Obama And Rubin, Ctd.
A reader writes:
A few tidbits on Mr. Rubin:
1. Citgroup was one of the lead lobbying entities in the late-90's for the repeal of Glass-Steagel.
2. That legislation passed in Oct-1999 and reversed 60+ plus years of U.S. policy, led to a huge roll-up in the financial services industry where commercial banking, investment banking, brokerages and insurance services (the Citi-Travelers merger was about the largest) were brought under one roof (precisely what Glass-Steagel was designed to preclude) and was and is a significant underlying factor in the mess going on today.
3. Rubin went to work for Citigroup a short time after the repeal of Glass-Steagel passed and was in an upper tier management role while alot of the excesses being dealt with today were accumulated (and Citigroup is among the most afflicted).
4. While a sharp guy, Rubin is and has always been the quintessential Limo-Liberal.
5. Wall Street and the financial services biz OWNS Congress at this point. The last thing we need is another Rubin or Paulson running things in the economic realm at the White House.