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View Diary: Bill Clinton: I Shouldn't Have Listened to Summers and Rubin [Substantive Update] (341 comments)

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  •  Rubin was more than just wrong... (12+ / 0-)

    He was complicit in the whole scam!

    Oct.-Nov. 1999

    Congress passes Financial Services Modernization Act

    After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.

    On Oct. 21, with the House-Senate conference committee deadlocked after marathon negotiations, the main sticking point is partisan bickering over the bill's effect on the Community Reinvestment Act, which sets rules for lending to poor communities. Sandy Weill calls President Clinton in the evening to try to break the deadlock after Senator Phil Gramm, chairman of the Banking Committee, warned Citigroup lobbyist Roger Levy that Weill has to get White House moving on the bill or he would shut down the House-Senate conference. Serious negotiations resume, and a deal is announced at 2:45 a.m. on Oct. 22. Whether Weill made any difference in precipitating a deal is unclear.

    On Oct. 22, Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.

    Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill's chief lieutenant. The previous year, Weill had called Secretary Rubin to give him advance notice of the upcoming merger announcement. When Weill told Rubin he had some important news, the secretary reportedly quipped, "You're buying the government?"

    http://www.pbs.org/...

    Now in light of the new "revelations" about Goldman Sachs... does this give anyone pause when you think that Rubin is giving advice to Obama as he did Clinton?

    •  Rubin, Summers, and Geithner were bad news then (3+ / 0-)
      Recommended by:
      3goldens, blueoasis, seabos84

      They're equally bad news now.  In fact, they may be worse b/c they should know better by now.  It was nice for WJC to admit the truth for a few minutes today.  Sadly, he quickly did an Emily Litella 180 after the show.

      In 10/08, Greenspan publicly admitted that his core theories were wrong.  Since then, his rep has been rehab'ed, and WJC is participating in that rehab.  As long as Dems continue to participate in that charade, it will work to their serious political detriment.

      Some men see things as they are and ask why. I dream of things that never were and ask why not?

      by RFK Lives on Sun Apr 18, 2010 at 07:05:33 PM PDT

      [ Parent ]

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