A.I.M. Users Bulletin Board

[PraveenP]

I found this interesting New York Magazine article on Vikram Pandit, which mentions a bit about Citigroup and the financial crisis.

http://nymag.com/news/businessfinance/55035/

This quote from page 5 of the article (mentioning Citigroup’s Sandy Weill and Clinton’s Treasury Secretary Robert Rubin) actually is a good example of the marriage of politics and finance that got us into this mess:

Rubin and Weill had been friends since the late nineties, when Rubin served in the Clinton administration. It was Rubin who helped push through the Gramm-Leach-Bliley Act that effectively allowed the merger of Travelers and Citicorp. A year later, Weill made Rubin a board member at the company he helped create, paying him a salary of $17 million a year.