America’s Ten Most Corrupt Capitalists

How in the world is deregulatory kingpin Robert Rubin advising President Obama? Zach Carter writes on Alternet:

The financial crisis has unveiled a new set of public villains — corrupt corporate capitalists who leveraged their connections in government for their own personal profit. During the Clinton and Bush administrations, many of these schemers were worshiped as geniuses, heroes or icons of American progress. But today we know these opportunists for what they are: Deregulatory hacks hellbent on making a profit at any cost. Without further ado, here are the 10 most corrupt capitalists in the U.S. economy.

Robert Rubin1. Robert Rubin: Where to start with a man like Robert Rubin? A Goldman Sachs chairman who wormed his way into the Treasury Secretary post under President Bill Clinton, Rubin presided over one of the most radical deregulatory eras in the history of finance. Rubin’s influence within the Democratic Party marked the final stage in the Democrats’ transformation from the concerned citizens who fought Wall Street and won during the 1930s to a coalition of Republican-lite financial elites.

Rubin’s most stunning deregulatory accomplishment in office was also his greatest act of corruption. Rubin helped repeal Glass-Steagall, the Depression-era law that banned economically essential banks from gambling with taxpayer money in the securities markets. In 1998, Citibank inked a merger with the Travelers Insurance group. The deal was illegal under Glass-Steagall, but with Rubin’s help, the law was repealed in 1999, and the Citi-Travelers merger approved, creating too-big-to-fail behemoth Citigroup.

That same year, Rubin left the government to work for Citi, where he made $120 million as the company piled up risk after crazy risk. In 2008, the company collapsed spectacularly, necessitating a $45 billion direct government bailout, and hundreds of billions more in other government guarantees. Rubin is now attempting to rebuild his disgraced public image by warning about the dangers of government spending and Social Security. Bob, if you’re worried about the deficit, the problem isn’t old people trying to get by, it’s corrupt bankers running amok.

Find out the other nine on Alternet

, , , , , , , , , ,

  • Reuben

    My name is Reuben and it makes me so sad to share a name with this scum.

  • http://2012prophecy.net DM I.M.Cango

    Why only 10?

  • 5by5

    Yeah, every stupid non-sexual thing Clinton did was inspired by the Rubin or a compromise with Republicans – NAFTA, repealing Glass-Steagal, DMCA, welfare “reform” (translation: “poking planet-sized holes into the national safety net so that if you lose a job you’re REALLY screwed”), etc.

    And Greenspan is just a douche. Period.

    Generalizations are usually not appropriate, but you can draw some pretty accurate conclusions about the dickishness about someone by knowing only one of two things: Are they an executive at Goldman Sachs? Dick. Did they work for the Fed? Dick. It’s a pretty good bet that your assessment of them will be correct.

    And Phil Gramm (McCain’s butt-buddy since the Savings & Loan Scandal that McCain was neck-deep in) is the one who put the Enron loophole (actually written by Enron lawyers, I might add) into the Commodity Futures Modernization Act, in the middle of the night – literally – into a multi-hundred page bill, then “neglected” to tell his colleagues that it was even in there when they voted on it the following morning. That rule change allowed all this derivatives bullsh*t to happen. He’s a MAJOR reason why this country is in hell, and his response was to tell poor people to “quit whining”.

    Yeah.

    He’s a Grade A Douche.

  • 5by5

    Yeah, every stupid non-sexual thing Clinton did was inspired by the Rubin or a compromise with Republicans – NAFTA, repealing Glass-Steagal, DMCA, welfare “reform” (translation: “poking planet-sized holes into the national safety net so that if you lose a job you're REALLY screwed”), etc.

    And Greenspan is just a douche. Period.

    Generalizations are usually not appropriate, but you can draw some pretty accurate conclusions about the dickishness about someone by knowing only one of two things: Are they an executive at Goldman Sachs? Dick. Did they work for the Fed? Dick. It's a pretty good bet that your assessment of them will be correct.

    And Phil Gramm (McCain's butt-buddy since the Savings & Loan Scandal that McCain was neck-deep in) is the one who put the Enron loophole (actually written by Enron lawyers, I might add) into the Commodity Futures Modernization Act, in the middle of the night – literally – into a multi-hundred page bill, then “neglected” to tell his colleagues that it was even in there when they voted on it the following morning. That rule change allowed all this derivatives bullsh*t to happen. He's a MAJOR reason why this country is in hell, and his response was to tell poor people to “quit whining”.

    Yeah.

    He's a Grade A Douche.

21