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Better Believe It Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 11:35 AM
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The Rubin Con Goes On

The Rubin Con Goes On
By Robert Scheer
August 10, 2010

The corruptions of journalism were on full display when CNNs Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused. I was trapped on a treadmill in front of an overhead television and unable to turn the thing off in time to avoid this assault on my mental and physical health.

As a result I was forced to hear Rubin, Bill Clintons treasury secretary, insist that he always favored regulating toxic derivatives and is therefore not at all responsible for the ensuing economic meltdown. He was responding to the sole critical question from the CNN host, who quoted a question by New York Times columnist Paul Krugman: Did all the senior members of the economics team have to be protgs of Robert Rubin, the apostle of financial deregulation? Unfortunately, Zakaria just rolled over when his guest simply lied in response:

First of all, I am not the apostle of financial deregulation. Quite the contrary. On derivatives I developed a deep concern about the systemic problem that was created. When I was back at Goldman Sachs, it was a concern I had a concern I had when I was in government. And in fact, when I wrote my book in 2003, I was so concerned about it that I actually included that discussion in there.

Rubin and Summers were responsible for forcing Brooksley Born out of the Clinton administration because as chair of the Commodity Futures Trading Commission she had the temerity to suggest regulating the mortgage-backed securities that eventually proved to be so toxic. Instead, Rubin and Summers pushed the Commodity Futures Modernization Act, which Clinton signed into law in his last month in office, categorically exempting those suspect derivatives from any government regulation.

By then, Rubin had moved on to a $15-million-a-year job at Citigroup, which became a prime exploiter of the subprime housing market. As a result of its massive involvement with toxic securities, Citigroup, with Rubin in a leading role until early 2009, had to be bailed out by the federal government with a $45 billion direct investment and a guaranteed Fed protection for $306 billion in potentially toxic assets.

There is much more, and I havent even touched on Rubins shameful role in Enrons shenanigans. Enough said, though, to question not only Zakarias journalism but, far more important, Barack Obamas leadership in first turning to Rubin as a key campaign adviser and then putting his disciples in charge of the U.S. economy.

Read the full article at:
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grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 12:12 PM
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1. follow the dollar
Was it Harry Truman who first said that?

Just expose it all. Sweep it all up.
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lib2DaBone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 12:27 PM
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2. Slightly off topic.. but CNN has gone to the right of Faux..
I'm not surprised that Fareed Zakaria was on there fellating Robert Rubin.

CNN , (while dying a rapid death) has decided that the only way to make a comeback is to out-Fox, Faux News.

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-12-10 11:21 AM
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3. ''The corruptions of journalism were on full display...''
Thank Goodness for Robert Scheer. The guy lost his job at the LA Times for telling the truth about Bush. His replacement? The unctuous neocon turd Jonah Goldberg was hired to take over Scheer's space at the paper.

And Corporate McPravda wonders why newspapers are dying...
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