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You'll Have To Direct Your Train Complaints Elsewhere
Dealbreaker —
... Rubin will, apparently, be resigning from Citi.
Update: The Journal has it. To wit:
While Mr. Rubin has defended his performance since joining Citigroup in 1999, insisting that the bank's problems were due to wider turmoil in the financial system, not failures by Citigroup, he is "tired of it," a person familiar with the matter said. Mr. Rubin now wants to focus instead on his non-profit work and other outside interests.
Rubin to Leave Citigroup [The Wall Street Journal]
Earlier: Excellent: Job Loss Remains ...
Rubin Resigns from Citi; Bank to Sell Smith Barney
naked capitalism —
... Rubin's departure from Citigroup would seem to imply that his continued service there, amid the newly critical commentary on his failure to rein in the bank's pursuit of risk, was no longer a plus. But the real question is: not a plus for him, or not a plus to the bank? ...
A Proposal For Reforming Wall Street
Daily Markets —
... want to lever the balance sheet up to 30-1 or 40-1, let them. If it doesn’t work, the partners get personally wiped out and some may have to declare personal bankruptcy. In the end, the return function becomes symmetric and the net aggregate effects will be positive. I don’t believe that partners of i-banks would collectively be willing to take those kinds of risks again, nor would they be willing to sacrifice long-term liability for short-term profits. I would like to say that Rubin’s departure from ...
