Rubin: Give back the cash!

"Citigroup director Bob Rubin announced his resignation today. One of the primary architects of the current financial crisis, he will not be missed. Rubin was among those in the Clinton administration that made Citigroup possible. The bloated financial “supermarket” was the result of a merger between Traveler’s and Citicorp. That merger, announced in 1998, violated terms of the Glass Steagall Act, the highly-sensible Depression-era law that had prevented banks from getting into the investment and insurance businesses. Had Glass-Steagall not been gutted by the Greenspan Fed and then repealed in a fit of bipartisan de-regulatory zeal, Citigroup would likely never have been formed or at the least forced to divest certain businesses. But it was, so they didn’t."