Tuesday, July 15, 2014

Randy Wray — Egregious Fraudster: Introducing Bob Rubin’s Citicorp

By now you’ve heard that Citigroup admits—yet again—that it engaged in fraud. Heck, it was the business model under Bob Rubin. If you want to blame three individuals for the Global Financial Crisis, only Larry Summers and Alan Greenspan deserve more credit than Rubin.
Together they “softened-up” Congress so that it would free the Banksters, and then he ran Citi into the ground as he sucked gazillions of dollars of executive compensation out of the bank. Like all the CEOs of the biggest banks, he oversaw fraud on a scale never imagined—let alone seen—in the history of the globe.
And what did he get for all the fraud? Rich! Beyond your wildest dreams. Don’t cry for Rubin, he’ll stay rich. His bank will pay the fines–$4 billion in “real” money and another $3 billion in promised, illusory, relief to some of the people his bank screwed.
Don’t worry, Eric Holder will not prosecute actual human beings for crimes. He just wants some piddling fines paid out of shareholder value so that he can trumpet all the money he’s turning over to Uncle Sam.
Economonitor — Great Leap Forward
L. Randall Wray | Professor of Economics, University of Missouri at Kansas City

2 comments:

Ryan Harris said...

At least they are doing something lately about banksters, isn't what we are supposed to say?

It being an election year, they quickly came up with a few convenient settlements and found a couple of low level traders that had "rigged" prices by promising a buddy a cocktail for a couple pip improvement on price. But no Jamie Dimons, No Bob Rubins... no one of consequence. But it's something.

Jan said...

Krugman Now Disagrees with His Earlier Critique of MMT
Scott Fullwiler
http://neweconomicperspectives.org/2014/07/krugman-now-disagrees-earlier-critique-mmt.html#more-8428