Robert Rubin

Robert Rubin, former Secretary of the Treasury under Bill Clinton was on TV today offering advice on the economy. This guy was a genius graduating summa cum laude in Economics from Harvard and later getting a LLD from Yale. He worked his way up the ladder at Goldman Sachs and joined the Clinton administration in 1993.
In 1997 he worked with Larry Summers to prevent the government getting the power to oversee the credit derivatives which later led to the mortgage crisis. In 1999 he repealed Glass/Steagall which allowed investment banks to act like commercial banks and use depositor money to purchase derivatives. These two moves set the stage for the mortgage disaster which hit the country in 2008.
Time Magazine said that Summers, Greenspan and Rubin were the committee that would save the world and what followed their policies was the near collapse of the entire financial system.
When Rubin retired from the Treasury Clinton praised him but in an ABC interview in 2010 Clinton said Rubin gave him bad advice telling him not to regulate derivatives.
He next joined Citigroup and proceeded to lose 88% of the companies value by pushing his employees to take more risk and purchase derivatives. Some say he knew the government would bail them out if they guessed wrong and that is just what happened. They got 45 billion from TARP to save them from going under.
During his ten years at Citigroup during which time the company declined and nearly collapsed Rubin earned 126 million dollars in salary. He resigned under pressure and became Obama’s economic advisor where he regularly advises the president.
This is the kind of stuff that the Wall Street protestors are upset about.