Saturday, November 29, 2008

It's Not Just A River in Egypt.

Former Treasury Secretary Robert Rubin argues that Citibank's near collapse (saved only by a massive bailout from the taxpayers of the United States) was, basically, an act of God that no one could have foreseen or forestalled. He pronounces himself therefore blameless and further maintains that his compensation ($115 million since 1999, not counting stock options!) was appropriate. 

If Mr. Rubin wants to rescue what remains of his reputation, he's going to have to dig a little deeper than that.