Saturday, April 24, 2010

Roundup: Recent Financial Headlines

My only comment - former Secretary of the Treasury Robert Rubin, a major player in the 2008 financial collapse, has been affiliated with both Goldman Sachs and Citigroup in his private sector work. Unlike Bear Stearns, Lehman Brothers, Merrill Lynch and Washington Mutual - all of whom suffered heavily thanks largely to economic policies of Rubin set during his tenure in the Clinton Administration, particularly the repeal of portions of the Glass-Steagall Act in 1999 - the two financial giants survived the crisis. As of 2008, he received $50 million in compensation/stock options from Citi, who were receiving a $45 billion bailout from American taxpayers at the time. Interesting.

GMAC To Tap Citibank, Goldman Sachs For Advice On TARP Repayment

U.S. Take If It Sells Its Citi Stake To Settle Cost Of Bailout:  $8 billion

Citi 'Negative' On Subprime Mortgages As Early As 2006, Yet Firm Continued To Pump Out Subprime Mortgage Products

Goldman Sachs E-mails Show Bank Sought To Profit From Housing Downturn

Citi Distances Itself From Goldman’s Troubles

©2010 Steve Sagarra

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