A Citigroup spokesman said the lawsuit was without merit.
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With the troubled Enron facing a credit ratings downgrade - a potentially disastrous development for the energy company's investors, the company itself and ultimately, its lenders - Rubin called a ranking Treasury Department official, unsuccessfully seeking the Bush Administration's help in forestalling the downgrade.
Rubin later maintained that he had acted both as a Citigroup executive protecting his company's position and as a former Treasury official concerned about the impact that Enron's failure might have on the larger economy, brushing off the notion of any possible conflict of interest, and said that if faced with the same choice, he would do it again.
According to the Frontline documentary, they played a key role in the 2008 financial crisis.
Arthur Levitt Jr., a former chairman of the Securities and Exchange Commission, has said in explaining Rubin's strong opposition to the regulations proposed by Born that Greenspan and Rubin were "...joined at the hip on this.
Additionally, Rubin serves as counselor at Centerview Partners, an investment banking advisory firm based in New York City. Rubin was Vice Chairman and Co-Chief Operating Officer from 1987 to 1990.
He moved to Miami Beach, Florida, at an early age and graduated from Miami Beach High School. From the end of 1990 to 1992, Rubin served as Co-Chairman and Co-Senior Partner along with Stephen Friedman.
In September 2011, the UK Independent Commission on Banking released a report in which it recommended a separation of investment and retail banking to prevent a repeat of the 2008 crisis.
In a December 2009 Newsweek article, Rubin described the extraordinary combination of circumstances that led to the global financial crisis, including market and credit excesses, low interest rates, massive increase in the use of complex derivatives, misguided AAA ratings, stagnant median real wages, abusive mortgage practices, and the over-leveraging of financial institutions, among many other factors.
up through and including Citigroup's bailout by the U. He is co-chairman of the Council on Foreign Relations, and is a member of the Africa Progress Panel (APP), a group of ten distinguished individuals who advocate at the highest levels for equitable and sustainable development in Africa.
Rubin also serves as chairman of the board of the Local Initiatives Support Corporation, the nation's leading community development support organization, and serves on the board of trustees of Mount Sinai-NYU Health. He joined the management committee in 1980 along with Jon Corzine.
Separately, the Journal noted that Citigroup shareholders have suffered losses of more than 70 percent since Rubin joined the firm and that he encouraged changes that led the firm to the brink of collapse.