An economist commented on Bob Rubin's joining Centerview Partners. He stated:
Saw your post on Rubin/Centerview. I didn't realize that they were advising AIG.This brings the entire CDS crisis full circle, with Rubin on all ends. Goldman, where Rubin was CEO, buys CDSs through AIG (which Rubin is now advising through CrestView), Goldman buys protection against AIG going under, from Citi (when Rubin was there). Amazing.
Yes, it is.
Bob Rubin would defend himself, citing that he always thought derivatives should be regulated. History shows little evidence of Bob's fighting for supervision. Rubin and Summers resisted Brooksley Born's attempts to regulate derivatives.
President Bill Clinton said he got lousy advice from the pair, but that came with the benefit of hindsight. Ironically, Clinton dissed Goldman Sachs (Rubin's old firm) for selling stuff with "no underlying merit."
Yet, derivatives made Goldman big money.
That's after the financial meltdown. It seems Bob Rubin, Bill Clinton and derivatives have something in common. All are hard to control, adaptable & remarkably profitable.
Bob Rubin would defend himself, citing that he always thought derivatives should be regulated. History shows little evidence of Bob's fighting for supervision. Rubin and Summers resisted Brooksley Born's attempts to regulate derivatives.
President Bill Clinton said he got lousy advice from the pair, but that came with the benefit of hindsight. Ironically, Clinton dissed Goldman Sachs (Rubin's old firm) for selling stuff with "no underlying merit."
Yet, derivatives made Goldman big money.
The nation's five largest banks together earned $23 billion from derivatives trading in 2009.
That's after the financial meltdown. It seems Bob Rubin, Bill Clinton and derivatives have something in common. All are hard to control, adaptable & remarkably profitable.