Robert Rubin quits Citigroup amid criticism

[RamboLiberal]

Source: Reuters

NEW YORK (Reuters) - Robert Rubin, the former Treasury Secretary, resigned from Citigroup Inc on Friday, following months of criticism of his performance at the giant U.S. bank.

Rubin, 70, is stepping down immediately as senior counselor at New York-based Citigroup. He will remain a director until the bank's annual meeting later this year. Rubin joined Citigroup in 1999.

In a letter to Chief Executive Vikram Pandit, Rubin praised management for making the "tough decisions" to restore Citigroup to health, following $20.3 billion of losses in the year ended Sept 30.

But he admitted to not having foreseen the credit crisis and market deterioration, which caused nearly 90 percent of Citigroup's share price to evaporate over the last two years.

The bank has taken $45 billion from the government's Troubled Asset Relief Program, and in November won a federal bailout that will limit losses on $306 billion of toxic assets.



Read more: http://www.reuters.com/article/topNews/idUSN0930738020090109?feedType=RSS&feedName=topNews&rpc=22&sp=true

[monmouth]

1. If he didn't see the credit crisis coming he shouldn't be in the industry...n/t

[musette_sf]

2. did someone say bandit?

[terisan]

3. Doesn't mention Current Role as Key Economic Advisor to Obama.

I think Rubin is one of the guys who got us on the hook for $700 billion bailout him and his friends. I would like to see every Dem and Republican who championed that out of office now.

[w4rma]

10. Rubin pisses me off, immensely. He helped screw this country, bad. (nt)

[proud progressive]

4. oh, goodie! now he can replace richardson

[PassingFair]

5. Any speculation about who will take his place?

If it hinted at anyone in the article,
I overlooked it.

[Jim Lane]

6. The first question is whether there's a place to take

His role at Citigroup was always a little murky. The New York Times article about his departure said, "He served as the bank’s elder statesman, meeting with important clients and building relationships with government and business leaders around the world, though his contract states that he is to have no daily operational responsibilities." (from )

Citi's experiment with this "éminence grise" model didn't work out so well. I doubt they'll be rushing to fill his slot.

Meanwhile, according to the Times, Rubin is walking away with $126 million for his eight years of providing sage advice.

[pjt7]

7. Crook alert

He's one of 'em.

Doesn't matter that he has a D name-tag.

[w4rma]

11. Basically they hired him to con Democratic politicians. I had hoped Obama wouldn't succumb to his

influence. The Clintons and the DLC are full-on supporters of his con.

[Purveyor]

8. kick & rec... eom

:kick:

[OwnedByFerrets]

9. Bet he wont have to worry about his familys future, will he.