Downward Mobility

Rubin: Don’t Blame Me for Citi Mess

Former Clinton treasury secretary Robert Rubin, a director at troubled Citigroup, acknowledged in an interview with the Wall Street Journal that he was involved in a board decision to ramp up risk-taking in 2004 and 2005, but said if executives had executed the plan properly, the bank's losses would have been less. And he claimed the board could not oversee everything in detail. “The board can’t run the risk book of a company. The board as a whole is not going to have a granular knowledge” of operations, he said. Rubin, who has earned $115 million from Citi since 1999, excluding stock options, says he could have earned far more. "I bet there's not a single year where I couldn't have gone somewhere else and made more," he told the Journal. Does he have any regrets? “I guess that I don’t think of it quite that way,” he said.