Word: rubins
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That's harder than it sounds. After all, when Seinfeld went off the air, NBC couldn't run a test pattern, and by the way, now that Michael Jordan has retired, how are the Chicago Bulls doing? Summers, currently the Deputy Secretary, is following a similarly tough act. Robert Rubin, perhaps the most popular Treasury Secretary in the postwar era, redefined that Cabinet post from discreet adviser and signatory of our currency to a sort of global emissary and projection of American geopolitical clout as it is expressed now--not in warheads or throw weights but in loan guarantees...
...With Rubin's resignation and Summers' ascension, the question arises: To what extent did Rubin's personal strengths make possible the enlarging of the Treasury Secretary's mission? The former Goldman Sachs partner spent years as head of the firm's arbitrage desk, a position in which he had to make billion-dollar bets based on inadequate information, the kind of predicament that he says often confronts public officials. To him, the decision-making process should focus on probabilities rather than the absolute nature of any choice. "It's not that results don't matter," he says. "But judging solely...
...Robert Rubin is happy. He's leaving the Treasury and Washington's rat race. Rubin's deputy, Larry Summers, is happy. He has been nominated to take over the Treasury Department. And Stuart Eizenstat is happy. He's been promoted from his job as Under Secretary of State for Economic Affairs to be Summers' deputy. The only one unhappy is Secretary of State Madeleine Albright. She lured the Washington-savvy Eizenstat from the Commerce Department two years ago to grab back some control of international economic policy, which the State Department had ceded to other agencies. Since then, State...
...remarks made Wednesday, Summers thanked his predecessors Lloyd Bentsen and Rubin...
...Secretary Bentsen set the Treasury on the right course, emphasizing deficit reduction, cooperation, for growth around the world," he said. He continued, "Secretary Rubin has seen the Treasury and the global economy as a whole through enormously challenging times with a steady hand...