I have two excellent long form reads for you guys for the weekend. The first, here below, is more of a business-related topic. The link later will be music-related. Here’s the set-up:
So many people and organizations were complicit in causing this financial crisis of the past five years that it’s difficult to place blame on any one person or group. But, I’ve maintained for years now that Robert Rubin and Alan Greenspan are within the top five contributors. In fact, I’d argue that they’re #1 and #2.
Robert Rubin was the Treasury Secretary under Bill Clinton. He was responsible for the repeal of the Glass-Steagall Act, the law that prohibited depository banks to be separate from investment banks. Basically, the law prevented banks from taking deposits and using those funds for riskier investments.
After the Clinton years, he then went on to a very senior role at Citigroup where he encouraged the bank to make massively leveraged bets that would ultimately unravel badly, causing hundreds of billions in taxpayer dollars needed to save the institution. During this time Rubin pocketed over $120 million!
Below, is the complete story written in a wonderful narrative by William Cohan.