Robert Rubin#Books

Rubin was born on August 29, 1938, in New York City{{Cite news |author= |date=2009-01-09 |title=TIMELINE: Rubin's career at Citigroup |language=en |work=Reuters |url=https://www.reuters.com/article/us-chronology-rubin-sb-idUSTRE5086XS20090109 |access-date=2020-09-29}} to Jewish parents Sylvia (née Seiderman) and Alexander Rubin.[https://query.nytimes.com/gst/fullpage.html?res=9501E1DF1F3AF936A25752C0A9619C8B63 Paid Notice - Deaths RUBIN, SYLVIA SEIDERMAN - Paid Death Notice - NYTimes.com]. New York Times (2007-01-15). Retrieved on 2013-07-16.[https://books.google.com/books?id=FA4ohuvEPkcC&q=Sylvia+(Seiderman)+and+Alexander+Rubin Who's who in Finance and Industry - Google Books]. Books.google.ca. Retrieved on 2013-07-16. He moved to Miami Beach, Florida, at an early age and graduated from Miami Beach Senior High School.{{Cite web|date=December 8, 2003|title=The Larger-Than-Life Life of Robert Rubin|url=https://fortune.com/2016/03/13/robert-rubin-life/|access-date=2020-09-29|website=Fortune|language=en}}{{Cite book|last=Zerivitz|first=Marcia Jo|url=https://books.google.com/books?id=w7q9DwAAQBAJ&q=%22robert+rubin%22+%22miami+beach+high+school%22&pg=PA6|title=Jews of Florida: Centuries of Stories|date=2020-01-06|publisher=Arcadia Publishing|isbn=978-1-4671-4253-3|language=en}} In 1960, Rubin graduated with a Bachelor of Arts, summa cum laude, in economics from Harvard College.{{Cite news|date=July 2, 2012|title=Washington Post Live Robert Rubin|url=https://www.washingtonpost.com/postlive/robert-rubin/2012/07/02/gJQArDlADY_story.html}} He then attended Harvard Law School for three days before leaving to travel the world.{{cite news| url=http://news.bbc.co.uk/2/hi/business/342086.stm | work=BBC News | title=Robert Rubin, the man Wall Street trusts | date=May 12, 1999 | access-date=May 22, 2010}} He later attended the London School of Economics and received an LL.B. from Yale Law School in 1964.

Rubin was an attorney at the firm of Cleary, Gottlieb, Steen & Hamilton in New York City from 1964 to 1966 before joining Goldman Sachs in 1966 as an associate in the risk arbitrage department. He later served as co-chief operating officer, and became co-senior partner and co-chairman in 1990.{{cite news |title=Robert Rubin Joins Board Of Tech Investment Firm |url=https://www.wsj.com/articles/SB952984110539363871 |work=The Wall Street Journal |date=March 14, 2000 |access-date=August 19, 2020}}

Rubin served as New York finance chairman for the Walter Mondale presidential campaign in 1984{{cite news |title=Business People; Chief Fund-Raisers Winding Up Efforts |last1=Sloane |first1=Leonard |url=https://www.nytimes.com/1984/04/03/business/business-people-chief-fund-raisers-winding-up-efforts.html |work=The New York Times |date=April 3, 1984 |access-date=August 24, 2020}} and headed the host committee for the 1992 Democratic National Convention in New York.{{cite news |title=Democrats Choose New York for 1992 |last1=Kurtz |first1=Howard |url=https://www.washingtonpost.com/archive/politics/1990/07/12/democrats-choose-new-york-for-92/b86ea85f-3b0b-461c-ae19-e3d4fdc18172/ |newspaper=The Washington Post |date=July 12, 1990 |access-date=August 24, 2020}}

He served on the board of directors of the New York Stock Exchange, the U.S. Securities and Exchange Commission Market Oversight and Financial Services Advisory Committee, and advisory panels for New York Gov. Mario Cuomo and Mayor David Dinkins.{{cite news |title=Robert Rubin: Unassuming Goldman Sachs Leader |last=Fatsis |first=Stefan |url=https://advance.lexis.com/api/permalink/5db5f547-b9ed-41f8-858c-a576209f5eb7/?context=1519360 |work=The Associated Press |date=December 10, 1992 |access-date=September 15, 2022}}

From January 25, 1993, to January 10, 1995, Rubin served in the White House as Assistant to the President for Economic Policy. In that capacity, he directed the National Economic Council, which Bill Clinton created after winning the presidency.{{Cite news| url = https://www.nytimes.com/2013/09/13/us/politics/ex-white-house-aide-to-be-economic-adviser.html?pagewanted=all&_r=0|title= Ex-White House Aide to Be Economic Adviser|author= Jackie Calmes|work= The New York Times |date = September 13, 2013}} The National Economic Council, or NEC, enabled the White House to coordinate closely the workings of the Cabinet departments and agencies on policies ranging from budget and tax to international trade and alleviating poverty. The NEC coordinated policy recommendations going into the President's office, and monitored implementation of the decisions that came out.{{cite web|title=Citigroup Corporate Governance - Robert E. Rubin|url=http://www.citigroup.com/citigroup/profiles/rubin/|url-status=dead|archive-url=https://web.archive.org/web/20080516162737/http://www.citigroup.com/citigroup/profiles/rubin/|archive-date=2008-05-16|access-date=2008-02-20|publisher=Citigroup}} Robert S. Strauss credited Rubin with making the system work. "He's surely the only man or woman in America that I know who could make the NEC succeed," Strauss said in 1994. "Anyone else would have been a disruptive force, and the council wouldn't have worked.""Rubin's Rules", Owen Ullmann, The Washingtonian, June 1994.

Rubin encouraged Clinton to focus on deficit reduction{{cite news |title=Rubin resigns post at Treasury |last1=Weisman |first1=Jonathan |url=https://advance.lexis.com/api/permalink/5db4b0ff-28d7-45a8-8a2c-84288c339511/?context=1519360 |work=The Baltimore Sun |date=May 13, 1999 |access-date=August 28, 2020}} and he was "one of the chief architects" of Clinton's 1993 Deficit Reduction Act plan.{{cite news |title=Rubin resigns |last1=Dodge |first1=Robert |url=https://advance.lexis.com/document/index?crid=7e70d405-6a4e-44c5-8743-ff4fd962f41e&pdpermalink=69cc3e86-8408-4f26-b237-832ef5cba4cf&pdmfid=1519360&pdisurlapi=true |work=The Dallas Morning News |date=May 13, 1999 |access-date=August 28, 2020}}

Supporters said the Act helped create the late 1990s budget surplus and strong economic growth, while opponents noted it raised taxes.{{cite magazine |title=The Three Marketeers |last1=Cooper Ramo |first1=Joshua |url=http://content.time.com/time/world/article/0,8599,2054093,00.html |magazine=TIME |date=February 15, 1999 |access-date=August 24, 2020}} As officials deliberated the deficit reduction plan, Rubin advocated for tax increases on those in the upper-income tax bracket.{{cite news |title=Robert Rubin: Stealth Liberal or Wall Street's Stalking Horse? |last1=Thorndike |first1=Joseph J. |work=Tax Notes |date=December 1, 2014}} The Baltimore Sun said that the budget deal "was critical" and "convinced nervous bond traders that the new Democratic president was serious about the deficit, lowering long-term interest rates, spurring economic growth and, ultimately, helping to balance the budget."

File:Portrait of Robert Rubin.jpg

Clinton nominated Rubin as Treasury secretary in December 1994. On January 10, 1995, Rubin was sworn in as the 70th United States Secretary of the Treasury after the U.S. Senate confirmed him in a 99-0 vote.{{cite news |title=Robert E. Rubin: Treasury Secretary |url=https://www.washingtonpost.com/wp-srv/politics/govt/admin/rubin.htm |newspaper=The Washington Post |date=1998 |access-date=August 19, 2020}}{{cite news |title=Rubin Wins Senate's Approval |last1=Chandler |first1=Clay |url=https://www.washingtonpost.com/wp-srv/politics/govt/admin/stories/rubin011195.htm |newspaper=The Washington Post |date=January 11, 1995 |access-date=September 9, 2020}} Rubin's tenure with the Clinton administration, especially as the head of Treasury, was marked by economic prosperity in the U.S. Rubin is credited as one of the main individuals behind U.S. economic growth, creating near full-employment and bullish stock markets while avoiding inflation. From the time he joined the White House until he announced his resignation from Treasury in 1999, U.S. unemployment fell from 6.9 percent to 4.3 percent; the U.S. budget went from a $255 billion deficit to a $70 billion surplus, and inflation fell.{{Cite web|last=Weisman|first=Jonathan|title=Rubin resigns post at Treasury; Wall Street wizard has helped guide the surging U.S. economy; Deputy picked as successor|url=https://www.baltimoresun.com/news/bs-xpm-1999-05-13-9905130102-story.html|access-date=2021-01-18|website=baltimoresun.com|date=May 13, 1999 |language=en-US}} Rubin was succeeded in early July 1999 as Treasury secretary by his deputy, Lawrence Summers.{{cite news |title=Treasury Secretary Rubin resigns |url=https://www.cnn.com/ALLPOLITICS/stories/1999/05/12/rubin/ |work=CNN |date=May 12, 1999 |access-date=August 24, 2020}}

According to CNN Money, Rubin was "one of the architects of the Clinton administration's economic policy, and is often credited—along with Federal Reserve Chairman Alan Greenspan—for the booming eight-year economic expansion, the second-longest in U.S. history".{{cite news |title=Treasury's Rubin resigns |last1=Slud |first1=Martha |last2=McMillan |first2=Alex |url=https://money.cnn.com/1999/05/12/markets/rubin/ |work=CNN Money |date=May 12, 1999 |access-date=August 28, 2020}}

Senator Chuck Hagel (R-NE) called Rubin "an ideal public servant who put policy before politics."[http://www.gettysburg.edu/news_events/press_release_detail.dot?id=174773&crumbTitle=Former%20Treasury%20Secretary%20Rubin%20to%20Receive%20Eisenhower%20Institute%20Public%20Service%20Award "Former Treasury Secretary Rubin to Receive Eisenhower Institute Public Service Award"]. Gettysburg College. April 26, 2000. At the time of Rubin's resignation, Clinton called Rubin the "greatest secretary of the Treasury since Alexander Hamilton."

Upon being sworn into office as Treasury secretary in January 1995, Rubin was confronted with the Mexican peso crisis, which threatened to result in Mexico defaulting on its foreign obligations.{{cite news |title=Mexico in Crisis, the U.S. to the Rescue. The Financial Assistance Packages of 1982 and 1995 |last1=Lustig |first1=Nora |url=https://www.brookings.edu/articles/mexico-in-crisis-the-u-s-to-the-rescue-the-financial-assistance-packages-of-1982-and-1995/ |work=Brookings |date=January 1, 1997 |access-date=August 24, 2020}} President Bill Clinton, with the advice of Rubin and Greenspan, provided $20 billion in U.S. loan guarantees to the Mexican government through the Exchange Stabilization Fund.{{cite news |title=Mexico Repays Bailout by U.S. Ahead of Time |last1=Sanger |first1=David |url=https://www.nytimes.com/1997/01/16/business/mexico-repays-bailout-by-us-ahead-of-time.html |work=The New York Times |access-date=August 24, 2020}} Mexico recovered and the U.S. Treasury made a $580 million profit as a result of the loan agreement.{{cite news |title=Rubin Resigning as Treasury Secretary |last1=Broder |first1=John M. |last2=Sanger |first2=David E. |url=https://archive.nytimes.com/www.nytimes.com/library/financial/051399rubin-resign.html |work=The New York Times |date=May 13, 1999 |access-date=September 9, 2020}}

In 1997 and 1998, Rubin, Greenspan, and Deputy Treasury Secretary Summers worked with the International Monetary Fund and others to promote U.S. policy in response to financial crises in Russian, Asian, and Latin American financial markets. On the cover of its February 15, 1999, edition, Time Magazine dubbed the three policymakers "The Committee to Save the World".

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Early in the Clinton administration, Rubin touted a balanced budget and a strong dollar as a way for the Fed to lower interest rates.{{cite news |title=Rubin Turns Over The Reins |last1=Goozner |first1=Merrill |url=https://advance.lexis.com/api/permalink/7f4abb01-5173-4ed4-9ef1-b71efefaefe6/?context=1519360 |work=Chicago Tribune |date=May 13, 1999 |access-date=September 1, 2020}} He also argued that a balanced federal budget's broad benefits to society outweighed concerns that one group could benefit more than others.{{cite news |title=Winners and Losers In a Balanced Budget |last1=Pearlstein |first1=Steven |last2=Chandler |first2=Clay |url=https://www.washingtonpost.com/wp-srv/politics/special/budget/stories/050497.htm |newspaper=The Washington Post |date=May 4, 1997 |access-date=September 1, 2020}} Rubin was the Clinton administration's chief negotiator with a Republican-controlled Congress on the balanced-budget deal.{{cite news |title=Treasury Secretary Rubin Plans To Step Down In July |last1=Crutsinger |first1=Martin |url=https://advance.lexis.com/api/permalink/f01b4902-84af-45bb-99cf-57c21bd094ad/?context=1519360 |work=The Associated Press |date=May 13, 1999 |access-date=September 1, 2020}} The Balanced Budget Act of 1997 has been referred to as the "capstone" of Rubin's tenure as Treasury secretary.{{cite news |title=Robert Rubin |url=https://www.cnn.com/ALLPOLITICS/1997/gen/resources/players/rubin/ |work=CNN |date=1997 |access-date=August 31, 2020}}

{{see also|Subprime mortgage crisis solutions debate#Derivatives regulation|2008 financial crisis}}

In 1998, Rubin and Federal Reserve chairman Alan Greenspan opposed giving the Commodity Futures Trading Commission (CFTC) oversight of over-the-counter credit derivatives when this was proposed by Brooksley Born, then head of the CFTC. Rubin and other senior officials recommended Congress relieve the CFTC of regulatory authority over derivatives in November 1999. Over-the-counter credit derivatives were eventually excluded from regulation by the CFTC by the Commodity Futures Modernization Act of 2000.{{cite news |title=Falling Upward: The Surprising Survival of Larry Summers |last1=Kuttner |first1=Robert |url=https://prospect.org/economy/falling-upward-larry-summers/ |work=The American Prospect |date=July 13, 2020 |access-date=September 1, 2020}} According to a Frontline report, derivatives played a key role in the 2008 financial crisis.{{cite web|url=https://www.pbs.org/wgbh/pages/frontline/warning/ |title=The Warning |access-date=2009-10-22 |date=2009-10-20 |work=Frontline|publisher=WGBH Educational Foundation }}

Arthur Levitt Jr., a former chairman of the Securities and Exchange Commission, has said in explaining Rubin's strong opposition to the regulations proposed by Born that Greenspan and Rubin were "joined at the hip on this. They were certainly very fiercely opposed to this and persuaded me that this would cause chaos."{{cite news|last=Goodman|first=Peter S.|url=https://archive.nytimes.com/www.nytimes.com/2008/10/09/business/economy/09greenspan.html|title=Taking Hard New Look at a Greenspan Legacy|work=The New York Times|date=October 9, 2008|page=A1|access-date=February 15, 2025}} However, in Rubin's autobiography, he notes that he believed derivatives could pose significant problems and that many people who used derivatives did not fully understand the risks they were taking.Rubin, Robert (2003). In An Uncertain World. pp. 287–288. Random House. {{ISBN|978-0-375-50585-0}}. In 2008, The New York Times reported that the proposal in 1997 would not have improved oversight of derivatives. Rubin said the financial system "could benefit from better regulation of derivatives". However, "the politics would have made this impossible," he said.{{cite news |title=Where Was the Wise Man? |last1=Schwartz |first1=Nelson D. |last2=Dash |first2=Eric |url=https://www.nytimes.com/2008/04/27/business/27rubin.html |work=The New York Times |date=April 27, 2008 |access-date=August 31, 2020}} Rubin said he had been concerned about derivatives' potential to create systemic risk since his time at Goldman Sachs.{{cite news |title=Rubin: I Actually Supported Regulating Derivatives |last1=Froomkin |first1=Dan |url=https://www.huffpost.com/entry/rubin-i-actually-supporte_n_545113 |work=HuffPost |date=June 20, 2010 |access-date=August 31, 2020}}

In an interview on ABC's This Week program in April 2010, former President Clinton said Rubin was wrong in the advice he gave him not to regulate derivatives, which was by then seen as one of the underlying causes of the 2008 financial crisis.{{Cite news|title=Clinton Calls Advice He Got on Derivatives 'Wrong' (Update1)|url=http://www.businessweek.com/news/2010-04-19/clinton-calls-advice-he-got-on-derivatives-wrong-update1-.html|date=April 19, 2010|first=Joshua|last=Zumbrun|work=Bloomberg Businessweek|archiveurl=https://web.archive.org/web/20110416030157/http://www.businessweek.com/news/2010-04-19/clinton-calls-advice-he-got-on-derivatives-wrong-update1-.html|archivedate=April 16, 2011 |access-date=January 5, 2012}} Clinton adviser Doug Band later said Clinton "inadvertently conflated an analysis he received on a specific derivatives proposal with then-Federal Reserve Chairman Alan Greenspan's arguments against any regulation of derivatives". He said Clinton still wished he had pursued legislation to regulate derivatives while confirming that he still believed he had received excellent advice on the economy and the financial system from Rubin and others during his presidency.{{Cite news|title=Clinton: I Was Wrong to Listen to Wrong Advice Against Regulating Derivatives*|url=https://abcnews.go.com/blogs/politics/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-derivatives-and-i-was-wrong-to-take-it/ |archive-url=https://web.archive.org/web/20111003010916/https://abcnews.go.com/blogs/politics/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-derivatives-and-i-was-wrong-to-take-it/ |archive-date=October 3, 2011 |date=April 17, 2010|first=Evan|last=Harris|publisher=ABC News|access-date=January 5, 2012}}

Rubin was a leading advocate for investment in distressed rural and urban communities in the Clinton administration, from his time with the NEC, leading the effort to expand the Community Reinvestment Act, to his time at Treasury, where he advocated for more community development financial institutions (CDFI) to invest in inner cities and increase the CDFI Fund.{{cite news |title=Robert Rubin, the man Wall Street trusts

|url=http://news.bbc.co.uk/2/hi/business/342086.stm |work=BBC News |date=May 12, 1999 |access-date=August 18, 2020}}{{cite news |title=Treasury's New Age liberal |last1=Walsh |first1=Kenneth T. |url=https://advance.lexis.com/document/index?crid=1c8ec9d8-1be8-41a1-9a07-911d20bfa810&pdpermalink=2bd3d8c9-865b-43dc-b3aa-d1f8659cc8cd&pdmfid=1519360&pdisurlapi=true |work=U.S. News & World Report |date=February 24, 1997 |access-date=August 28, 2020}}{{cite news |title=Treasury Chief Robert Rubin Cultivates an Atypical Image |last1=Wessel |first1=David |url=https://www.wsj.com/articles/SB859509936135865500 |work=The Wall Street Journal |date=March 28, 1997 |access-date=September 2, 2020}} Addressing the needs of the urban poor was a top priority for Rubin during his tenure in the Clinton administration.{{cite news |title=Rubin Wins Senate's Approval |last1=Chandler |first1=Clay |url=https://www.washingtonpost.com/wp-srv/politics/govt/admin/stories/rubin011195.htm |newspaper=Washington Post |date=January 11, 1995 |access-date=September 2, 2020}} Rubin also assisted with the Clinton administration's plan to increase empowerment and enterprise zones across the U.S. The initiative offered tax breaks for businesses investing in those zones.

As Treasury Secretary, Robert Rubin was on the record for stating that the Glass-Steagall Act was obsolete and outdated, and indeed its provisions had become less effective over time. However, it was not until the late 1990s that the Congress and the Clinton administration finally came round to repealing the act. This resulted in part from lobbying pressure exercised by Sanford I. Weill on Congress and the White House to repeal the Act, and so allow the mega-merger he had organized between Travelers Group and Citicorp in 1998 to stand.PBS, "[https://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html The Wall Street: The Long Demise of Glass-Steagall]", May 8, 2003. Rubin resigned from the Clinton administration in July 1999. In October 1999, Rubin joined the leadership at Citigroup.{{cite news |title=Former Treasury Secretary Joins Leadership Triangle at Citigroup |last1=Kahn |first1=Joseph |url=https://www.nytimes.com/1999/10/27/business/former-treasury-secretary-joins-leadership-triangle-at-citigroup.html |work=The New York Times |date=October 27, 1999 |access-date=November 19, 2021}} Glass–Steagall was eventually repealed by the Gramm–Leach–Bliley Act under Rubin's successor, Lawrence Summers, and was signed by Clinton in November 1999.{{cite web |url= http://www.presidency.ucsb.edu/ws/?pid=56922 |title= William J. Clinton: "Statement on Signing the Gramm–Leach–Bliley Act," November 12, 1999 |author1= Peters, Gerhard |author2= Woolley, John T |publisher= University of California – Santa Barbara |work= The American Presidency Project |url-status= live |archive-url= https://web.archive.org/web/20160207062207/http://www.presidency.ucsb.edu/ws/?pid=56922 |archive-date= February 7, 2016 }}

Upon leaving the Clinton administration, Rubin joined the board of the Local Initiatives Support Corporation (LISC), the nation's leading community development support organization, as chairman. Reflecting on his decision to join an institution devoted to bringing economic activity to neglected areas of the country, the Chicago Tribune said the following in an editorial: "Even before he became Bill Clinton's treasury secretary, during his days as a high-powered Wall Street executive, Rubin was passionate about fostering business investment as the way to fight poverty in depressed city and rural areas. That made him somewhat unusual among Democrats, who generally emphasized government anti-poverty programs.""Rubin's Next Big Challenge". Chicago Tribune, September 20, 1999.

Rubin joined Citigroup in 1999 as chairman of the executive committee of the board.{{cite news |title=Timeline: Rubin's career at Citigroup |url=https://www.reuters.com/article/us-chronology-rubin-sb/timeline-rubins-career-at-citigroup-idUKTRE5086XS20090109 |work=Reuters |date=January 9, 2009 |access-date=January 13, 2022}} In 2001, Enron, a major client of Citigroup, faced a credit ratings downgrade as a result of the Enron scandal. Rubin called a ranking Treasury Department official, unsuccessfully seeking the Bush Administration's help in forestalling the downgrade.{{cite news |title=Rethinking Robert Rubin |last1=Cohan |first1=William D. |url=https://www.bloomberg.com/news/articles/2012-09-30/rethinking-robert-rubin |work=Bloomberg News |date=September 30, 2012 |access-date=August 27, 2020}} A subsequent staff investigation by the Senate Governmental Affairs committee cleared Rubin of having done anything illegal.C-SPAN Q&A with Janet Tavakoli. Air date: April 19, 2009, http://qanda.org/Transcript/?ProgramID=1228{{cite news |title=Senate Report Says Rubin Acted Legally in Enron Matter |last1=Oppel Jr. |first1=Richard A. |url=https://www.nytimes.com/2003/01/03/business/senate-report-says-rubin-acted-legally-in-enron-matter.html |work=The New York Times |date=January 3, 2003 |access-date=August 24, 2020}} Rubin later maintained that he had acted both as a Citigroup executive protecting his company's position and as a former Treasury official concerned about the impact that Enron's failure might have on the larger economy. Rubin rejected criticisms of a possible conflict of interest and has said that if faced with the same choice, he would do it again.

Rubin briefly became chairman of Citigroup's board of directors from November 2007 to December 2007.{{cite news |title=Robert Rubin, the new chairman at Citigroup, hits the ground running |last1=Dash |first1=Eric |url=https://www.nytimes.com/2007/11/07/business/worldbusiness/07iht-citi.1.8225588.html |work=The New York Times |date=November 7, 2007 |access-date=August 24, 2020}} According to The New York Times, Rubin's role at Citigroup focused on meeting with clients and government and business leaders, bringing in business, and serving as a sounding board to bank leadership. As the Times reported in 2007, Rubin "has said publicly since he came to Citigroup in 1999 that he had no interest in running the bank". The Wall Street Journal reported Rubin joined Citigroup as a board member and as a participant "in strategic managerial and operational matters of the Company, but [...] no line responsibilities".{{cite news| title=No line responsibilities| work=The Wall Street Journal| publisher=Dow Jones & Company| date=December 3, 2008| url=https://www.wsj.com/articles/SB122826632081174473| url-access=subscription}} The newspaper called this mix of oversight and management responsibilities "murky".

Following the 2008 financial crisis, critics argued Rubin increased risk-taking at Citigroup, thereby exposing the bank to greater losses, and that economic policies he promoted as Treasury secretary exacerbated the situation. According to The Wall Street Journal, Rubin has stated that "he wasn't alone in failing to foresee the severity of the crisis that would emerge".{{cite news |title=Robert Rubin's Legacy Up for Debate 10 Years After Citigroup Bailout |last1=Demos |first1=Telis |url=https://www.wsj.com/articles/robert-rubins-legacy-up-for-debate-10-years-after-citigroup-bailout-1528462800 |work=The Wall Street Journal |date=June 8, 2018 |access-date=August 18, 2020}} Other industry observers criticized the lack of clarity about Rubin's role within the bank.{{cite news |title=Citigroup settles shareholder CDO lawsuit for $590 million |last1=Stempel |first1=Jonathan |url=https://www.reuters.com/article/us-citigroup-settlement/citigroup-settles-shareholder-cdo-lawsuit-for-590-million-idUSBRE87S0UA20120830 |work=Reuters |date=August 30, 2012 |access-date=August 28, 2020}} The federal government spent $45 billion to acquire a stake in Citigroup in 2008 through the Troubled Asset Relief Program. Citigroup repaid $20 billion of the bailout money in December 2009 and the Treasury sold its remaining stake one year later, for a total net profit of $12 billion.{{cite news |last1=Petruno |first1=Tom |title=U.S. turns a $12-billion profit on Citigroup bailout |url=https://www.latimes.com/archives/la-xpm-2010-dec-08-la-fi-citigroup-treasury-20101208-story.html |access-date=February 17, 2022 |work=Los Angeles Times |date=December 8, 2010}}

In December 2008, investors filed a lawsuit contending that Citigroup executives, including Rubin, sold shares at inflated prices while concealing the firm's risks.{{cite news |last=Graybow |first=Martha |title=Investors accuse Citi execs of 'suspicious' trades |publisher=Reuters |date=December 3, 2008 |url=https://www.reuters.com/article/sppage012-n03301778-oisbn/investors-accuse-citi-execs-of-suspicious-trades-idUSN0330177820081204 |url-status=live |archive-url=https://web.archive.org/web/20081206071035/http://biz.yahoo.com/rb/081203/business_us_citigroup_lawsuit.html |archive-date=December 6, 2008 }} Citigroup settled the lawsuit in 2012, paying $590 million to claimants and denying any wrongdoing as part of the settlement. Rubin resigned from Citigroup in 2009.{{cite news |title=Rubin quits as Citi looks to sell brokerage |last1=Guerrera |first1=Francesco |last2=Farrell |first2=Greg |last3=Brewster |first3=Deborah |url=https://www.ft.com/content/9a3b4772-de8a-11dd-9464-000077b07658 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/9a3b4772-de8a-11dd-9464-000077b07658 |archive-date=December 10, 2022 |url-access=subscription |url-status=live |work=Financial Times |date=January 9, 2009 |access-date=August 24, 2020}}{{cite news |title=Robert Rubin quits Citigroup amid criticism |last1=Stempel |first1=Jonathan |last2=Wilchins |first2=Dan |url=https://www.reuters.com/article/us-citigroup-rubin/robert-rubin-quits-citigroup-amid-criticism-idUSN0930738020090109 |work=Reuters |date=January 9, 2009 |access-date=August 24, 2020}} Between 1999 and 2009, Rubin received total compensation, including employee stock options, of $126 million from Citigroup.[https://www.bloomberg.com/news/2012-09-20/rethinking-bob-rubin-from-goldman-sachs-star-to-crisis-scapegoat.html "Rethinking Bob Rubin From Goldman Sachs Star to Crisis Scapegoat"] Bloomberg News His compensation was criticized, with writer Nassim Nicholas Taleb noting that Rubin "collected more than $120 million in compensation from Citibank in the decade preceding the banking crash of 2008. When the bank, literally insolvent, was rescued by the taxpayer, he didn't write any check—he invoked uncertainty as an excuse."{{cite news |last1=Williams |first1=Zoe |title=Skin in the Game by Nassim Nicholas Taleb review – how risk should be shared |url=https://www.theguardian.com/books/2018/feb/22/skin-in-the-game-nassim-nicholas-taleb-review |access-date=14 July 2019 |work=The Guardian |date=22 February 2018}} In 2010, the Financial Crisis Inquiry Commission interviewed Rubin as part of their investigation into the causes of the 2008 financial crisis and concluded that Rubin "may have violated the laws of the United States in relation to the financial crisis" related to his role at Citigroup. The commission unanimously voted to refer him to the United States Department of Justice for further investigation; however, the DOJ did not pursue any further investigation or actions against Rubin.{{cite news |last1=Gandel |first1=Stephen |title=Robert Rubin Was Targeted for DOJ Investigation by Financial Crisis Commission |url=https://fortune.com/2016/03/13/robert-rubin-financial-crisis-commission-justice-department/ |access-date=September 10, 2022 |work=Fortune |date=March 13, 2016}}

On July 1, 2002, Rubin became a member of Harvard Corporation, the executive governing board of Harvard University.{{cite news|url=http://news.harvard.edu/gazette/2002/04.11/09-rubin.html|publisher=Harvard Gazette|date=2002-04-11|access-date=2008-02-02|title=Rubin '60 is newest Corporation member}} He served as a member of the Harvard Corporation board until June 2014, and as of 2018, served on its finance committee.{{cite news|url=http://harvardmagazine.com/2014/01/brevia|work=Harvard Magazine|date=January 2014|access-date=2015-05-26|title=Reischauer, Rubin leave Harvard Corporation, Rhodes Scholars, Nobelists}}{{cite news |title=Robert Rubin |url=https://www.washingtonpost.com/postlive/robert-rubin/2012/07/02/gJQAMmMADY_story.html |newspaper=The Washington Post |date=July 2, 2012 |access-date=August 19, 2020}}

As of 2024, Rubin is involved in the Hamilton Project, an economic policy think tank he co-founded in 2006.{{cite news |title=Hamiltonian Democrats |last1=Meyerson |first1=Harold |url=https://www.washingtonpost.com/archive/opinions/2006/04/19/hamiltonian-democrats/085f0020-57d8-4fdd-9d65-871343e0ff15/ |newspaper=The Washington Post |date=April 19, 2006 |accessdate=February 20, 2023}}{{cite news |title=Strategists Bank on Budget-Neutral Policies |last1=Smith |first1=Ben |url=https://www.politico.com/story/2007/04/strategists-bank-on-budget-neutral-policies-003407 |work=Politico |date=March 6, 2017 |access-date=February 16, 2023}}{{cite web |title=Robert E. Rubin |url=https://www.hamiltonproject.org/people/robert_e._rubin |website=The Hamilton Project |access-date=December 21, 2022}} He is co-chairman emeritus of the Council on Foreign Relations. He serves as a trustee of Mount Sinai Health System and as co-chair of the advisory board of the Peter G. Peterson Foundation.{{cite web |url=https://www.pgpf.org/about |title=About the Peter G. Peterson Foundation |author= |date= |website=Peter G. Peterson Foundation |publisher= |access-date=February 16, 2023 |quote=}} Additionally, Rubin serves as a senior counselor at Centerview Partners, an investment banking advisory firm based in New York City.

Rubin was a member of the Africa Progress Panel (APP), a group of ten individuals who advocated for equitable and sustainable development in Africa by publishing seven annual reports between 2009 and 2015.{{cite news |title=France "bad", Italy "useless" on aid goals - Geldof |url=https://www.reuters.com/article/idINIndia-54920020110215 |access-date=December 21, 2022 |work=Reuters |date=February 15, 2011 |language=en}} Rubin also served on the Global Citizenship Commission, convened by former British Prime Minister Gordon Brown, which reexamined and proposed an update to the United Nations' 1948 Universal Declaration on Human Rights.{{cite news |title=Why we all need to begin thinking like global citizens |last1=Waldron |first1=Jeremy |url=https://www.weforum.org/agenda/2016/04/why-we-all-need-to-begin-thinking-like-global-citizens |work=World Economic Forum |date=April 22, 2016 |access-date=August 19, 2020}}{{cite news |title=Malala to attend rights commission |url=https://www.belfasttelegraph.co.uk/news/uk/malala-to-attend-rights-commission-29622320.html |work=Belfast Telegraph |date=October 1, 2013 |access-date=August 19, 2020}}

Rubin's memoir, In an Uncertain World: Tough Choices from Wall Street to Washington, co-written by Jacob Weisberg, was a New York Times bestseller as well as one of Business Week{{'}}s ten best business books of 2003.

Rubin's second book, The Yellow Pad: Making Better Decisions in an Uncertain World, was published in May 2023. In it, he writes about his approach to "probabilistic thinking", or understanding that every decision carries risk.{{cite news |last1=Bobrow |first1=Emily |title=Robert Rubin Warns That the U.S. Is Failing to Face Its Problems |url=https://www.wsj.com/articles/robert-rubin-warns-that-the-u-s-is-failing-to-face-its-problems-16c7dcdb |access-date=May 17, 2023 |work=The Wall Street Journal |date=May 12, 2023}} The book was named one of the "Best Books of 2023" by Bloomberg News.{{cite news |title=The Best Books of 2023: Top Business Leaders Pick the Year's 58 Must-Reads |url=https://www.bloomberg.com/features/2023-best-books/ |work=Bloomberg News |date=December 14, 2023 |access-date=January 26, 2024}}

Rubin has advocated for fiscal discipline and public investment, and worked to turn the federal budget deficit to a surplus while Treasury Secretary.{{cite news |title=The Larger-Than-Life Life of Robert Rubin |last1=Loomis |first1=Carol J. |url=https://fortune.com/2016/03/13/robert-rubin-life/ |work=Fortune |date=March 13, 2016 |access-date=August 31, 2020}} He has advocated against high budget deficits and has been credited with developing the strong dollar policy that has been a cornerstone of U.S. economic policy since his tenure at Treasury.{{cite news |last1=Wolk |first1=Martin |title=Rubin warns of a deficit's ripples |work=NBC News |date=January 13, 2004 |access-date=February 6, 2023 |url=https://www.nbcnews.com/id/wbna3948923|archive-url=https://web.archive.org/web/20210725180830/https://www.nbcnews.com/id/wbna3948923|url-status=dead|archive-date=July 25, 2021}}{{cite news |title=U.S. 'strong dollar' policy in question |last1=Wroughton |first1=Lesley |last2=Lange |first2=Jason |url=https://www.reuters.com/article/global-forex-dollar/u-s-strong-dollar-policy-in-question-idUSL2N1PJ2EO |work=Reuters |date=January 24, 2018 |access-date=August 31, 2020}}

He has been described as a centrist, pro-business, "pro-growth Democrat" by The New York Times.{{cite news |title=When Robert Rubin Talks… |url=https://www.nytimes.com/1993/07/25/business/when-robert-rubin-talks.html |last1=Greenhouse |first1=Steven |work=The New York Times |date=July 25, 1993 |access-date=March 22, 2023}} The Chicago Tribune and Associated Press have stated that Rubin's policies as Treasury Secretary helped drive American economic growth in the 1990s.{{cite news |last1=Goozner |first1=Merrill |title=Rubin puts expertise to work for poor areas |url=https://www.chicagotribune.com/news/ct-xpm-1999-09-17-9909170143-story.html |access-date=May 4, 2023 |work=Chicago Tribune |date=September 17, 1999}}{{cite news |last1=Fournier |first1=Ron |title=Treasury Secretary Rubin resigns |url=https://www.washingtonpost.com/wp-srv/politics/govt/admin/stories/rubin051299.htm |access-date=May 4, 2023 |newspaper=The Washington Post |agency=Associated Press |date=May 12, 1999}} However, his policies have also been criticized by some Republicans for not cutting taxes enough, while some Democrats have said that Rubin's policies contributed to the 2008 financial crisis. Rubin has supported progressive tax measures and expanding earned income tax credits to benefit low- and middle-income Americans. He has also opposed tax cuts that disproportionately benefit high earners, including those enacted during the administrations of George W. Bush and Donald Trump.{{cite news |title=Former Treasury secretary: Trump will hurt the economy |last1=Alesci |first1=Cristina |url=https://money.cnn.com/2017/03/06/news/economy/robert-rubin-interview-trump-economy/ |work=CNN Money |date=March 6, 2017 |access-date=August 31, 2020}}{{cite news |title=Two former Treasury chiefs wary of another stimulus |url=https://archive.triblive.com/local/local-news/two-former-treasury-chiefs-wary-of-another-stimulus/ |work=Bloomberg News |date=August 9, 2010 |access-date=August 31, 2020}}{{cite news |last1=Warner |first1=Margaret |title=Tax cuts: Robert Rubin |work=PBS Newshour |url=https://www.pbs.org/newshour/show/tax-cuts-robert-rubin |date=February 21, 2001 |access-date=February 6, 2023}} During the Biden administration, Rubin joined with four former Treasury secretaries to support the Inflation Reduction Act and supported a permanent refundable child tax credit with former Treasury Secretary Jacob Lew.{{cite news |last1=Lawder |first1=David |title=Former U.S. Treasury secretaries back drugs, climate, tax bill |work=Reuters |url=https://www.reuters.com/markets/us/former-us-treasury-secretaries-back-drugs-climate-tax-bill-2022-08-03/ |date=August 3, 2022 |access-date=February 6, 2023}}{{cite news |last1=Konish |first1=Lorie |work=CNBC |date=May 5, 2022 |access-date=February 6, 2023 |url=https://www.cnbc.com/2022/05/05/why-the-child-tax-credit-has-not-been-expanded-despite-democrats-support.html |title=Democrats are pushing to renew the expanded child tax credit. Here's why that hasn't happened yet}}

In April 2016, he was one of eight former Treasury secretaries who called on the United Kingdom to remain a member of the European Union ahead of the June 2016 Referendum.{{cite news|title=Staying in EU 'best hope' for UK's future say ex-US Treasury secretaries|url=https://www.bbc.co.uk/news/uk-politics-eu-referendum-36087583|work=BBC News|date=April 20, 2016}}

Among Rubin's policy interests is climate change. In 2014, Rubin served as a member of the U.S. Climate Risk Committee, which oversaw the development of an analysis of the economic risks of climate change in the United States.{{cite web |last1=Larsen |first1=Kate |last2=Delgado |first2=Michael |last3=Mohan |first3=Shashank |last4=Houser |first4=Trevor |title=American Climate Prospectus: Economic Risks in the United States |url=https://rhg.com/research/american-climate-prospectus-economic-risks-in-the-united-states/ |website=Rhodium Group |date=June 24, 2014 |access-date=February 6, 2023}} In an address at the Climate Leadership Conference on March 4, 2015, Rubin spoke about the economic effects of climate change and the costs of inaction.{{cite web |title=Robert Rubin: Speech at the Climate Leadership Conference |url=http://riskybusiness.org/blog/robert-rubin-climate-leadership-conference-speech |website=Risky Business |access-date=February 6, 2023 |archive-url=https://web.archive.org/web/20150907091834/http://riskybusiness.org/blog/robert-rubin-climate-leadership-conference-speech |archive-date=September 7, 2015 |date=March 4, 2015 |url-status=dead}} Calling climate change "the existential threat of our age," he called for the adoption of three proposals—revising estimates of the gross domestic product to reflect climate change externalities, disclosure to investors by companies of the costs of carbon they emit that they might be required to absorb, and including in the U.S. government's fiscal projections the future costs of dealing with climate change—to help catalyze a more active response to climate change risks. He first outlined these proposals in a Washington Post op-ed column titled "How Ignoring Climate Change Could Sink the U.S. Economy."{{cite news |last1=Rubin |first1=Robert |url=https://www.washingtonpost.com/opinions/robert-rubin-how-ignoring-climate-change-could-sink-the-us-economy/2014/07/24/b7b4c00c-0df6-11e4-8341-b8072b1e7348_story.html |newspaper=The Washington Post |date=July 24, 2014 |access-date=October 10, 2015 |title=How Ignoring Climate Change Could Sink the U.S. Economy}}

In 2016, former Treasury secretaries Rubin, Henry Paulson, and George Shultz, members of the climate research group the Risky Business Project, penned a letter to the United States Securities and Exchange Commission, urging regulators to manage financial disclosures regarding climate change.{{cite news |title=Former Treasury Chiefs Tell SEC to Crack Down on Climate |last1=Hulac |first1=Benjamin |url=https://www.scientificamerican.com/article/former-treasury-chiefs-tell-sec-to-crack-down-on-climate/ |work=ClimateWire |date=July 22, 2016 |access-date=August 24, 2020}}

Rubin and his wife, Judith O. Rubin, have two grown sons together, James Rubin (not to be confused with James Phillip Rubin), and Philip Rubin.{{cite web|title=Board of Directors - Mrs. Judith O. Rubin|url=http://www.culturalpolicy.org/archive/about/board2.htm#rubin|url-status=live|archive-url=https://web.archive.org/web/20070818231033/http://www.culturalpolicy.org/archive/about/board2.htm|archive-date=August 18, 2007|access-date=2008-02-20|website=Center for Arts and Culture}} The Rubins were long time members of Temple Beth Sholom on Miami Beach.{{Cite web|last=Lee|first=John|title=Schedule {{!}} Jewish Museum of Florida - FIU|url=http://jmof.fiu.edu/exhibits/exhibit-schedule/|access-date=2015-05-31|website=jmof.fiu.edu}}

• Rubinomics
• Bob Rubin Trade
• List of Harvard University politicians
• List of Jewish United States Cabinet members

{{Reflist|30em}}

• [http://clinton6.nara.gov/2001/01/2001-01-05-president-clinton-recipients-of-presidential-citizens-medal.html The White House - Office of the Press Secretary] {{Webarchive|url=https://web.archive.org/web/20160805211909/http://clinton6.nara.gov/2001/01/2001-01-05-president-clinton-recipients-of-presidential-citizens-medal.html |date=August 5, 2016 }}

• Clinton, Bill (2005). My Life. Vintage. {{ISBN|1-4000-3003-X}}.
• Rubin, Robert (2003). In An Uncertain World. Random House. {{ISBN|978-0-375-50585-0}}

{{Commons category}}

• [https://www.robertrubin.com Robert Rubin official site]
• [http://www.cfr.org/experts/world/robert-e-rubin/b292 Profile] {{Webarchive|url=https://web.archive.org/web/20140402163730/http://www.cfr.org/experts/world/robert-e-rubin/b292 |date=April 2, 2014 }} at Council on Foreign Relations
• {{IMDb name|2614981}}
• {{NYTtopic|people/r/robert_e_rubin}}

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