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Don't Blame Rubin for Financial Crisis

By Jacob Weisberg, Slate - May 1, 2010

Seldom does a Sunday pass of late without Frank Rich, the New York Times columnist, taking a potshot at Robert Rubin. This past week he took two. But I've been having a hard time understanding what Rich and others who are angry at Rubin are angry about. Sometimes they claim he blocked financial regulation when he served in the Clinton administration. Sometimes they blame him for not preventing the troubles at Citigroup. Sometimes they argue that he has too many disciples in the Obama administration, or that he was overpaid, or"”the dominant theme lately"”that he's not sorry enough for whatever it is he may have done wrong.

Of course, these complaints aren't mutually exclusive. But none of them makes much sense in light of the former treasury secretary's record and his oft-stated views. Far from being responsible, Rubin is someone whose way of thinking about risk and concerns about unregulated markets could have thwarted the worst of what happened if more people had listened to him.

 

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