Citigroup has received a massive federal bailout -- the largest to date, in fact. Today's Washington Post examines how a powerful trio of men -- Paulson, Rubin and Geithner -- worked to secure the deal. Turns out that Robert Rubin -- former Secretary of Treasury under Clinton and a Director of Citigroup -- is an old colleague of Paulson back from their days together at Goldman Sachs. Geithner, Obama's pick as Secretary of Treasury, worked for Rubin in the Clinton administration. Rubin made several calls to Paulson pressuring -- I mean persuading -- him to make a really big move with respect to Citigroup. Although it does not appear that Paulson will have a role in the Obama administration, Geithner will, and Rubin has acted in an advisory role for the president-elect on economic issues. Furthermore, Summers, Obama's Chief Economic Advisor, is a protege of Rubin. Could turning to these guys to fix the economy amount to "disease as cure"?
Read more here: Washington Post on Citigroup.
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