Word: citigroups
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Although Robert E. Rubin ’60 was not a direct employee of Enron, he was chair of Citigroup, Enron’s largest creditor and a defendant in a recent lawsuit brought by Enron shareholders. As secretary of the treasury under President Bill Clinton, Rubin exchanged friendly letters with Enron chair Kenneth Lay. When Enron’s finances started to slip, Rubin placed a now-infamous call to Peter Fisher, his former employee at Treasury, to seek assistance for the energy giant...
Rubin, who is currently chair of the Executive Committee of Citigroup, Inc., said the Sept. 11 terrorist attacks had sparked international debate about global poverty...
...Harvard Corporation, in choosing Rubin, is adding to its Enron infection. Winokur, acting as the chair of the Enron Finance Committee, oversaw the suspension of the company’s ethical standards and the creation of a number of partnerships that Enron used to defraud its investors. Meanwhile, Citigroup, according to the complaint filed against it by Enron shareholders, allegedly “hid loans, set up false investments and facilitated phantom Enron sales” for the energy giant...
...colleague in the Treasury Department, Peter Fisher—Rubin also reportedly called an official at the key credit ratings agency Moody’s. Rubin allegedly asked the agency to keep Enron’s investment grade credit rating in place until JP Morgan and Citigroup could complete the sale of Enron to Dynegy, though Citigroup denies that Rubin made a call...
...diligence of Dynegy’s own investment bankers in discovering the sad state of Enron’s finances. Enron declared bankruptcy soon after. Had Rubin’s alleged call to Moody’s been successful and led to the sale of Enron to Dynegy, Citigroup (together with J.P. Morgan, the other investment bank involved) would have made $90 million and Dynegy’s shareholders would have been stuck with Enron’s debts. If these allegations are proved true, Rubin will be morally obliged to follow Winokur’s lead and resign from...