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Andrew Sullivan: The Dog That Didn’t Bark — Just Where Is Bob Rubin These Days?
The New York Sun ^
| 07/26/2002
| Andrew Sullivan
Posted on 07/26/2002 11:36:47 AM PDT by Pokey78
Andrew Sullivan Wonders Why Questions Aren’t Being Asked of Clinton’s Treasury Guru
Where’s Rubin?
You might think that the Treasury secretary who presided over the now-bursting bubble might be a logical subject for some of the discussion out there right now. But: Nuh-huh. Like Waldo in a cartoon, Robert Rubin is somewhat invisible these days, lost in the lazy media impulse to blame whoever’s in power now. But think about it for a minute. Here’s a guy who poured cold water on Alan Greenspan’s “irrational exuberance” comments. Along with Phil Gramm, he helped kill legislation to make derivatives more transparent — and then he went to Citigroup the same year the bank engaged in a dubious scheme to keep Enron’s paper profits afloat. He’s widely synonymous with the boom that just went bust in a big and very bad way. Worth a reporter’s phone-call or two, wouldn’t you think? Nada in the New York Times (surprise!), the Washington Post, the Wall Street Journal — or anywhere, as the story broke. Even liberals like Slate’s Tim Noah picked up on this weird lacuna.
Of course, Mr. Rubin hasn’t really been absent from the media these last couple of weeks. He has one of the best media rolodexes in the country and spends almost as much time as Colin Powell and Richard Holbrooke manipulating it. There was a piece in the Washington Post last Sunday on the financial crisis and its roots, but it wasn’t likely to ask questions about Mr. Rubin’s responsibility. Why? Because Mr. Rubin wrote it himself. I guess it saves time for financial reporters. Rather than get a reporter to translate Mr. Rubin’s views into a “news” article, the Post cut out the middle-man and got Mr. Rubin to do his own spin himself.
Or take Gloria Borger’s piece in U.S. News. She asked herself the good and important question: Was this Bubba’s Bubble? Just because the Nasdaq went up 80% in one year on his watch, just because interest rates stayed artificially low, just because his Treasury secretary kept talking up the markets, just because staffing at the SEC in New York collapsed in those years — none of that means President Clinton had anything to do with it. How does Ms. Borger know this? Because Mr. Rubin told her! “Blaming Clinton is absolutely ridiculous,” Mr. Rubin is quoted as saying in her piece. “We all have our faults, and Bill Clinton has his faults. But money and greed are not among them.” This follows the Clintonian device of asserting that the only impropriety or misjudgment in Mr. Clinton’s eight years was a sordid extra-marital affair. But that isn’t the point, Gloria. We’ve just gone through a wrenching boom-and-bust. Who gets the blame for letting the boom get out of hand in 1998 and 1999? “Corporate debt was up and so was the stock market. There had to be a period of adjustment,” Mr. Rubin tells Ms. Borger. “Who gets the blame? No one in particular, says Rubin.” No one in particular? Hmmm. Whom could Mr. Rubin have been thinking of?
Even if you buy the notion that the bubble was something the Clinton administration could not have done much about (although Mr. Greenspan is another story), isn’t the Mr. Rubin angle noteworthy? He has already conceded he placed a call to the Bush Treasury Department, floating the idea of an Enron bail-out before the company’s collapse. His own bank, Citigroup, is now being investigated for constructing a phony pre-pay scheme to hide Enron’s losses in 1999. He was the most senior administration official in charge of the economy when the boom reached its crazy peak. Wouldn’t this disqualify him just a little bit from being regarded as neutral on these matters? Wouldn’t it even require some reporters to put in a couple of qualifiers to his comments? Nope. Who do they think he is? Mr. Powell?
TOPICS: Business/Economy; Editorial; Government; News/Current Events
KEYWORDS: andrewsullivanlist; citicorp
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To: Pokey78
FYI, the New York Sun is now has some of their articles online. I'm glad you mentioned this. So far, I've only been able to buy the Sun one time in a grocery store, and once in a deli. I hope to see it around some more.
21
posted on
07/26/2002 2:05:45 PM PDT
by
syriacus
To: Amelia
Because he isn't the Vice President??
22
posted on
07/26/2002 2:11:39 PM PDT
by
Mo1
To: Pokey78
It's hard to imagine Daschle's senate asking questions of Daschle's good buddy Rubin.
Enron Democrats (April, 2002)
Daschle's loyalty also relies on personal connections. Former Treasury Secretary Robert Rubin, now senior executive at Citigroup, the parent conglomerate, is ...[Daschle's] personal guru on big-think economics...Senator Daschle's solicitude for Citibank goes deeper than the money, though he gets money, too. Daschle treats the Wall Street behemoth like a hometown industry. Two decades ago, Citibank lobbyists persuaded South Dakota politicians to be the first state to repeal its anti-usury law--an obstacle to charging sky- high interest rates. The state [South Dakota] was rewarded by the relocation of Citibank's credit-card processing operations, now a major employer there.
In legislative matters like bankruptcy, Daschle plays faithful facilitator for Citibank's interests, while graciously assuring liberal-labor groups he will help them get a floor vote on their amendments (which routinely lose)
23
posted on
07/26/2002 2:18:59 PM PDT
by
syriacus
To: Pokey78; Registered
Oh, the possibilities!
To: Amelia
Wouldn't it be the ultimate irony if Judicial Watch sued Larry Klayman? It's likely if they manage to survive after his departure.
To: Mo1
Yeah, suing the vice president has so much more...cachet?
I think Larry is fronting for the Democrats.
26
posted on
07/26/2002 2:41:43 PM PDT
by
Amelia
To: Amelia
I think Larry is fronting for the Democrats Larry is being used by the democrats .. but Larry don't care .. just as long as he gets attention
27
posted on
07/26/2002 2:48:15 PM PDT
by
Mo1
To: syriacus
Interesting post. Reinforces my suspicion that the Senate Dems suddenly struck a deal over the bankruptcy bill because Citigroup made it plain that its survival was at stake.
To: Pokey78
bttt
To: Paul Atreides
See post #24 and make some magic! :-)
To: Howlin
“We all have our faults, and Bill Clinton has his faults. But money and greed are not among them.” It's amazing he didn't get struck down by lighting for that comment
31
posted on
07/26/2002 3:23:06 PM PDT
by
Mo1
To: Amelia
Thanks for the ping.
Little by little, one day at a time, "Bobby-Boy's" name is starting to creep out.
Larry, Larry, where art thou Larry?
32
posted on
07/26/2002 3:29:33 PM PDT
by
terilyn
To: Mo1
I had the very same take on that statment. Someone has a very serious problem with reality.
33
posted on
07/26/2002 3:29:45 PM PDT
by
kayak
To: Mo1
LOL! I thought the exact same thing.
34
posted on
07/26/2002 3:32:46 PM PDT
by
terilyn
To: Pokey78
Is Robert Rubin married to that CNN (IMO)commie reporter Christine Amapore(sp)?
35
posted on
07/26/2002 3:46:30 PM PDT
by
mickie
To: AmishDude
Wouldn't it be the ultimate irony if Judicial Watch sued Larry Klayman? It's likely if they manage to survive after his departure. Yes, it would be!
They might be in better shape if he'd leave....he surely hasn't won anything (but he's made a good living off it...)
36
posted on
07/26/2002 3:48:02 PM PDT
by
Amelia
To: Mo1
Larry is being used by the democrats .. but Larry don't care .. just as long as he gets attention You got it!
37
posted on
07/26/2002 3:54:00 PM PDT
by
Amelia
To: mickie
Different Rubin. Mr. Amanpour is Jamie Rubin, Madeleine Albright's former spokesperson.
To: Digger; Pokey78; All
Both barrels:
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39
posted on
07/26/2002 4:07:43 PM PDT
by
backhoe
To: Digger; Pokey78; All
Both barrels:
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40
posted on
07/26/2002 4:15:22 PM PDT
by
backhoe
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