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This article does an excellent job of describing the moral hazard that Robert Rubin helped create and profit from. 1)Robert Rubin as Treasury Secretary was a k
by va_coder 17y ago
This article does an excellent job of describing the moral hazard that Robert Rubin helped create and profit from.
1)Robert Rubin as Treasury Secretary was a key player in repealing Glass-Steagal, a damn good law that prevented a single bank from conducting both commercial and investment operations.
2) After the law was passed he went to work for Citibank, earning over 100 million dollars, helping them create a megabank that combined investment and commercial banking.
3) Citibank ran into serious trouble during the current financial crisis, was deemed to big to fail, and was bailed out by the taxpayer.
That ain't how capitalism should work.