Education and background
Born in New York, Rubin moved to Miami Beach, Florida at an early age and graduated from Miami Beach High School. In 1960,
Rubin graduated summa cum laude with a B.A. in economics from Harvard College[3]. He then attended
Harvard Law School for three days before leaving to see the world.[5] He later attended the
London School of Economics after graduation and received an LL.B. from Yale Law School in 1964[3].
Rubin began his career as an attorney at the firm of Cleary, Gottlieb, Steen & Hamilton in New York City. He joined Goldman Sachs in 1966 as an associate in the risk arbitrage department [5]. Rubin proved his skills at the intricate art of investing his firm's capital in high-reward arbitrage opportunities and became a general partner in 1971.
He joined the management committee in 1980 along with fellow Democrat Jon Corzine, later a U.S. senator and governor of New Jersey. Rubin was Vice Chairman and Co-Chief Operating Officer from 1987 to 1990. From the end of 1990 to 1992, Rubin served as Co-Chairman and Co-Senior Partner along with Stephen Friedman.
[edit] Clinton administration
From January 20, 1993, to January 10, 1995, Robert Rubin served in the White House as Assistant to the President for Economic Policy. In that capacity, he directed the National Economic Council, which Bill Clinton created after winning the presidency.
The National Economic Council, or NEC, enabled the White House to coordinate closely the workings of the Cabinet departments and agencies on policies ranging from budget and tax to international trade and alleviating poverty. The NEC coordinated policy recommendations going into the President’s office, and monitored implementation of the decisions that came out[3].
Rubin, as the NEC’s first director, was credited with making the system work. As Robert Strauss, former U.S. Ambassador to the Soviet Union, said at the time, "He's surely the only man or woman in America that I know who could make the NEC succeed. Anyone else would have been a disruptive force, and the council wouldn't have worked."[6]
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Harvard's endowment plunges $8 billion
Harvard University's endowment lost more than $8 billion in four months, a 22 percent plunge that is the steepest decline at the school in modern history.
The loss brings the endowment from $36.9 billion on June 30 to roughly $28.7 billion by the end of October. As first reported by Harvard Magazine and the Harvard Crimson, President Drew Faust and Executive Vice President Edward C. Forst outlined the impact of the loss in a letter late Tuesday to the university's deans.
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The after effects of the Clinton Administration.
Harvard University's endowment lost more than $8 billion in four monthsBuried in that piece is a mention that they have 20 some odd percent in hedge funds.....they can kiss that goodbye unless they've been shorting autos and housing
......my hunch is it's in financials hence the bailout to Wall St instead of Main St.