Additional Criticism
Rubin sparked controversy in 2001 when he contacted an acquaintance at the U.S. Treasury Department and asked if the department could convince bond-rating agencies not to downgrade the corporate debt of Enron, a debtor of Citigroup. The Treasury official refused. A subsequent congressional staff investigation cleared Rubin of having done anything illegal.
Journalist Robert Scheer, in his book The Great American Stickup, claims the repeal of the Glass–Steagall Act was a key factor in the 2008 financial crisis. Enacted just after the 1930s Great Depression, the Glass–Steagall Act separated commercial and investment banking. The law was repealed by Congress in 1999 during the Clinton presidency, while Rubin was Treasury Secretary. President Obama's current banking system proposals appear to be a return to these former principles although there is no talk of reinstating Glass–Steagall.
According to Bloomberg Businessweek, Rubin pursued a romantic interest with Iris Mack and did not tell her that he was married.
Read more about this topic: Robert Rubin
Famous quotes containing the words additional and/or criticism:
“Dog. A kind of additional or subsidiary Deity designed to catch the overflow and surplus of the world’s worship.”
—Ambrose Bierce (1842–1914)
“Homoeopathy is insignificant as an art of healing, but of great value as criticism on the hygeia or medical practice of the time.”
—Ralph Waldo Emerson (1803–1882)