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As Obama made his Wall Street vs Main Street speech back in September, directly behind him, grinning like chesire cats were Robert Rubin and Lawrence Summers, two of the four men (Greenspan and Graam the others) most responsible for the financial conflagration devastating economies around the world. Summers is now Obama's director of the NEC, and Timothy Geithner, a Rubins protege the new SecTres. Lol!
See
From the NYT, The Reckoning--Taking a New Look at a Greenspan Legacy; Oct. 8, 2008
http://tinyurl.com/6yzsff
Ms. Born was concerned that unfettered, opaque trading could “threaten our regulated markets or, indeed, our economy without any federal agency knowing about it,” she said in Congressional testimony. She called for greater disclosure of trades and reserves to cushion against losses.
[snip]
In early 1998, Mr. Rubin’s deputy, Lawrence H. Summers, called Ms. Born and chastised her for taking steps he said would lead to a financial crisis, according to Mr. Greenberger. Mr. Summers said he could not recall the conversation but agreed with Mr. Greenspan and Mr. Rubin that Ms. Born’s proposal was “highly problematic.”
Also,
Citigroup Saw No Red Flags Even as It Made Bolder Bets; nyt; nov.23, 2008
http://tinyurl.com/5t9259
See also,
Robert Rubin: What Meltdown; CNN Money; Jan. 31, 2008
In a talk on Wednesday, the Citigroup director said the current financial upheaval is just cyclical. And none of the blame that there was to assign went to Wall Street.
http://tinyurl.com/6ara42
Where Was The Wise Man [Rubin]?; NYT; April 27, 2008
http://tinyurl.com/4p7v58
Advisers! You betcha! I bet they were. Citi is now into the taxpayer for $306 billion guarantees. You gotta know the right people, of course.
Lol!
