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Rubin says he learned late of Citi's risky bets
AP via Yahoo ^ | Thursday April 8, 2010 | Marcy Gordon, AP Business Writer

Posted on 04/08/2010 7:51:52 AM PDT by facedown

WASHINGTON (AP) -- Robert Rubin, a senior adviser to Citigroup Inc. at the time of its deep losses from subprime mortgages, said Wednesday that he learned belatedly that Citi had $43 billion in high-risk securities on its books.

"I do not recall knowing before September 2007" that the bank had held onto the investments composed of repackaged mortgage bonds, Rubin said. In November 2007, Citigroup publicly estimated it would lose $8 billion to $11 billion in the fourth quarter that year from those securities.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government
KEYWORDS: bankfraud; bankingcollapse; bankingcrisis; citigroup; coverup; howtostealanelection; robertrubin
Suuuuuuure.
1 posted on 04/08/2010 7:51:52 AM PDT by facedown
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To: facedown

“It was like that when I got here.” - Homer Simpson


2 posted on 04/08/2010 7:52:41 AM PDT by massgopguy (I owe everything to George Bailey)
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To: facedown

He was too busy hiding money for Enron at the time to notice.


3 posted on 04/08/2010 7:52:44 AM PDT by Hoodat (For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: facedown

How do you tell when a liberal is lying?
When his lips are moving and sound is coming out.


4 posted on 04/08/2010 7:55:17 AM PDT by madinmadtown
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To: facedown

“I do not recall knowing . . . “ - what a weasel!


5 posted on 04/08/2010 7:55:49 AM PDT by rockvillem
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To: facedown

He’s either lying or he’s incompetent.


6 posted on 04/08/2010 7:56:24 AM PDT by wagglebee ("A political party cannot be all things to all people." -- Ronald Reagan, 3/1/75)
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To: facedown

Where have I heard that before.
Oh yeah. Rose law firm billing records.


7 posted on 04/08/2010 7:56:28 AM PDT by rod1
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To: facedown
Obama sued Citibank to force it to make sub-prime loans.

He should have known...

8 posted on 04/08/2010 7:56:40 AM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15)
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To: facedown

“Let me start by saying I’m sorry,” Prince said at the second day of hearings by the Financial Crisis Inquiry Commission. He is “deeply sorry,” he said, for the failure of Citigroup’s management, starting with him, to foresee the crisis that wreaked devastation on the U.S. economy and ordinary Americans.”

“Rubin said “We all bear responsibility for not recognizing this, and I deeply regret that.”

I’ll be holding my breath for signs of the first dollar coming back out of the pockets of these thieving parasites. Not.


9 posted on 04/08/2010 7:57:09 AM PDT by Attention Surplus Disorder (Voters who thought their ship came in with 0bama are on their own Titanic.)
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To: wagglebee

Why either/or? Can’t he be both?


10 posted on 04/08/2010 7:57:24 AM PDT by OCCASparky (Obama--Playing a West Wing fantasy in a '24' world.)
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To: facedown

Former treasury secretary paid massive amounts by CITI claims he does not understand basic banking...sure...


11 posted on 04/08/2010 7:58:14 AM PDT by rod1
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To: OCCASparky

add Crook for a third.


12 posted on 04/08/2010 7:58:57 AM PDT by rod1
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To: facedown

Rubin is full of shit until he donates most of his ill gotten gain to charity. Money talks and bullshit walks, Mr Rubin. Who made about 500 million or so while being on the CitiBank board of directors

Rubin will be dead in ten years anyway so giving 300-400 million to charity is not a big deal unless this money grubber thinks he can “take it with him”


13 posted on 04/08/2010 8:00:20 AM PDT by dennisw (It all comes 'round again --Fairport)
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To: facedown
Here's the best quote in the article:

Rubin said he was "confident" that Citi executives "believed in good faith" that their superiors didn't need to examine the bank's heavy holdings of the securities because they were triple-AAA rated and appeared safe from default.

So he throws his subordinates under the bus. Lying coward.

14 posted on 04/08/2010 8:02:57 AM PDT by facedown (Armed in the Heartland)
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To: facedown

15 posted on 04/08/2010 8:03:43 AM PDT by NativeNewYorker (Freepin' Jew Boy)
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To: OCCASparky

True he might be both.


16 posted on 04/08/2010 8:04:21 AM PDT by wagglebee ("A political party cannot be all things to all people." -- Ronald Reagan, 3/1/75)
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To: facedown

“I do not recall knowing...” Typical Clinton/Mafia evasion.


17 posted on 04/08/2010 8:04:56 AM PDT by Inwoodian
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To: rod1

welcome to my nightmare!


18 posted on 04/08/2010 8:06:30 AM PDT by Broker (Stranger in a very strange land.)
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To: facedown

Guy was smoking in bed...fell asleep and the house caught on fire...the cops investigated and nullified the insurance payout...the guy tried to sue for the money...said he wasn’t smoking and didn’t cause the fire, the bed was already on fire when he got in it.


19 posted on 04/08/2010 8:06:30 AM PDT by jessduntno ( If someone calls me racist, I reply "you are just saying that because I'm white!")
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To: facedown

Forest? What Forest? Stupid trees...


20 posted on 04/08/2010 8:08:05 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: facedown

Rubin is a snake and slime bucket...he is a Goldman goon who made it into the cookie jar with Bubba and now says his hands are clean...not buyin’ it...


21 posted on 04/08/2010 8:24:07 AM PDT by matginzac
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To: facedown
Citi, Ameriquest/Argent, Lehman brothers... all just playing by The Wizard's "rules" ...?
 
"We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC] -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"
http://www.pbs.org/wgbh/pages/frontline/warning/view/
 
 
 

22 posted on 04/08/2010 8:35:58 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: facedown

“Mistakes were made.”


23 posted on 04/08/2010 8:37:14 AM PDT by dashing doofus (Those who are too smart to engage in politics are punished by being governed by those who are dumber)
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To: facedown

You notice he uses the lying weasel words I do not recall.


24 posted on 04/08/2010 8:37:23 AM PDT by mimaw
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To: massgopguy; Revolting cat!

Bush’s fault!


25 posted on 04/08/2010 9:07:04 AM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: Attention Surplus Disorder

A dollar coming back?

This should be more about them getting double the sentence that Bernie Madoff got.

Barney Frank can be their cellmate. He’s a crook too.


26 posted on 04/08/2010 9:08:17 AM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: dennisw

A “charity” like the Tides Foundation? Rockeller’s? Ford Foundation? Gates’?

bwahahahaa


27 posted on 04/08/2010 9:10:43 AM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: facedown

Rubin is a lying, America-hating, Liberal Globalist. He knew full well what was happening at Citi, and, would not be surprised he has his hands in the TARP Business-Socialist bailout


28 posted on 04/08/2010 9:32:25 AM PDT by UCFRoadWarrior (JD Hayworth for Senate jdforsenate.com)
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To: All
VIDEO EVIDENCE---ClINTON, RUBIN, RAHM, FRANK, OBAMA'S COMPLICITY: Clinton admin forced banks to make BAD LOANS. Approved by Clinton’s then Treasury Secy, Robert Rubin---now a top Obama economic adviser (recently ousted from his perch at Citibank). Obama is seen discussing his legal and community organizing career; ties in to ACORN and the Clinton administration enforcement of the deadly Community Reinvestment Act.

CSPAN/YOUTUBE | 04.06.98 | NakedEmperorNews
FR Posted Thursday, March 19, 2009 by PetroniusMaximus

VIDEO http://www.youtube.com/watch?v=ivmL-lXNy64&feature=channel

=========================================

In 1999 Clinton repealed the Glass-Steagall Act, which had been enacted to ensure a complete separation between (1) commercial banks that accept deposits, and (2) investment banks that invest and take risks. Clinton's ill-advised move prompted the era of the superbank and primed the toxic sub-prime pump. The year before Clinton's repeal, toxic sub-prime loans were just 5% of all mortgage lending. By the time the credit crunch blew up it was approaching 30%. (According to ex-FanMae board member Edward Pinto, the actual number was over 40%. Pinto claims that FM calculatedly disguised many loans that were sub-prime to falsely appear as prime loans).

================================

BACKSTORY Candidate Obama expounded on 'Price Signals' to 'Change Behavior'.... In an interview on Iowa Public TV in 2007, Obama advocated sending “price signals” to middle class consumers in order to “change their behavior.” “Price signals” being an Orwellian-Marxist code word for "punitive taxes and fees."

BACKSTORY Obama, Esq, represented ACORN in lawsuits to sue banks into loaning to marginal people. Illegals were never asked for proofs of employment or citizenship---pay stubs, SS numbers, etc. As long as they had a pulse and could write the name of one of their phony identities, they got a loan. Most illegals were scam artists----flipping the home back and forth among immigrant families at higher and higher profits, duping banks at every turn. When they were done looting, the last "homeowner" defaulted and absconded to Mexico with $tens of thousands in cash.........leaving banks (and taxpayers) holding the bag.

Americans found out that toxic mortgages poisoning the global economy (that brought the US economy to its knees) were held by leeches with larceny on their minds, who had no moral integrity......just parsites who never intended to pay back banks.

EXTORTION, SHAKEDOWN, PROTECTION RACKET Candidate Obama aided and abetted SEIU and ACORN’s ‘muscle for money’ protection racket. The strategy involves SEIU extorting ‘donations’ from targeted government and corporate officials, offering them Mafia-like protection from protests by SEIU’s paid thugs, many of them convicted felons. ACORN blocked bank mergers until the targeted financial institutions agreed to change their lending policies to ACORN’s satisfaction.

It began to play out----in the context that candidate Obama's "hope and change" anarchy intended to nationalize entire industries----- banks, auto, healthcare, energy----on a march to socialism, and then communism.

-------------------------------------------

BARNEY FRANK'S ROLE An SEC complaint claims Freddie Mac circa 2000-02 misreported profits by $$billions to deceive investors ----the self-same scam used by Fannie Mae that skyrocketed executive bonuses.

That would indicate officials at Fannie and Freddie were colluding in ways to bilk the system for personal enrichment. Fannie and Freddie’s PAC, employees and lobbyists donated $4.8M to Congress since 1989, according to the Center for Responsive Politics.

In Obama’s short time in the Senate, $125,000 was poured into his campaign coffers. That’s second only to Senate Banking Chairman Chris Dodd’s $165,000 longtime total.

In the last 10 years, Freddie Mac spent almost $95 million for lobbyists; Fannie Mae spent more than $79 million on lobbying. In 2006, a record $3.8 million FEC fine was levied on Freddie Mac for illegal political fundraising for a member of the House committee overseeing the corporation. Democrats argue that slide into the abyss began in 1999, when much of the banking world was deregulated under the leadership of Gramm, leading to the financial derivatives that led to the current credit crisis.

FRANK OPINES “The conservative philosophy of deregulation that was dominant for far too long allowed private businesses to make terrible mistakes,” said Rep. Barney Frank, who became chairman of the Financial Services Committee in 2006. But Republicans say President Clinton signed the legislation (which passed the Senate 98-0), and Clinton’s then Treasury secretary, Robert Rubin---a top Obama economic adviser (recently ousted from his perch at Citibank)-----approved.

FRANK'S LOVE BUG Barney Frank protected the mortgage giants and Frank pushed to back risky low-income housing for years. Frank had a conflict of interest because Frank’s live-on partner, Herb Moses, worked at Fannie Mae, helping create affordable housing and home improvement lending programs. The couple broke up in 1988.

Federal regulator OFHEO released a damning report on accounting irregularities at mortgage finance giant Fannie Mae. One critical finding was that in 1998, Fannie misstated expenses in order to meet earnings targets that triggered huge executive bonuses.

==========================================

RAHM EMANUEL'S ROLE In Congress, Rahm Emanuel worked to pass a bailout of Fannie and Freddie, cosponsoring the Housing and Economic Recovery Act of 2008, which also dissolved OFHEO. It moved their regulatory authority to the Federal Housing Finance Agency (FHFA), which took Fannie and Freddie under conservatorship in September 2008. The same act abolished the Federal Housing Finance Board (FHFB) and replaced it with the FHFA. After Mr. Emanuel was named Chief of Staff, the White House denied a Chicago Tribune Freedom of Information Act request for information on his Freddie Mac activities: “The Obama administration rejected a Tribune request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel’s time as a director.

A 2003 report by Freddie Mac’s regulator indicated that Freddie Mac executives had informed the board of their intention to misstate the earnings to insure their own bonuses during the time Mr. Emanuel was a director. But the White House refused to comply with a Freedom of Information Act request from the Chicago Tribune for those board minutes on the grounds that Freddie Mac was a “commercial” entity, even though it was wholly owned by the government at the time the request was made.

The Ohaha White House, under the influence of Rahm Emanuel, (who controls the US Treasury) is moving a trillion-dollar Treasury slush fund into corruption-riddled companies with no oversight in place. This will allow Fannie and Freddie to continue to purchase more toxic assets from banks, acting as a back-door increase of the TARP without congressional approval.

29 posted on 04/08/2010 9:42:14 AM PDT by Liz (If teens can procreate in a Volkswagen, why does a spotted owl need 2000 acres? JD Hayworth)
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To: Grampa Dave; blam; BOBTHENAILER; Ernest_at_the_Beach; tubebender; SierraWasp; george76; ...

Ping to post #29


30 posted on 04/08/2010 9:48:06 AM PDT by Liz (If teens can procreate in a Volkswagen, why does a spotted owl need 2000 acres? JD Hayworth)
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To: Liz
A Republic is a system, of governance characterized by the Rule of Law; when the Law fails, the Republic fails.


 

R.I.N.O.

31 posted on 04/08/2010 11:52:32 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: Liz

Tea Time.


32 posted on 04/08/2010 11:54:07 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: wagglebee
He’s either lying or he’s incompetent.

Or both...

33 posted on 04/08/2010 11:54:18 AM PDT by Tijeras_Slim (Live jubtabulously!)
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To: Liz

Hundreds of billions unaccounted for.


34 posted on 04/08/2010 11:56:04 AM PDT by stephenjohnbanker (Support our troops....and vote out the RINOS!)
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To: wagglebee

“He’s either lying or he’s incompetent.”

He is lying like a rug. Not even possible.


35 posted on 04/08/2010 11:58:40 AM PDT by stephenjohnbanker (Support our troops....and vote out the RINOS!)
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To: stephenjohnbanker

Hundreds of billions unaccounted for..........by taxpayers.

CLINTON, RUBIN, RAHM, FRANK, OBAMA, AXELROD, JARRETT, GEITHNER KNOW WHERE IT IS.


36 posted on 04/08/2010 12:17:36 PM PDT by Liz (If teens can procreate in a Volkswagen, why does a spotted owl need 2000 acres? JD Hayworth)
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To: LomanBill

37 posted on 04/08/2010 12:25:44 PM PDT by Liz (If teens can procreate in a Volkswagen, why does a spotted owl need 2000 acres? JD Hayworth)
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To: Liz

No wonder the liberals hate the internet/Free Republic and the conservative news talkers who use Free Republic to prep for their shows.


38 posted on 04/08/2010 1:37:29 PM PDT by Grampa Dave (Use your $'s as weapons! Boycott Gay Frisco, since they keep Pelosi in congress.)
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To: facedown

bump


39 posted on 04/08/2010 1:44:42 PM PDT by VOA
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To: Liz

Great post. The road to hell is paved with Rat souls.


40 posted on 04/08/2010 2:53:18 PM PDT by BOBTHENAILER ( EPA will rule your life)
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To: Liz

Hundreds of billions unaccounted for..........by taxpayers.

CLINTON, RUBIN, RAHM, FRANK, OBAMA, AXELROD, JARRETT, GEITHNER KNOW WHERE IT IS.”

They should all be in jail.


41 posted on 04/08/2010 4:57:30 PM PDT by stephenjohnbanker (Support our troops....and vote out the RINOS!)
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To: facedown

rodham, clinton, obama, geithner (they have been connected for years!) =

Robert Rubin, Geithner Sr, Ayers (connected for years) =

Frank Marshall Davis =

Saul Alinsky =

How deep is this corruption!

How deep is the Media in this corruption!


42 posted on 04/16/2010 11:08:21 AM PDT by malia
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