Obama Needs To Avoid the Bob Rubin's of the Democratic Party
Last year, I wrote the following, "It seemed like a popping champagne corks early New Year's Eve for the stock market when it was announced that the Abu Dhabi Investment Authority bought a 4.9% stake for $7.5 billion in Citigroup, the largest financial institution in the US. Citigroup had been reeling because of its integral part in the subprime mortgage crisis.
"Its former CEO, Charles Prince III had jumped ship with the usual golden resignation package and this incompetent was replaced by his former adviser and biggest supporter, Robert Rubin. Illogical, but you read that right. This buy in by Abu Dhabi Investment Authority occurred on Rubin's watch.
Then, in January I included this is a posting, "As reported by Bloomberg news via Truthout last year, "AFL-CIO leaders, contending Democrats won the midterm elections because of voter concern about job security and stagnant wages, say it's time to set aside the free-trade policies touted by Rubin.
"We need to review the Rubin agenda that's led to millions of lost jobs and declining standard of living for the middle class," said United Steelworkers President Leo Girard. "It's an agenda that has been very good for Citigroup and the financial community because they've been abor to finance the relocation of jobs and refinance the trade deficits.
"Organized labor has long been at odds with "Rubinomics," the phrase coined to describe President Bill Clinton's economic policy, masterminded by Rubin, to promote free trade and reduce the budget deficit...
Jonathan Tasini seems to agree with me regarding Mr. Rubin while writing about the painful results of the mortgage lending debacle. He says, "And what of the people like Robert Rubin, who stand at the helm of the very institutions that created the mess? They are doing just fine, thank you:
Obama needs to look elsewhere for true Democratic economists and financial experts, not Clintonite DLCers, like Bob Rubin, who are actually Republicans.
Obama says it shouldn't be business as usual Washington style. Rubin, Bill Clinton's former Treasury Secretary, was an integral part of the Citigroup's greedy involvement in the mortgage disaster...he is not a wise man, and should not be called upon to help "fix" the mess of which he was a part.
Barack needs to get up to speed on the Bob Rubin pseudo-Democrat types and avoid them.
"Its former CEO, Charles Prince III had jumped ship with the usual golden resignation package and this incompetent was replaced by his former adviser and biggest supporter, Robert Rubin. Illogical, but you read that right. This buy in by Abu Dhabi Investment Authority occurred on Rubin's watch.
Then, in January I included this is a posting, "As reported by Bloomberg news via Truthout last year, "AFL-CIO leaders, contending Democrats won the midterm elections because of voter concern about job security and stagnant wages, say it's time to set aside the free-trade policies touted by Rubin.
"We need to review the Rubin agenda that's led to millions of lost jobs and declining standard of living for the middle class," said United Steelworkers President Leo Girard. "It's an agenda that has been very good for Citigroup and the financial community because they've been abor to finance the relocation of jobs and refinance the trade deficits.
"Organized labor has long been at odds with "Rubinomics," the phrase coined to describe President Bill Clinton's economic policy, masterminded by Rubin, to promote free trade and reduce the budget deficit...
Jonathan Tasini seems to agree with me regarding Mr. Rubin while writing about the painful results of the mortgage lending debacle. He says, "And what of the people like Robert Rubin, who stand at the helm of the very institutions that created the mess? They are doing just fine, thank you:
"And, indeed, Rubin is still being pointed to by both Democratic presidential candidates as a wise person who should be called on to fix the mess. Am I missing something here? Do you think any regular worker who messed up royally would last a New York minute and his or her job--not to mention being rewarded like a king? The answer is obvious."Since arriving at Citigroup, Mr. Rubin has been awarded compensation worth at least $126.1 million, according to Equilar, a research firm. That would place him firmly in the top 25 percent of earners if compared to the chief executives of Fortune 500 companies.
Obama needs to look elsewhere for true Democratic economists and financial experts, not Clintonite DLCers, like Bob Rubin, who are actually Republicans.
Obama says it shouldn't be business as usual Washington style. Rubin, Bill Clinton's former Treasury Secretary, was an integral part of the Citigroup's greedy involvement in the mortgage disaster...he is not a wise man, and should not be called upon to help "fix" the mess of which he was a part.
Barack needs to get up to speed on the Bob Rubin pseudo-Democrat types and avoid them.
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