Robert "The Architect" Rubin vs. Phil Gramm

Another 1990s Washington-Wall Street legend has his reputation tarnished.

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The weekend NY Times story on Citigroup was not kind to Robert Rubin:

"Robert Rubin has moved seamlessly between Wall Street and Washington. After making his millions as a trader and an executive at Goldman Sachs, he joined the Clinton administration. Mr. Weill, as Citigroup’s chief, wooed Mr. Rubin to join the bank after Mr. Rubin left Washington. Mr. Weill had been involved in the financial services industry’s lobbying to persuade Washington to loosen its regulatory hold on Wall Street. As chairman of Citigroup’s executive committee, Mr. Rubin was the bank’s resident sage, advising top executives and serving on the board while, he insisted repeatedly, steering clear of daily management issues. ... But while Mr. Rubin certainly did not have direct responsibility for a Citigroup unit, he was an architect of the bank’s strategy."

Me: How did Phil Gramm and Alan Greenspan get blamed for the credit crisis, but not Robert Rubin? Maybe because this story didn't come out before the election.

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