Skip to comments.Rubin says he learned late of Citi's risky bets
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 ...
“It was like that when I got here.” - Homer Simpson
He was too busy hiding money for Enron at the time to notice.
How do you tell when a liberal is lying?
When his lips are moving and sound is coming out.
“I do not recall knowing . . . “ - what a weasel!
He’s either lying or he’s incompetent.
Where have I heard that before.
Oh yeah. Rose law firm billing records.
He should have known...
“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.
Why either/or? Can’t he be both?
Former treasury secretary paid massive amounts by CITI claims he does not understand basic banking...sure...
add Crook for a third.
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”
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.
True he might be both.
“I do not recall knowing...” Typical Clinton/Mafia evasion.
welcome to my nightmare!
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.
Forest? What Forest? Stupid trees...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.