09/20/2012 - 12:58 | 2815404 trichotil
trichotil's picture

my money says he's on a beach in israhell,
prove me wrong.

Thu, 09/20/2012 - 20:50 | 2816641 PhilofOz
PhilofOz's picture

well he shafted his own tribe, not those underlings out of the group.

Thu, 09/20/2012 - 11:16 | 2815031 THE DORK OF CORK
THE DORK OF CORK's picture

Fucking Evil Prick.

Thu, 09/20/2012 - 11:16 | 2815039 otto skorzeny
otto skorzeny's picture

The Bernank is on here junking everybody.

Thu, 09/20/2012 - 11:42 | 2815122 LMAOLORI
LMAOLORI's picture

 

 

Otto that's hilarious omg I'm still laughing

Thu, 09/20/2012 - 13:30 | 2815524 mendigo
mendigo's picture

he who dies with the most wins

Thu, 09/20/2012 - 11:13 | 2815034 DaveyJones
DaveyJones's picture

do you have to be human to be a man?

WSJ Headlines Today:

"home sales jumped in August to their highest levels in more than two years"

"median household income fell or was flat in almost every state"

Is this what my teacher meant by "new math?"  

Thu, 09/20/2012 - 11:31 | 2815085 JohnKozac
JohnKozac's picture

90% of the 'new home sales' were most likely financed with zero down mortgages that will be in default in a few.

They forgot to mention that tidbit.

Thu, 09/20/2012 - 12:00 | 2815168 The Navigator
The Navigator's picture

Not to worry - QE5 will have the Fed buy up those toxic mortgages.

Thu, 09/20/2012 - 12:17 | 2815223 LoneCapitalist
LoneCapitalist's picture

No need. The fed is already buying securities collateralized by the bad mortgages. The banks get their money for the mortgages and it doesnt matter if they sit on their balance sheet forever. Noone will know the true value as there is no mark to market rule.

Thu, 09/20/2012 - 13:08 | 2815455 Moe Howard
Moe Howard's picture

Any sales are a jump from two years ago.

Thu, 09/20/2012 - 16:09 | 2816048 DaveyJones
DaveyJones's picture

good point. None of this crap has any meaningful comparison to norms. Relativism loves u

Thu, 09/20/2012 - 13:23 | 2815327 Nobody For President
Nobody For President's picture

New math - old math:

We don't need no steenkeen math.

BitChez.

Thu, 09/20/2012 - 12:51 | 2815370 resurger
resurger's picture

i dont understand math, but i gave you a +1 anyway

Thu, 09/20/2012 - 20:35 | 2816625 Nobody For President
Nobody For President's picture

Thanks! I can understand that much math...

Thu, 09/20/2012 - 11:15 | 2815038 otto skorzeny
otto skorzeny's picture

Tribesman.

Thu, 09/20/2012 - 11:36 | 2815100 earleflorida
earleflorida's picture

How to read the Torah in five easy steps, and use the Talmud [myriad of codex] in a quick and easy two-step program... enhancing your avarice-- 4$ale `Goyim's Only' !!!

found at your nearest temple adjacent to wall`market's prayer list`or`ium'

Thu, 09/20/2012 - 13:00 | 2815414 trichotil
trichotil's picture

good luck finding a talmud at your local barnes and noble.

http://www.come-and-hear.com/dilling/dcontents.html

Thu, 09/20/2012 - 11:17 | 2815041 LULZBank
LULZBank's picture

Rubin is loose on this thread, junking.

Thu, 09/20/2012 - 11:19 | 2815045 Al Huxley
Al Huxley's picture

Wow, the propaganda gets bolder by the day.

Thu, 09/20/2012 - 11:39 | 2815109 Kayman
Kayman's picture

Bold ?  It think more arrogant.

Thu, 09/20/2012 - 12:52 | 2815374 Oh regional Indian
Oh regional Indian's picture

Shameless. Most surprised that ZH would print this puff piece like this on such a man.

That too in the Blue Box atop.

Stinks, really stinks.

ori

Thu, 09/20/2012 - 15:14 | 2815858 bankruptcylawyer
bankruptcylawyer's picture

occasionally i agree with you, now i more than agree with you. at times zh posts these pieces that are clearly made for other sights where the viewership needs to be educated about how corrupt and assbackwards the propoganda system is, how lies are sold to the public. here on zh most people already know this, the question is how to undo it. and not enough of this discussion is posted. 

Thu, 09/20/2012 - 11:20 | 2815048 Sandmann
Sandmann's picture

Did I miss something ? When I met Robert Rubin I came away distinctly unimpressed and felt he had very modest intellectual capability. I am surprised often to read hagiographical journalistic prose on people I have met or know very well and to wonder why their expressed assessment is so much more effusive than my own. I did not rate Rubin. I thought him very limited.

Thu, 09/20/2012 - 11:28 | 2815073 Sandmann
Sandmann's picture

Oh, I see both Rubin and Friedman were Lawyers so of course it figures - Clinton was a lawyer - everyone in the USA is a lawyer - very few lawyers are intelligent, more lawyers are rich than are intelligent. Being Rich in the USA is an accolade that means journalists think you are intelligent rather than crooked, but lawyers are often crooked, but working for Goldman Sachs means you are a "made man"

 

The Robert Rubin Memorial All-Stars according to The Times of London are Timothy Geithner, Lawrence Summers, Peter Orszag. Rubin's son Jamie is Obama's main Bagman on Wall Street

Thu, 09/20/2012 - 11:34 | 2815096 john39
john39's picture

most lawyers i know, who are young, are actually poor....   a huge percentage of people coming out of law school can't find jobs... certainly not jobs to pay off the educational debt incurred to earn the J.D. degree...  so we are really talking about a small subset of laywers.    I do agree generally that the legal system is construct that allows people to serve corrupt corporate interests while believing that they are doing good by playing their part in the revered american legal system.  they can't see the forest for the trees...  the legal system is talmudic in its origins... and has been used to further the corporate takeover of the world....  notice how hitlary clinton never misses a chance to talk about spreading democrazy and the 'rule of law'....   because the NWO owns both systems.

Thu, 09/20/2012 - 15:19 | 2815888 bankruptcylawyer
bankruptcylawyer's picture

i would agree with everything you say, being a young lawyer. however your 'taldmud' reference just outs you as an anti-semite. i've seen your posts and you consistently blame jews for the worlds problems. using the world 'talmudic' as a perjoritave pretty much proves you hate jews. you probably haven't studied talmud. if you had, you would know that it is just another system of law that is old and long predates corporations or other legal fictions.

Thu, 09/20/2012 - 21:43 | 2816697 PhilofOz
PhilofOz's picture

Does anyone even take notice of the anti-semite label anymore? Tired, worn out and meaningless. Something a lot stronger than that is needed to scare the goyim into silence now.

Thu, 09/20/2012 - 12:02 | 2815178 rhinoblitzing
rhinoblitzing's picture

Lawyers are about the only thing left that this country does manufacture....

Why are there no lawsuits against the chinese that manufacture:

- Poison baby food

- poison pet food

- contaminated drywall that renders new homes demolition worthy

- cheap products that drip with carcinogens (hold on tight to your cheap steering wheel cover and get that new car(cinogen) smell!

- toys, tools, and products that fall apart in your hands

- whats that funny taste from that water bottle and thermus you drink out of?

... If these were USA based mfg companies - they would have been sued into banckruptcy.

 

 

Thu, 09/20/2012 - 12:50 | 2815364 tip e. canoe
tip e. canoe's picture

"Lawyers are about the only thing left that this country does manufacture"

makes perfect sense when you realize that almost all the Framers were Esquires.

Thu, 09/20/2012 - 13:07 | 2815450 Quantum Nucleonics
Quantum Nucleonics's picture

The Chinese don't have lawyers because as a dictatorship they don't do 3 year long trials with hung juries.  They skip right to the execution.

Thu, 09/20/2012 - 13:11 | 2815462 Moe Howard
Moe Howard's picture

Nine grams of lead to the back of the head.

Thu, 09/20/2012 - 13:59 | 2815609 akak
akak's picture

With the bill for the bullet sent to the family --- and the organs of the deceased harvested for sale on the black market.

Make me laugh!

Thu, 09/20/2012 - 11:20 | 2815051 Vegetius
Vegetius's picture

Well if he is supposed to be running things hes done a bang up job

Citi Bank - Goldmans - The Treasury. buck stops here,  does it?

Rubin’s selflessness in paying himself $126 milllion

No wonder our hero is not doing interviews

"Power attracts the corruptible. Absolute power attracts the absolutely corruptible."
- Frank Herbert

Thu, 09/20/2012 - 11:23 | 2815060 squexx
squexx's picture

So many of the Satanic Tribe on all sides of the issue, making it worse! When will Americans wake up the their parasitic evil?!?

Thu, 09/20/2012 - 14:27 | 2815701 WillyGroper
WillyGroper's picture

Thanks.

Read this yesterday that gave me a different perspective on the Rothchilds involvement. Looks like all roads lead to the Vatican to me. 

http://www.bibliotecapleyades.net/vatican/esp_vatican37.htm

Thu, 09/20/2012 - 15:21 | 2815895 Ratscam
Ratscam's picture

There is a great book called Vatican Inc.
This shit has got to go!

Thu, 09/20/2012 - 11:26 | 2815067 Dapper Dan
Dapper Dan's picture

My god! is Rubin carrying the Nuclear Football in that photo?

He does run everything.

"I may not have been the greatest president, but I've had the most fun eight years." –Bill Clinton

Thu, 09/20/2012 - 11:27 | 2815070 MillionDollarBogus_
MillionDollarBogus_'s picture

"I didn't know Brooksley Born," says former SEC Chairman Arthur Levitt, a member of President Clinton's powerful Working Group on Financial Markets. "I was told that she was irascible, difficult, stubborn, unreasonable." Levitt explains how the other principals of the Working Group -- former Fed Chairman Alan Greenspan and former Treasury Secretary Robert Rubin -- convinced him that Born's attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was "clearly a mistake."

http://articles.businessinsider.com/2009-10-21/wall_street/30087500_1_brooksley-derivatives-market-stock-market

Right....

Thu, 09/20/2012 - 11:38 | 2815108 chunga
chunga's picture

We should have listened to her.

Thu, 09/20/2012 - 11:48 | 2815139 Bastiat
Bastiat's picture

clearly a mistake

Yeah a great big fucking mistake, the quadrillion $ mistake.

Thu, 09/20/2012 - 12:22 | 2815245 roadhazard
roadhazard's picture

I'd say way more than 47% are going to be, "victims" before it's over.

Thu, 09/20/2012 - 12:47 | 2815345 Bartanist
Bartanist's picture

Yeah ... a few years ago I was stuck in a cabin in a snowstorm and read the Levitt Jewish ego piece book. It was on the shelf and the choice was to either read the book or chuck it in the fireplace for a little warmth. In retrospect I probably made the wrong choice.

Thu, 09/20/2012 - 15:33 | 2815937 bankruptcylawyer
bankruptcylawyer's picture

'was' yea. as if these markets are now fixed because they were prohibited from collapsing only to make sure that no 'regulation' would interfere with the unfettered continuing 'solvency' based inflation policy of printing counterfeit money to paper over the off balance sheet derivatives books.

Thu, 09/20/2012 - 16:28 | 2816138 Scalaris
Scalaris's picture

Two years later, and Brooksley Born would have gotten arrested as a domestic terrorist, under the patriot act.

Thu, 09/20/2012 - 11:28 | 2815071 No Euros please...
No Euros please we're British's picture

FFS, there's that name again! Goldman Sachs the fekkers are EVERYWHERE.

Thu, 09/20/2012 - 11:28 | 2815072 slaughterer
slaughterer's picture

Rubin as eminence gris? OK.  

Run an article on Simon Potter with a tutorial on the Bayesian methods he uses to analyze markets in time series... could be fun.  

Thu, 09/20/2012 - 11:48 | 2815141 Bastiat
Bastiat's picture

eminence grease

Thu, 09/20/2012 - 13:49 | 2815577 falak pema
falak pema's picture

grease without eminence, no thats Travolta! 

Thu, 09/20/2012 - 14:08 | 2815636 aheady
aheady's picture

The drinks flow
People forget
That big wheel spins, the hair thins
People forget
Forget they're hiding
The news slows
People forget
The shares crash, hopes are dashed
People forget
Forget they're hiding.
Behind an eminence front
Eminence front - it's a put-on.

Thu, 09/20/2012 - 11:30 | 2815076 AynRandFan
AynRandFan's picture

Seems all the players on economic matters both inside and outside of government love experimentation.  Banks acting like hedge funds, the Fed madly printing money and monetizing public and private debt, the federal government letting loose the derivative market.  Maybe that's what makes all those guys so "smart".

Thu, 09/20/2012 - 11:30 | 2815077 mess nonster
mess nonster's picture

To sum up: Robert Rubin, misunderstood savior of modern western society. You think he's a villian. You think that he's a member of a certain minority that controls the financial dealings of the planet for their own benefit, and to the detriment of everyone else (sheep). But the sheer complexity of events and structures bends perception, so that what you see is really a mirror image of reality. Robert Rubin is not a master of dark and satanic powers. He has been working all along, deep from within, to secure your happiness and prosperity.

Oh, I also have a bridge to sell you...

Thu, 09/20/2012 - 11:45 | 2815131 Kayman
Kayman's picture

"Complexity" is the diversion as they pick your pocket clean.

Thu, 09/20/2012 - 11:30 | 2815078 Shizzmoney
Shizzmoney's picture

The hostile intent has been conscientiously sustained over the last 30 years, no matter which party is in control of Congress or the White House, and no matter what the issue immediately at hand -- the environment or the debt, defense spending or campaign-finance reform. The concentrations of wealth and power express their fear and suspicion of the American people with a concerted effort to restrict their liberties, letting fall into disrepair nearly all of the infrastructure -- roads, water systems, schools, power plants, bridges, hospitals -- that provides the country with the foundation of its common enterprise.

The domestic legislative measures accord with the formulation of a national-security state backed by the guarantee of never-ending foreign war that arms the government with police powers more repressive than those available to the agents of the eighteenth-century British crown. The Justice Department reserves the right to tap anybody’s phone, open anybody’s mail, decide who is, and who is not, an un-American. The various government security agencies now publish 50,000 intelligence reports a year, monitoring the world’s Web traffic and sifting the footage from surveillance cameras as numerous as the stars in the Milky Way. President Barack Obama elaborates President George W. Bush’s notions of preemptive strike by claiming the further privilege to order the killing of any American citizen overseas who is believed to be a terrorist or a friend of terrorists, to act the part of jury, judge, and executioner whenever and however it suits his exalted fancy.

It is the wisdom of the age -- shared by Democrat and Republican, by forlorn idealist and anxious realist -- that money rules the world, transcends the boundaries of sovereign states, serves as the light unto the nations, and waters the tree of liberty. What need of statesmen, much less politicians, when it isn’t really necessary to know their names or remember what they say? The future is a product to be bought, not a fortune to be told.

Happily, at least for the moment, the society is rich enough to afford the staging of the fiction of democracy as a means of quieting the suspicions of a potentially riotous mob with the telling of a fairy tale. The rising cost of the production -- the pointless nominating conventions decorated with 15,000 journalists as backdrop for the 150,000 balloons -- reflects the ever-increasing rarity of the demonstrable fact. The country is being asked to vote in November for television commercials because only in the fanciful time zone of a television commercial can the American democracy still be said to exist.

http://www.tomdispatch.com/blog/175595/

Thu, 09/20/2012 - 12:19 | 2815079 kevinearick
kevinearick's picture

Capital is an arm-chair quarterback. government is a football game. neither gets any work done. don't expect labor to get excited when the lights go out. when capital pays, labor will re-wire, with its own devices, already prepared for the event.

until then, enjoy the sh-show.

who are the largest employers of the middle-class "taxpayers," what is their multiplier "wealth" effect on the rest of the middle class according to krugman, and ow is bernanke paying them?

the independent farmers win every time, but go ahead and bet against them.

re-compute the retiree to contributor ratio without monetary subsidy and get back to me.

Thu, 09/20/2012 - 11:34 | 2815094 Kaiser Sousa
Kaiser Sousa's picture

FUCK ROBERT RUBIN....

SOCIOPATH BITCH....

Thu, 09/20/2012 - 11:37 | 2815105 q99x2
q99x2's picture

He doesn't look like he believes in Jesus Christ. I don't think I like him. Seems like he might be a banker. Somebody call the cops. Get him. Arrest him.

Thu, 09/20/2012 - 11:59 | 2815170 quasimodo
quasimodo's picture

With a last name like that, I doubt he believes in Jesus either

 

Thu, 09/20/2012 - 13:14 | 2815472 Moe Howard
Moe Howard's picture

See something, say something. I think I heard that at wall mart. Turn that fucker in for Grand Theft Nation.

Thu, 09/20/2012 - 11:39 | 2815111 Squid Vicious
Squid Vicious's picture

only made it through about 6 paragraphs before I almost puked and had to stop reading

Thu, 09/20/2012 - 11:39 | 2815113 CrashisOptimistic
CrashisOptimistic's picture

 

One more time, with feeling.  

None of this matters.  Rubin made no and makes no difference.  No one does.

It takes more and more joules every single day to get the joules in a barrel of oil out of the ground.  The input to output ratio is falling and THAT DEFINES EVERYTHING BECAUSE THIS CIVILIZATION OF 7 BILLION PEOPLE DEPENDS ON OIL.  Don't think the silly thought "we got along without oil for thousands of years and we will again" because the "we" in that was a few hundred million people globally.  You're right, that's exactly how many can get along without it again.  

Money was invented by mankind.  It's defined in a completely whimsical way, and so is gold.  The value of gold is also only in your head.  Only oil has a non imaginary measure of use, and it's going away.

So are you, and me.

Thu, 09/20/2012 - 11:46 | 2815138 samsara
samsara's picture

They don't understatnd the gravity of your statements Crash.   They will see the effects but I don't they will ever comprehend the reason.

It's in this paper if anyone truely wants to understand what you said.

 

Energy and Human Evolution
by David Price
http://jayhanson.us/page137.htm

Thu, 09/20/2012 - 12:10 | 2815193 Clashfan
Clashfan's picture

Lots of other viable energy sources besides oil (which is abiotic).

Try Tesla for starters, and read how JP Morgan hid that tech. And that was over a hundred years ago.

Technology that could greatly increase our liberty and further develop our potential is being purposely hidden. It's about control. It's not about overpopulation or resource depletion.

That's sad, and the fact that so few know it is even more disappointing.

Thu, 09/20/2012 - 12:44 | 2815305 samsara
samsara's picture

Ya didn't read the paper did ya?

As soon as I see a factory that builds D9 catapillers being run on Solar, Wind or a Telsa invention I will start listening to you.

Can ya name one?

Science wasn't your major was it?

Thu, 09/20/2012 - 13:16 | 2815475 Moe Howard
Moe Howard's picture

Sounds like stuck on stupid was your major.

Thu, 09/20/2012 - 14:09 | 2815644 Hohum
Hohum's picture

Good analysis, Moe.  You prick.

Thu, 09/20/2012 - 13:49 | 2815576 samsara
samsara's picture

Thank for the link on the perpetual motion ideas.....

Still waiting to see that factory to build D9 catapillars with it.

Thu, 09/20/2012 - 14:08 | 2815641 Hohum
Hohum's picture

Clashfan,

Two words: net energy.  Come back with an analysis.

Fri, 09/21/2012 - 00:49 | 2816989 Ludwig Van
Ludwig Van's picture

 

samsara --

Wicked good link. Thanks! There wasn't a whole lot in it I hadn't already grasped -- in all fairness, I've been on this stuff for awhile -- but it is so well written, so cleanly presented, it is the new energy primer to send my friends and enemies.

A few excerpts to bring this back to topic:

-- "The development of predation opened access to a supply of high-energy food...."

-- "All species expand as much as resources allow and predators, parasites, and physical conditions permit."

I zone in on *predators* because that's who Bob Rubin personifies. The object of he and his ilk is to survive the extinction of the species at the expense of the mass of them. We are their "high-energy food." Yes, they are out to kill us -- not currently politically correct, but they are working around that.

 

Thu, 09/20/2012 - 11:41 | 2815117 Inthemix96
Inthemix96's picture

Robert Rubin eh?

Another low life, bottom dwelling tribe member, hell bent on making a dime off the backs of the worlds labour force.

Heed this you parasitical piece of human detriment, you won't be forgiven in the court of public opinion son.

For your sake rubin you shithawk cunt, lets hope the end is quick.

Thu, 09/20/2012 - 16:29 | 2816143 DaveyJones
DaveyJones's picture

you're much too complimentary

Thu, 09/20/2012 - 11:43 | 2815125 newworldorder
newworldorder's picture

The Harvard Club is alive, well and functions continually in the Halls of Power in Washington and NY. Read the srory. It is a blueprint for the 10% and their wannaby enablers to "get the right people" in to the right jobs very early in their careers.

And the American electorate still thinks they have a choice by the vote.  We deserve everthing coming to us.

Thu, 09/20/2012 - 11:46 | 2815134 Winston of Oceania
Winston of Oceania's picture

Well when the burning starts let's start there...

Thu, 09/20/2012 - 11:48 | 2815140 prains
prains's picture

Ishitinmymar3

 

this would be a good article for you to read and try to understand WTF is really going on

Thu, 09/20/2012 - 11:48 | 2815145 AnAnonymous
AnAnonymous's picture

Is he dead? Reads like the biographies 'americans' write about their 'american' heroes...

Thu, 09/20/2012 - 13:32 | 2815531 akak
akak's picture

As opposed to, say, autobiographies written by Chinese Citizenism heros such as Mao --- murderer of tens of millions of his OWN countrymen, the greatest mass murderer in history --- in little red books carried by fanatics in a decade-long frenzy of mindless destruction, death and hate inspired by said little red book?

Thu, 09/20/2012 - 11:50 | 2815149 yogibear
yogibear's picture

Hasn't every heard that today's economic model consists of sleeze and corruption? Rubin knows those 2 attributes well.

Thu, 09/20/2012 - 11:54 | 2815157 Quinvarius
Quinvarius's picture

Yo dawg.  I heard you liked to white wash the repeal of Glass-Steagall.  So we went ahead and let you repeal all the little parts of Glass-Steagall before you officially repealed Glass-Steagall so you could say repealing Glass-Steagall was not and issue after the repeal of all the little parts of Glass-Steagall caused the second great depression. 

Thu, 09/20/2012 - 12:10 | 2815195 muppet_master
muppet_master's picture

rubin = CON

just another demon-RAT CON...read plenty of articles on WSJ around 2008 where rubin was some head of citi and oversaw the leveraged increase in RISK...all the while collecting his big fat salary + bonuses...nice "surplus" you left us stupid i-did-not-have-sex-with-that-300lb-PORKULOSA !!

few days ago, at Walgreen's saw photo of bill clinton on Globe magazine...i couldn't help looking at it, it was right before check-out...anyways,

bill clinton is said to be living on borrowed time..frail and weak...said to have undergone some cosmetics procedures for his appearance at the Demon-rat-ic convention...NO i didn't watch any of the fecal matter.

Thu, 09/20/2012 - 12:22 | 2815240 DavosSherman
DavosSherman's picture

Read 'Predator Nation' (by Chalres H. Ferguson who made 'Inside Job') there is even more shit on Rubin in that book.  He is a fucking POS.

Thu, 09/20/2012 - 12:22 | 2815244 koaj
koaj's picture

rumor had it, when Giuiliani took down Ivan Boesky he was really after his boss, Robert Rubin...

 

any mention of the mexican peso bailout of 40billion in 1994?

Thu, 09/20/2012 - 12:23 | 2815250 JR
JR's picture

Somebody had to do it. Someone had to be the go-between between the owners of the NY Federal Reserve Bank and the visible politicians, be they Republicans or Democrats. Someone had to bring forth the acceptable candidates for Treasury Secretary, for Fed governors. And, like as not, they were Rubin protégés or Goldman acolytes.

But while Rubin may have this selfless image of calm negotiator and wise counsel to the Great, in effect, he is America’s top criminal. Underneath he is the coordinator of moving taxpayer money and public resources in the trillions from American citizens to the coffers of the globalist banks.

When it’s necessary, he can drag a former Fed chairman to the side of a President who needs the political push. For presidents such as Bill Clinton, he is the go-to guy to tap the money supply that flows from the NY Fed and the power to move Congress in any direction that’s necessary. Bail out Mexico to save Goldman? Rubin can do it.

The career of Robert Rubin is instructive.  For example, Pat Buchanan points out, “As lead pony at Goldman Sachs, he led that investment bank into plunging billions into Mexican bonds. As head of the White House Economic Security Council, Rubin failed to see the Mexican default barreling up the tracks. But as treasury secretary, he was able to shovel billions of U.S. dollars down Mexico way, thus saving the Goldman Sachs investments.”

It was primarily Rubin and Larry Summers, i.e,, Goldman Sachs with the help of the Fed and US Congress and Executive branch, that orchestrated the current global financial meltdown and then benefited from it.

It was Goldman Sachs, where Rubin spent 26 years serving as a member of the Board, and Co-Chairman from 1990-1992, that primarily benefited from a Larry Summer’s/Harvard rip off of Russia.

It was a Russian money-laundering scheme through U.S. banks “where billions of U.S. taxpayer dollars are transferred to the International Monetary Fund (IMF) and then filtered through a small number of well-placed people - only a few dozen, in Russia, New York, Washington, and Boston - who launder the money into private accounts on Wall Street and into the coffers of some of the world's major banks.”

The expose, "U.S. Taxpayers' Backed IMF Loans Go Into Pockets of Clinton Cronies," ran in The Wanderer in 2001 when the House Banking Committee Sept. 21st-22nd was investigating the crime.

A host of witnesses "told how U.S. foreign aid policy in Russia was responsible for bankrupting the nation, facilitating the greatest plunder of the country's natural and artistic wealth since Lenin and creating a ruthless class of gangster billionaires" and "how then Treasury Secretary Larry Summers, chief economist at the World Bank in 1990, passed the Russian 'cookie plate to Goldman Sachs,' and how Harvard economists created the new Russian kleptocracy…"

http://www.apfn.org/APFN/taxpayer.htm

And this is only the tip of the documented Rubin/Goldman Iceberg -- because Goldman people are the most brilliant and selfless in the industry, right?

 

Thu, 09/20/2012 - 12:25 | 2815256 rlouis
rlouis's picture

As I recall, Rubin cut his teeth pillaging Latin America, Russia and Asia, before coming home to pillage and plunder his own country.  Naomi Klein provided a 'little' more balanced history of this pirate's accomplishments in her book Shock Doctrine, than this little puff-piece of PR.   frayed cuffs, rumpled suit ... work-life balance...pffft - hardly worthy of Zero Hedge, at least it mentioned his years at the squid.

Thu, 09/20/2012 - 12:28 | 2815267 earleflorida
earleflorida's picture

FWIW Dept: 

Viscount? Lawrence Summers infamous "White Paper- Gibson's Paradox"

http://www.gata.org/files/gibson.pdf

Thu, 09/20/2012 - 12:29 | 2815268 earleflorida
earleflorida's picture

FWIW Dept: 

Viscount? Lawrence Summers infamous "White Paper- Gibson's Paradox"

http://www.gata.org/files/gibson.pdf

Thu, 09/20/2012 - 12:39 | 2815297 kevinearick
kevinearick's picture

The pipeline is independent farmer, labor, capital, govt, middle class. of course capital seeks a middle class as ignorant as possible.

Thu, 09/20/2012 - 12:39 | 2815300 lynnybee
lynnybee's picture

Robert Rubin , criminal.  this person should be behind prison bars, stripped of all his worldly possessions & those riches can feed the hungry. he is an awful person & should be ashamed of himself.    i pity him.

Thu, 09/20/2012 - 16:32 | 2816162 DaveyJones
DaveyJones's picture

I feel a lot of funny feelings when I think about world criminals like Mr. Rubin. Pity, human sympathy, is not one of them. 

Thu, 09/20/2012 - 12:50 | 2815308 Bartanist
Bartanist's picture

Going to go off the reservation a bit.

Don't you just love all of the self-serving Jewish ego pieces? I don't know how many I have read over the years about these poor kids who just happened to start a hedge fund right after college (errr Harvard or Yale), with billions of financing or worked their way to the top in this bank or that only to become a tireless civil servant after working in the finance industry. How they were a saint while everyone around them were corrupt idiots, but that did not stop them for doing what they believed was right and at the same time become multi-multi-millionaires in their own right while the economy and the country were disintegrating around them.

Rubin might not have written this piece himself, but my guess is that he had a big hand in portraying himself in the stereotypical proper light. The guy was clearly corrupt and a bstrd. His action outspeak his words or the words written about him.

Think I'm going to puke and get the bad taste out of my mouth. 

Thu, 09/20/2012 - 12:52 | 2815378 JR
JR's picture

And the secret to this rags-to-riches-to-civic servant is the direct access to the Federal Reserve and the doors to the U.S. Treasury.

Thu, 09/20/2012 - 12:47 | 2815332 JR
JR's picture

“'Most people see him as your sort of archetypical buttoned-down Wall Street guy,' says President Clinton, acknowledging the perception that Rubin favored the financial sector. Clinton, for one, doesn’t buy it, and cites numerous examples of Rubin advocating for policies that ran counter to his own economic interest. 'When we had to give up the broad-based middle-class tax cut to reach our deficit reduction targets, he was one of the strongest supporters I had in not giving up the proposal to double the Earned Income Tax Credit. He said, "We can’t do that. It’ll move millions of poor people who are working out of poverty." You wouldn’t expect somebody who had spent a career on Wall Street, making and helping other people make millions and millions of dollars, to be in there arguing. But he was just as strong as [Secretary of Labor Robert] Reich was. He said, "We’ve got to keep that." And we took a lot of heat for it.'” – William Cohan

The question is asked: “Have you ever wondered why some of the wealthiest people in the world have been financing Communism, Socialism…and many other forms of violence and revolution?”

The answer is given in Skousen’s The Naked Capitalist, a review and commentary on Dr. Carroll Quigley’s book, Tragedy and Hope, that spilled the beans on the plot to destroy the U.S.: Although some of the people in the power group that is gaining the economic and political power to seize the human and natural resources of the world are some of the wealthiest in the world, their seizure of power has resulted from Communist agitation and Socialist legislation.

 

Thu, 09/20/2012 - 13:40 | 2815547 falak pema
falak pema's picture

Robert Rubin was to the financial launch of Mad Capitalism what RObert Mcnamara was to the MIC ramp-up of Vietnam War.

The buttoned down, best of the brightest bunch, who stayed calm and level headed, and had the mindset and hardwiring of  an IBM computer. He was totally reliable under fire and never back fired. 

The rare breed who is best for spreading the disease as his face portrays the exact opposite of what he will execute. It was true for Mcnamara. That is history. 

To understand who RR really is you may have to see the picture hanging in the back rooms of the FED and wonder : is it Dorian Grayish?

Maybe, like for his alter ego of the MIC, once the frantic financial war is over and the fog lifts we will see the true picture.

Thu, 09/20/2012 - 15:16 | 2815872 JR
JR's picture

That is an incredible comparison, comparing Bob Rubin to Bob McNamara. And it’s interesting they both used their access to presidents to empower their respecitive arenas, Rubin to banking tyranny, McNamara to war making. 

Bob Rubin, by breaking Glass-Steagall was the creator of the Leviathan Bank, the too-big-to-fail global banking system with tentacles reaching around the world and operated from central control. These TBTFs now are not only insolvent, they have caused the collapse of independent banking and the world’s economic order.

As ROBERT DEYOUNG, an associate director in the Division of Insurance and Research at the Federal Deposit Insurance Corporation, wrote:The McFadden Act of 1927 protected banks from outside competition by prohibiting interstate branch banking. Although the act permitted cross-border banking through multibank holding companies, these organizational structures required state approval, and during the 1970s none of the states approved.

In addition to these interstate restrictions, most states imposed partial or blanket restrictions on intrastate branching. The Glass-Steagall Act of 1933 effectively isolated commercial banking as a separate and highly regulated financial sector and thus insulated banks from competition with investment banks, insurance companies, and brokerage firms. Moreover, depository institutions such as savings and loans and credit unions were not permitted to compete with banks for commercial loans.

http://www.frbatlanta.org/filelegacydocs/erq107_DeYoung.pdf

And, this, from NetRootsMass’ Financial Regulation Timeline:

March 1995 – Less than 2 months after becoming Secretary of the Treasury, Rubin asked Congress to repeal the Glass-Steagall Act and to change the Bank Holding Company Act of 1956.

White House Is Joining in Efforts To Loosen the Limits on Banking

The Clinton Administration plans to call this week for legislation that would allow commercial banks, securities firms and insurance companies to merge, forming giant financial services companies that would offer everything from checking accounts to mutual funds and life insurance, Federal officials say.

In a speech prepared for delivery in New York on Monday and in Congressional testimony scheduled for Wednesday, Treasury Secretary Robert E. Rubin will urge Congress to repeal the Depression-era Glass-Steagall Act, the officials said. For more than 60 years, the law has forced financial concerns to choose between owning commercial banks or owning securities companies like brokerage firms and investment banks, but not both.

Mr. Rubin also plans to call for broad changes in the Bank Holding Company Act of 1956, which has effectively barred most financial concerns from owning both commercial banks and insurance companies, said the Federal officials, who spoke on condition of anonymity. Mr. Rubin’s speech will represent the first time that the Administration has taken a position on eliminating the legal and regulatory barriers among financial industries.

Regulatory changes in recent years have already allowed commercial banks, like Citibank, to begin selling stocks and mutual funds on a limited basis. But the Glass-Steagall Act still bars Citibank, for example, from merging with a brokerage firm like Merrill Lynch or an investment bank like Goldman, Sachs, which provides corporate investment advice and helps companies issue stock. The Bank Holding Company Act bars Citibank fom merging with a big insurance company like Prudential.

Rubin stayed at Treasury until his retirement in 1999. He was the “greatest secretary of the Treasury since Alexander Hamilton,” according to Clinton. Also in 1999, Rubin joined Citigroup. From wikipedia: Of note, the supermerger between Travelers Group and Citicorp was facilitated by the repeal of the Glass Steagall Act (Gramm-Leach-Bliley Act). …

http://www.netrootsmass.net/selise/financial-regulation-timeline/

And in 1998, Rubin moved to oppose Brooksley Born and derivatives regulation… “where a different approach to derivatives regulation would have helped avert the worst of today’s credit crisis.”

 

Thu, 09/20/2012 - 17:07 | 2816263 falak pema
falak pema's picture

the Templar mindset of big America; doing God's work for the hi-profile kings of big capital and their family members in the WH. The new Jerusalem on the hill. AMerica was built on the basis of an Ideal; not on the basis of maximisation of wealth. An ideal called freedom.

In post 1945 days, with the expansionist phase of Pax Americana in full swing, the new Capetians, of which the Bush, Kennedy, Rockafella families were front line scions, needed their spear carriers to spread the word, of God's new nation. In all fields of which MIC, Money and Oil were the silken threads of supreme control. 

Human mindset, hubris and "we are doing God's work", all fit in together, time and time again; centuries apart, continents apart. 

Its all summarised in one word this mindset : "Control"; we must control the world.

And that word is the antithesis to what all western civilization is about : freedom, which means control from within not from without, within rule of law and respect of golden rule. 'Cos every man cherishes freedom and control destroys that autoregulation by imposed despotism.

And control means bending the rules, like Gl-St revoke or Gulf of Tonkin...to achieve that hegemonial acceleration from which there is no coming back. 

The harder they fall...like the Templars of old. "The best and the brightest."

Thu, 09/20/2012 - 12:48 | 2815356 alfred b.
alfred b.'s picture

 

  ....and today, we have tax-cheat geitner playing the rubin role of manipulating and extracting wealth from the less-priviliged and handing it over to the elite bankster class!

   Buy physical gold and silver.

 

Thu, 09/20/2012 - 12:59 | 2815408 tip e. canoe
tip e. canoe's picture

ever wonder why all these guys have moles growing on their face?

Thu, 09/20/2012 - 13:02 | 2815422 elementary
elementary's picture

Rubin is a piece of shit, just like all the other players on the chess board. He's no better, no worse. He is brilliant only in his methodical acquiensence of all morality, coupled with the ability to play his role as ordered without fanfare.

He is just a fucking screwed up bunch of plasma. Big deal.

Thu, 09/20/2012 - 13:07 | 2815449 el Gallinazo
el Gallinazo's picture

From the comments I read here, I think Mr. Cohan's turd cannon has backfired.

Do NOT follow this link or you will be banned from the site!