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Encyclopedia > Robert Rubin
Robert Rubin
Robert Rubin

In office
January 11, 1995 – July 2, 1999
Preceded by Lloyd Bentsen
Succeeded by Lawrence H. Summers

Born August 29, 1938 (1938-08-29) (age 69)
New York City, New York
Political party Democratic

Robert Edward Rubin (born August 29, 1938) is the Chairman of Citigroup. He served as the 70th United States Secretary of the Treasury during both the first and second Clinton Administrations.[1] Image File history File links Pr4262ls-treasury-rubin. ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... is the 11th day of the year in the Gregorian calendar. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... is the 183rd day of the year (184th in leap years) in the Gregorian calendar. ... This article is about the year. ... Lloyd Millard Bentsen Jr. ... Larry Summers Lawrence Henry Summers (born November 30, 1954) is an American economist, politician, and academic. ... is the 241st day of the year (242nd in leap years) in the Gregorian calendar. ... Year 1938 (MCMXXXVIII) was a common year starting on Saturday (link will take you to calendar). ... New York, New York redirects here. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  Politics Portal      Further information: Politics of the United States#Organization of American political parties The Democratic... is the 241st day of the year (242nd in leap years) in the Gregorian calendar. ... Year 1938 (MCMXXXVIII) was a common year starting on Saturday (link will take you to calendar). ... Citigroup Inc. ... The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ...

Contents

Education and background

Born in New York City, Rubin moved to Miami Beach, Florida at an early age and graduated from Miami Beach High School. In 1960, Rubin graduated summa cum laude with a B.A. in economics from Harvard College, where he resided in Winthrop House. He then attended Harvard Law School for three days before leaving to see the world.[2] He later attended the London School of Economics after graduation and received an LL.B. from Yale Law School in 1964. New York, New York and NYC redirect here. ... Location in Miami-Dade and the state of Florida. ... Miami Beach Senior High School, commonly referred to as Beach High, is a high school located at 2231 Prairie Avenue in Miami Beach, Florida. ... Year 1960 (MCMLX) was a leap year starting on Friday (link will display full calendar) of the Gregorian calendar. ... Harvard Yard Harvard College is the undergraduate section and oldest school of Harvard University, founded in 1636 by the Massachusetts Legislature. ... Winthrop House Crest John Winthrop House is the one of the twelve undergraduate residences at Harvard College and home to slightly under 400 students. ... Harvard Law School (colloquially, Harvard Law or HLS) is one of the professional graduate schools of Harvard University. ... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... The Sterling Law Building Sculptural ornamentation on the Sterling Law Building Yale Law School, or YLS, is the law school of Yale University in New Haven, Connecticut. ... Also Nintendo emulator: 1964 (emulator). ...


Rubin began his career as an attorney at the firm of Cleary, Gottlieb, Steen & Hamilton in New York City. He joined Goldman Sachs in 1966 as an associate in the risk arbitrage department. Rubin proved his skills at the intricate art of investing his firm's capital in high-reward arbitrage opportunities and became a general partner in 1971. He joined the management committee in 1980 along with fellow Democrat Jon Corzine, later a U.S. senator and governor of New Jersey. Rubin was Vice Chairman and Co-Chief Operating Officer from 1987 to 1990. From the end of 1990 to 1992, Rubin served as Co-Chairman and Co-Senior Partner along with Stephen Friedman (PFIAB). Cleary, Gottlieb, Steen & Hamilton is an international law firm headquartered in New York City. ... The Goldman Sachs Group, Inc. ... Risk arbitrage is an investment or trading strategy often associated with hedge funds. ... In economics and finance, arbitrage is the practice of taking advantage of a price differential between two or more markets: a combination of matching deals are struck that capitalize upon the imbalance, the profit being the difference between the market prices. ... Year 1971 (MCMLXXI) was a common year starting on Friday (link will display full calendar) of the 1971 Gregorian calendar. ... Jon Stevens Corzine (born January 1, 1947) is the Governor of New Jersey. ... “NJ” redirects here. ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... Year 1990 (MCMXC) was a common year starting on Monday (link displays the 1990 Gregorian calendar). ... Stephen Friedman is the current Chairman of the United States Presidents Foreign Intelligence Advisory Board. ...

Official portrait as Secretary of the Treasury
Official portrait as Secretary of the Treasury

Image File history File links Portrait_of_Robert_Rubin. ... Image File history File links Portrait_of_Robert_Rubin. ...

Clinton Administration

From January 20, 1993, to January 10, 1995, Robert 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. President Clintons Cabinet, circa 1993 Headed by President of the United States Bill Clinton, the Clinton Administation was the executive branch of the federal government of the United States from 1993 to 2001. ... January 20 is the 20th day of the year in the Gregorian calendar. ... Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... is the 10th day of the year in the Gregorian calendar. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... The National Economic Council (NEC) is a United States government agency. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ...


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.


Rubin, as the NEC’s first director, was credited with making the system work. As Robert Strauss, former U.S. Ambassador to the Soviet Union, said at the time, “He's surely the only man or woman in America that I know who could make the NEC succeed. Anyone else would have been a disruptive force, and the council wouldn't have worked.”[3]


Rubin served as Treasury Secretary from January 10, 1995 to July 2, 1999, succeeding Lloyd Bentsen. Under Rubin's tenure, national deficits turned into surpluses (see Rubinomics), new policies were adopted to provide economic opportunity in distressed rural and urban communities, the currency was redesigned as a safeguard against technological advances in counterfeiting, and the Treasury introduced inflation-indexed securities.. is the 10th day of the year in the Gregorian calendar. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ... is the 183rd day of the year (184th in leap years) in the Gregorian calendar. ... This article is about the year. ... Lloyd Millard Bentsen Jr. ... Rubinomics, a portmanteau of Rubin and economics, was originally used to collectively describe the economic policies of President of the United States Bill Clinton. ...


Global financial crisis

In January 1995, one year after the signing of NAFTA and immediately after his swearing in as Secretary of Treasury, Mexico was suffering through a financial crisis possibly resulting in default on foreign obligations. President Bill Clinton with the advice of Secretary Rubin and Chairman Alan Greenspan provided $20 Billion in US loan guarantees to the Mexican government through the Exchange Stabilization Fund (ESF). Nafta or NAFTA may refer to: an acronym for the North American Free Trade Agreement an acronym for the New Zealand Australia Free Trade Agreement the town/Tokyo of Nafta, Tunisia This is a disambiguation page: a list of articles associated with the same title. ... A financial crisis hello is a situation when money demand quickly rises relative to money supply. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... Alan Greenspan (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... The Exchange Stabilization Fund (ESF) is a branch of the United States Treasury Department which manages a portfolio of domestic and foreign currencies for the purpose of foreign exchange intervention. ...


In 1997-1998, Treasury Secretary Rubin, Deputy Secretary Lawrence H. Summers, and Federal Reserve Board Chairman Alan Greenspan worked with the International Monetary Fund and others to effectively combat and contain financial crises in Russian, Asian, and Latin American financial markets. In its February 15, 1999 edition, Time Magazine dubbed the three policymakers “The Committee to Save the World.”


Economic record and retirement from office

Upon Rubin’s retirement, President Clinton called him the “greatest secretary of the Treasury since Alexander Hamilton.”


“During his tenure as Treasury Secretary,” Senator Chuck Hagel (R-NE) said, “Bob was an ideal public servant who put policy before politics.” [4]


Mr. Rubin was succeeded on July 1, 1999 as Treasury Secretary by his deputy, Lawrence H. Summers.


Post-political career

Rubin's signature, as used on American currency
Rubin's signature, as used on American currency

Upon leaving the Clinton Administration, Mr. Rubin joined the Board of The Local Initiatives Support Corporation (LISC), the nation’s leading community development support organization as Chairman. Image File history File links Robert Rubins signature, used on American currency. ... Image File history File links Robert Rubins signature, used on American currency. ...


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.”[5]


Later, affirming his career-long interest in markets, Mr. Rubin joined Citigroup. He serves as a Director and Chairman of the Executive Committee, and remains there to this day. He sparked controversy in 2001 when he contacted an acquaintance at the Treasury Department and asked if the department could convince bond-rating agencies not to downgrade the corporate debt of Enron, a debtor of Citigroup. Rubin wanted Enron creditors to lend money to the troubled company for a restructuring of its debt; a collapse of the energy giant might have serious consequences for financial markets and energy distribution. The Treasury official refused. A subsequent congressional staff investigation cleared Rubin of any wrongdoing, but he was still harshly criticized by political opponents. Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The United States Department of the Treasury is a Cabinet department, a treasury, of the United States government established by an Act of U.S. Congress in 1789 to manage the revenue of the United States government. ... Enron Creditors Recovery Corporation (formerly Enron Corporation) (former NYSE ticker symbol: ENE) was an American energy company based in Houston, Texas. ...


Rubin was also unwittingly mentioned in a brief scandal involving MA Governor Deval Patrick, who worked with him in the Clinton Administration. Patrick had served on the board of directors for Ameriquest Financial before his election to Governor, and the company has since run into financial problems regarding debt to Citigroup. Patrick placed a personal call on behalf of Ameriquest to Rubin, assuring him of the company's virtues. The call was widely denounced as Patrick abusing the power of his office to help out old friends, a theme against which he vigorously campaigned in 2006. There was no evidence or mention that Rubin did anything illegal or unethical. Deval Laurdine Patrick (born July 31, 1956) is an American politician and the current Governor of the Commonwealth of Massachusetts. ...


Rubin has written a memoir, In an Uncertain World: Tough Choices from Wall Street to Washington (ISBN 0-375-50585-7), co-written by Jacob Weisberg. It was a New York Times bestseller as well as one of Business Week’s ten best business books of 2003. Jacob Weisberg (born 1964) is an American political journalist and commentator, currently serving as editor of Slate magazine. ...


He is currently engaged actively as a founder of The Hamilton Project, an economic policy think tank, which produces research and proposals on how to create a growing economy that benefits all Americans. In October 2003, he was named Vice Chairman of the Council on Foreign Relations and in June 2007, he was named Co-Chairman. He serves on the Board of Trustees of Mount Sinai-NYU Health. He is also a member of the Harvard Corporation. The Council on Foreign Relations (CFR) is an influential and independent, nonpartisan foreign policy membership organization founded in 1921 and based at 58 East 68th Street (corner Park Avenue) in New York City, with an additional office in Washington, D.C. Through its membership, meetings, and studies, it has been...


Family

Rubin is married to Judith Oxenberg Rubin, who served as the New York City Commissioner of Protocol for four years under Mayor David Dinkins. The Rubins have two grown sons, James and Philip. Protocol can mean any logbook or other artifact (forged or authentic) of a political meeting between persons from different nations. ... David Norman Dinkins (born July 10, 1927 in Trenton, New Jersey) was the Mayor of New York City from 1990 through 1993, being the first and to date only African American to hold that office. ...


Positions held

During his time in the private sector, Rubin has served on the board of directors of the New York Stock Exchange, the Ford Motor Company, Citigroup, the Harvard Corporation, the New York Futures Exchange, the New York City Partnership and the Center for National Policy. He has also served on the board of trustees of the Carnegie Corporation of New York, Mt. Sinai Hospital and Medical School, the President's Advisory Committee for Trade Negotiations, the U.S. Securities and Exchange Commission Market Oversight and Financial Services Advisory Committee, the Mayor of New York's Council of Economic Advisors and the Governor's Council on Fiscal and Economic Priorities for the State of New York. On November 4, 2007, he became the Chairman of Citigroup and is currently co-chairman of the board of directors of the Council on Foreign Relations. The private sector of a nations economy consists of all that is outside the state. ... Chairman of the Board redirects here. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... “Ford” redirects here. ... Citigroup Inc. ... The President and Fellows of Harvard College (also known as the Harvard Corporation) is the more fundamental of Harvard Universitys two governing boards. ... The Center for National Policy is a American thinktank, founded in 1981. ... The Carnegie Corporation was founded by the will of Andrew Carnegie in 1911 to promote the advancement and diffusion of knowledge and understanding. ... The Mount Sinai Hospital is a hospital in New York City, New York, serving Manhattans Upper East Side and Harlem. ... The U.S. Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ... For a list of the Dutch Director-Generals who governed New Amsterdam (as New York City was called when it was a Dutch-run settlement) between 1624 and 1664, see: Director-General of New Netherland. ... Chairman of the Board redirects here. ... The Council on Foreign Relations (CFR) is an influential and independent, nonpartisan foreign policy membership organization founded in 1921 and based at 58 East 68th Street (corner Park Avenue) in New York City, with an additional office in Washington, D.C. Through its membership, meetings, and studies, it has been...


References

  1. ^ (BBC)
  2. ^ http://news.bbc.co.uk/2/hi/business/342086.stm
  3. ^ “Rubin’s Rules,” Owen Ullmann, The Washingtonian, June 1994.
  4. ^ http://64.233.169.104/search?q=cache:jFruD-SFVmsJ:www.eisenhowerinstitute.org/events/leadership/rubin-bio.htm+hagel+Eisenhower+Rubin+2000&hl=en&ct=clnk&cd=1&gl=us
  5. ^ “Rubin’s Next Big Challenge,” Chicago Tribune, editorial, September 20, 1999.
  • Clinton, Bill (2005). My Life. Vintage. ISBN 1-4000-3003-X.
  • Rubin, Robert (2003). In An Uncertain World. Random House. ISBN 0-375-50585-7
Preceded by
Lloyd Bentsen
United States Secretary of the Treasury
19951999
Succeeded by
Lawrence Summers

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