- Published on Friday, 16 October 2015 06:29
Robert Rubin spent 26 years at Goldman Sachs (latterly as Chairman) before becoming US Treasury Secretary in Bill Clinton's administration, during which time he removed all the strictures on banks, resulting in the 2008 sub-prime crisis and banks ruling the roost.
In 2006, Rubin appointed former public servant, Jack Lew, as an executive at Citigroup where Rubin presided as Chairman after leaving office with Clinton. Jack Lew is now Obama's Treasury secretary and is part of the global web of banking power taking in (privately controlled) central banks, the IMF and national ministries of finance.
A Year in the World-Traveling Life of U.S. Treasury Secretary Jack Lew by Andrew Gavin Marshall
Jacob Joseph (“Jack”) Lew is one of the two most powerful financial diplomats in the world, the other being his central banking counterpart, Janet Yellen, the Chair of the Federal Reserve Board. As the U.S. Secretary of the Treasury, Lew has been the most important economic official inside the Obama administration since his confirmation in February 2013 following the president’s re-election.
During the sub-prime crisis in September 2008 another US Treasury Secretary, Hank Paulson (former CEO of Goldman Sachs) and Lloyd Blankein (the then CEO of Goldman) held a secret weekend meeting to agree the $128 billlion dollar bailout of bankrupt AIG, of which Goldman Sachs received $13bn and paid senior executives over $4bn in bonuses in the following quarter.