Robert Rubin Named Citi Chairman Amid Bank's Troubles

New York Times:

Throughout a long, public career, Robert E. Rubin spanned the highest reaches of Wall Street and Washington, and succeeded wherever he went.

Now he may be facing his most difficult challenge -- helping to revive Citigroup, which said yesterday that it would take an additional $8 billion to $11 billion write-down related to subprime mortgages, on top of the $5.9 billion reported in early October.

The unexpectedly large write-down, which could wipe out fourth-quarter earnings, underscores the disarray at Citigroup, the once-proud institution built by the financier Sanford I. Weill, and the deepening crisis in the broader housing and credit markets, which threaten to weaken the overall economy.

Read the whole story: New York Times

Comments

[geobushono]

Hey Robert, how's that NAFTA thing working out for you and your buddies in the rarified air?
I see you still have a good job.

[anangryamerican]

Citibank Rethugs have to bring in Bill Clinton's Treasury Secretary to clean up their MESS. Rubin's a good man, but this whole thing makes me sick! Greedy Rethugs!

[kanglecap]

If the general public knew what was REALLY going on in the “banking industry” there would be a “run” the likes of which we have never seen. For sure, a full-blown depression would ensue and in fact, that is exactly where The United States is headed. What goes on behind closed doors in this corrupt banking industry is unspeakable!

The United States is not The United States anymore … financially, morally or in any other respect. The United States doesn’t own The United States and hasn’t for sometime now! As much damage as Bush has done to this country (and he’s done a lot of damage) he is not the only perpetrator! Truth be known, this country has been slipping away from prominence for sometime now and will continue down this path unchecked.

“We the people” are “owned” people. What part of us as individuals The United States doesn’t own (or want to own), other countries do! Don’t look now folks but the average guy in this country is nothing more than a slave! Federal tax – State tax – Local tax - Gas tax – and have you ever stopped to think about all the “hidden” taxes we pay? It’s no wonder young people are so disillusioned today. If I were in my twenties, I’m sure I would feel this same despair.

This “news” about Citigroup’s CEO is a joke. This kind of scheme goes on all the time in the banking industry and is, to be sure, precisely calculated to be carried out in such a way that it will make the whole undertaking seem anything but what it actually is because what it actually is, is fraud!

“Checks and Balances”? There’s a joke! There is no such machine! Corruption here, corruption there, hey, corruption everywhere!

[mphalen]

They should have never screwed me over with high interest rates on my credit card. I prayed long and hard that doom should come to this corporation and finally my prayers were answered.

[anangryamerican]

Mortgage brokers, real estate agents, banks need to be held ACCOUNTABLE...BTW ...where is the investigation of the fired US Attnys, or corruption in war contracts, or torture,or election fraud, or or or... etc etc etc!!!!

[conservativeoriginalist]

Isn't it grand? Another corporate executive turned top government bureaucrat turned corporate executive.

This should be an outrage to the American public that the multi-national corporations and our federal government are holding each other's dicks while they fleece the Treasury. Alas, Americans are more concerned with their reality television and red herrings such as school prayer and gay marriage.