Sunday, March 14, 2010

Robert Rubin Should Be Doing Hard Labor: Instead He's Trying to Resurrect Himself

Dean Baker, an economist who in 2002 warned that a dangerous housing bubble was developing, writes:

As Treasury Secretary, Robert Rubin put in place all the pieces that set up the economy for the disaster that we are now living through. He pushed legislation that weakened regulation of the financial sector; he cheered on a stock bubble that eventually grew to $10 trillion and he established an over-valued dollar as a matter of official policy.

He then left to take a top job at Citigroup where he was able to enjoy the fruits of his labor. He earned well over $100 million in the decade after he left the Clinton administration. In the fall of 2008, when Citigroup was saved from bankruptcy with a taxpayer bailout, Rubin quietly slipped out the back door (with his money), resigning from his position at Citigroup.

It may not seem just that someone like Rubin would be allowed to live out his life in luxury after the policies that he promoted and personally profited from led to so much suffering for so many people. But that is the way things work in the United States these days.

However, what is even more infuriating is that he doesn't seem to have any intention of going away. He is still pontificating on the economy and desperately trying to rewrite history to exonerate himself.

The column is linked.

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