Word: rubins
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Last year the deal-a-day CEO of financial-services giant Travelers Group, Sanford I. Weill, called then Treasury Secretary Robert Rubin to impart important news. "You're buying the government?" Rubin quipped. Well, no. But the remark was more on the money than either could have known...
...repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed the regulators: Rubin, who left government this summer, joined Citigroup last week as a co-chairman...
...chose his words so carefully because they could move markets, Robert Rubin is talking a blue streak. "When I got to the airport to leave Washington, I went through the metal detector. I never had to do that when I was Treasury Secretary. And I felt good about it. Then I went to make a phone call. I put my quarter and my dime in the pay-phone slot. There was nobody around. I was delighted to be on my own again. I felt liberated...
Liberated takes on a whole new meaning when you can have any job in the money world--and you're so rich you don't have to work anyway. Talking over tuna fish and Pellegrino last week, Rubin said he needed a break after 6 1/2 very intense years in the Clinton Administration, during which he emerged as one of the most influential Treasury Secretaries in U.S. history...
...after nearly four months off for family time and recreation, Rubin has re-emerged for another high-wattage star turn. Smiling alongside Sanford Weill and John Reed, the co-chairmen of Citigroup, the 61-year-old financier confirmed that he would help them run the nation's largest financial conglomerate (1998 assets: $669 billion). Rubin's timing, as usual, is perfect. Just as the former Goldman Sachs investment banker climbs back into the spotlight, Congress is preparing to vote on a historic bill that plays legislative catch-up with Citi's 1998 merger with Travelers, the insurance outfit that also...