Former Treasury Secretary Robert E. Rubin, who is director and senior counselor to Citigroup Inc., said he would not stand for re-election as director at Citi's annual meeting and will retire at the end of his tenure. That top advisory role landed Rubin in the hot seat as one of the top execs named in a lawsuit claiming Citi ran a
Ponzi-style repackaging of unmarketable CDOs.
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Rubin, 70, said nothing of the accusations in his
letter to CEO Vikram Pandit,
instead writing he intends to deepen his involvement in outside
activities and organizations to which he has been strongly committed.
Citigroup has been hurting during the global economic crisis, but some
think it's too large to be allowed to fail. The New York Times
noted
with more than $2 trillion in assets and operations in more than 100
countries, Citigroup is so large and interconnected that its troubles
could spill over into other institutions.
Rubin
began his career in finance at Goldman, Sachs & Co. in New York
in 1966. He was vice chairman and co-chief operating officer from 1987
to 1990 and co-senior partner and co-chairman from 1990 to 1992. Before
Goldman, he was an attorney at Cleary, Gottlieb, Steen & Hamilton
LLP.
Rubin joined the Clinton administration in 1993 as
assistant to the President for Economic Policy and director of the new
National Economic Council. From 1995 to 1999, Rubin served as the 70th secretary of the Treasury Department. In 1999 he joined Citigroup as director
and chairman of the executive committee of the board, and in November
2007 he was named chairman. He returned to his previous role in December
2007. -
Baz Hiralal See Rubin's letter to CEO Pandit
