TARP -- Connecting Dots
By Richard Olivastro
January 12, 2009
Page 2 of 2
Of course, such an undertaking will need a highly specialized insider with experience and acceptance in financial circles and government.
Is it a coincidence that former Treasury secretary Robert Rubin, who already serves as an economic advisor on the Obama transition team, has become available - following his resignation last weekend as senior counselor from the bank that's "too big to let fail".
In a Citibank statement, Rubin, 70, said he "intends to deepen his involvement in outside activities and organizations to which he has been strongly committed". That could be Rubin's way of signaling he is available to advise Barack Obama full time.
If the President-elect calls Rubin, he would be - in effect - 'bailing out Bob' yet again.
The facts are that Rubin "advised Citigroup as it lost $20 billion in the subprime mortgage crisis"; and, in addition to the $45 billion aggregate TARP money given to Citibank so far, the government has also "committed $306 billion in guarantees to cover Citibank's risky loans and (other) toxic assets" accumulated during his tenure.
Let's hope that Mr. Obama takes the girls out for ice cream instead of making that call.
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Richard Olivastro is a professional member of the National Speakers Association, president of Olivastro Communications - an executive leadership development company - and founder of Citizens For Change.
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Note -- The opinions expressed in this column are those of the author and do not necessarily reflect the opinions, views, and/or philosophy of GOPUSA. >> Back -- Page 1 2
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