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The Rubin Con Goes On - Asking the Devil Questions

by TOREY RAY / August 11, 2010 6:52 PM PDT

I just don't understand how everyone that caused all of these financial problems are trying to walk away like they had nothing to do with any of this...

Good read: By Robert Scheer Via Truthdig
The corruptions of journalism were on full display when CNN?s Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused. I was trapped on a treadmill in front of an overhead television and unable to turn the thing off in time to avoid this assault on my mental and physical health.

As a result I was forced to hear Rubin, Bill Clinton?s treasury secretary, insist that he always favored regulating toxic derivatives and is therefore not at all responsible for the ensuing economic meltdown. He was responding to the sole critical question from the CNN host, who quoted a question by New York Times columnist Paul Krugman: ?Did all the senior members of the [Obama] economics team have to be prot

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interesting allusion
by James Denison / August 11, 2010 11:59 PM PDT

The phrase "crossing the Rubicon" has survived to refer to any individual or group committing itself irrevocably to a risky or revolutionary course of action, similar to the modern phrase "passing the point of no return". It also refers, in limited usage, to its plainer meaning of using military power in a non-receptive homeland.
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Another entry
by Diana Forum moderator / August 12, 2010 6:33 AM PDT
In 1997, together with then-Federal Reserve chairman Alan Greenspan, Rubin strongly opposed the giving the Commodity Futures Trading Commission oversight of over-the-counter credit derivatives when this was proposed by then-head of the CFTC Brooksley Born. Rubin's role was highlighted in a Public Broadcasting Service Frontline report, "The Warning."[10] Over-the-counter credit derivatives were eventually excluded from regulation by the CFTC by the Commodity Futures Modernization Act of 2000.

Arthur Levitt Jr., a former chairman of the Securities and Exchange Commission, has said in explaining Rubin's strong opposition to the regulations proposed by Born that Greenspan and Rubin were "joined at the hip on this." "They were certainly very fiercely opposed to this and persuaded me that this would cause chaos."[11] However, in Mr. Rubin?s autobiography, he notes that he believed derivatives could pose significant problems and that many people who used derivatives did not fully understand the risks they were taking.[12]

Rubin's assistance to Citigroup's lobbying efforts were successful in getting the Glass-Steagall Act repealed in October 1999.[citation needed] The repeal of Glass-Steagall allowed commercial banks to perform functions previously reserved for investment banks, which contributed to the financial crisis that began in 2008 by exposing them to more risk.

In a December 2009 Newsweek piece, Robert Rubin described the extraordinary combination of circumstances that led to the global financial crisis, including market and credit excess, low interest rates, massive increase in the use of complex derivatives, misguided AAA ratings, stagnant media real wages, abusive mortgage practices, and the overleveraging of financial institutions, among many other factors. In the article, Rubin advocates for the reform of the financial system in order to better protect against systemic risk and devastating crises in the future. Rubin says that ?the market-based model must be combined with strong and effective government, nationally and transnationally, to deal with critical challenges that markets won?t adequately address.?[13]

On 9 January 2009, Citigroup said that Robert Rubin had resigned as a senior adviser and would not seek re-election as a board director.[14] Press reports noted that Rubin had drawn criticism for his role in the bank's recent problems that drove it to seek federal assistance.[15]

White man speak with forked tongue. Devil

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