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GOP Lawmaker Seeks SEC Probe (Of Rubin)
Posted on 08/07/2002 6:26:58 PM PDT by kattracks
WASHINGTON, Aug 07, 2002 (AP Online via COMTEX) -- A Republican lawmaker is asking the Securities and Exchange Commission to investigate former Treasury Secretary Robert Rubin's request last year that the Bush administration intervene to help now-bankrupt Enron Corp.
Rep. Mark Foley of Florida, one of the House Republican leaders, is sending a letter Thursday to SEC Chairman Harvey Pitt asking for an investigation.
Rubin, who left the Clinton administration in mid-1999, is chairman of the executive committee of Citigroup, one of the banks that lent hundreds of millions of dollars to Enron. As Enron spiraled toward collapse, Rubin called the Treasury Department's undersecretary for domestic finance, Peter Fisher, last Nov. 8 to seek his intervention on Enron's behalf. At the time, Wall Street credit-rating agencies were poised to downgrade their assessment of the financial status of Houston-based Enron.
The Treasury Department did not intervene.
A number of Enron officials were making calls to various administration officials at that time seeking help for the Houston-based company.
"Apart from the questionable propriety of a former Treasury secretary trying to solicit financial favors from former colleagues at a department he once led, I would ask that you investigate all (Enron stock) trades submitted by Citigroup and/or its subsidiaries and their clients in the two weeks preceding Mr. Rubin's call to Mr. Fisher as well as the two weeks following the call," Foley told Pitt in the letter.
"Credit reports are viewed by investors in order to determine the financial soundness of a company before investing capital in that company's equity stock," Foley wrote. "It is imperative that we know what the consequences were on stock actions by Mr. Rubin's apparent attempt at interfering on behalf of Enron - a company that Citigroup had, and has, a financial interest in."
On Nov. 28, Moody's Investors Service downgraded Enron's bonds to junk status. Enron filed for bankruptcy protection from creditors four days later.
SEC spokesmen couldn't immediately be reached for comment Wednesday night.
A Rubin spokesman has said he "had prefaced the call (to Fisher) by saying, 'This may not be the best idea,' and in the end agreed with Fisher that it wasn't a good idea."
Copyright 2002 Associated Press, All rights reserved
TOPICS: Business/Economy; Crime/Corruption; Front Page News; News/Current Events
posted on 08/07/2002 6:26:58 PM PDT
Go for it Foley!!!
posted on 08/07/2002 6:30:47 PM PDT
posted on 08/07/2002 6:31:40 PM PDT
It is about time someone went after Rubin. Yipppeee
Notice what's carefully omitted when the liberal media machine cranks out an article covering a Democrat.
No "controversy" is mentioned. No "allegations" are surfacing. No "questionable business practices". Rubin is not "under scrutiny".
And of course, they don't slip in the old "could not be reached for comment" dig with the spokesman's statement, even though it's clear that Rubin could not, in fact, be reached for comment by press time.
The left knows that subtle propaganda is good propaganda.
posted on 08/07/2002 6:44:35 PM PDT
Thanks for the info, bookmarked for support and later use.
I'd also like to see an investigation of Rubin's actions re: cooking the national books in order to protect the image of Clinton's Potemkin economy.
To: Morgan's Raider
cooking the national books
posted on 08/07/2002 6:54:01 PM PDT
No doubt this will be applauded by LIEberman and various other dems who suggested the House is having an investigation so they should call Rubin!!!
The dems are wagging the dog with all this Martha Stewart nonsense.
posted on 08/07/2002 6:54:18 PM PDT
To: kattracks; Madame Dufarge; bonesmccoy; Libloather; sultan88; Landru
"Rubin/McAuliffe Crime Watch!!"
"JOSEPH I. LIEBERMAN (D-CT)
#1 Citigroup, Inc. $59,296"
Since LIEberman's bought&paidfer by Rubin's new place of employment, going straight to the Securities and Exchange Commission seems like a pretty good strategy fer getting to the Truth about Rubin's corruption. If the EX-Head of the Dept. of the Treasury is soooo willing to manipulate the stock market while out of office, you gotta wonder what he did while Clinton was in office to contribute to the Irrational Exuberance in the Market that led to the present Bear Market?!
To: Morgan's Raider
"I'd also like to see an investigation of Rubin's actions re: cooking the national books in order to protect the image of Clinton's Potemkin economy."
Reporting for duty, PhiKapMom, and have e-mailed the Congressman ...
posted on 08/07/2002 7:04:19 PM PDT
To: Pegita; Mudboy Slim
I thought I'd read elsewhere that the FBI was investigating Enron in depth. Unlike the Adelphia and other scandals, Enron involved foreign trades, Andersen, and a bunch more. (No doubt including Rubin).
Enron is not a simple case, and I hope Congress doesn't muck it up.
Mr. Rubin's apparent attempt at interfering...
Most "little" people go to jail for this - no?
posted on 08/07/2002 7:10:41 PM PDT
I thought I'd read elsewhere that the FBI was investigating Enron in depth.
Something Rubin DOESN'T know? Please, tell us more...
(Rubin is goin' to jail baybee - yeah!)
To: kattracks; StarFan; Joe Brower; PhiKapMom
BRAVO BUMP for Congressman Foley....it's high time Rubin was investigated!
To: Mudboy Slim
Since you got me going on Citibank, I have found that the Citi Group gives to almost any incumbent. I dunno why.
To: Morgan's Raider
you are on to something with that comment.
clinton knew that there was corruption in corporate america. he also knew that if he did something about it then the stock market would make a significant correction. when people see their portfolio values disappear, they are less willing to be taxed and in fact cap gains tax disappear. both of the latter dry up funds for the socialist society that the dems want.
and i did not even mention the impact it would have had on the 2000 elections.
posted on 08/07/2002 7:45:10 PM PDT
Almost jumped off my seat when I heard it reported on Foxnews. Will we FINALLY see some justice in our lifetime, asks she with fingers crossed? Thanks for the ping and let us pray it comes to pass. Wouldn't hurt to thank Foley while cc: our own congresscritters demanding nothing less.
posted on 08/07/2002 8:05:39 PM PDT
And guess who Enrons lead attorney is? Non other than Bubbas friend Robert Bennett. How convenient.
To: mlocher; All
"clinton knew that there was corruption in corporate america. he also knew that if he did something about it then the stock market would make a significant correction."
As Secretary of the Treasury, Rubin--and by extension, Clinton--was ultimately in charge of the SEC that refused to prosecute--or even aggressively investigate--rampant Corporate Corruption. This is a Dereliction of Duty, IMHO...is Dereliction of Duty a prosecutable crime?! If so, Rubin ought to have the book thrown at him, as, of course, should Janet Reno.
To: Mudboy Slim
I can hardly wait to see Jesse Jackson and the busload of former Enron employees pull into Robert Rubin's driveway.
Rubin will be investigated when Al Gore finally exits that bathroom from drinking too much ice-tea. Or Rubin will be looked into when Vince 's car gets to the park!
To: kattracks; All
More rogues & rascals here:
various links | 7-27-02 | The Heavy Equipment Guy
posted on 08/08/2002 3:05:47 AM PDT
Friday evening BTTT ...
posted on 08/09/2002 7:44:34 PM PDT
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