Saturday, December 6, 2008

FOXES IN THE CHICKEN COOP

Matt Cover, CNS - Robert Rubin, a key economic advisor to President-elect Barack Obama who served as Treasury secretary in the Clinton Administration, has been one of the highest paid executives at the now twice bailed-out financial giant Citigroup. Rubin, who has been associated with the bank since 1999,served as its interim chairman from November to December 2007.

Rubin's role has been described as an advisor to the company's top executives.
"It's a little like visiting Yoda, you go and get a dose of wisdom," Citigroup co-head of global investment banking Raymond J. McGuire told the Times.

McGuire, who is one of Obama's bundlers - the fundraising titans responsible for bankrolling Obama's presidential campaign - is a member with Rubin on Citigroup's Senior Leadership Committee.

Rubin has been well compensated for his advice, earning $17.3 million in 2006, according to Citigroup's SEC filings. Rubin earned $16.4 million in 2005, $16.5 million in 2004, and $16.6 million in 2003.

Rubin has also served on the executive board of the struggling Ford Motor Co. as a director until 2006, which paid him over $100,000 that year, according to Forbes.com. . .

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