Robert Rubin spent 26 years at Goldman Sachs, then as Treasury Secretary helped repeal the Glass-Steagall Act that separated commercial and investment banking since the Great Depression, making the creation of mega-banks like Citigroup possible. He then immediately joined Citigroup's board, earning $126 million. When Citigroup collapsed in 2008, it received $45 billion in taxpayer bailouts. The bailout was negotiated by his proteges: Treasury Secretary Hank Paulson (ex-Goldman) and NY Fed President Tim Geithner.
Robert Rubin deregulated banking as Treasury Secretary, then joined Citigroup -- which received $45 billion in bailouts
“The revolving door between Wall Street and the Treasury Department creates a system where former bankers deregulate their own industry, profit from it, and then get bailed out by their proteges when it collapses.”
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