Citigroup's Rubin says not responsible for losses
Robert Rubin, chairman of the executive committee of Citigroup, told the New York Times that he steered clear of day-to-day operations at the bank and feels no responsibility for its recent financial losses.
“People know I was concerned about the markets,” he says in the interview. “Clearly, there were things wrong. But I don't know of anyone who foresaw a perfect storm, and that's what we've had here.”
He added: “I don't feel responsible, in light of the facts as I knew them in my role.”
As to whether he made mistakes, Rubin told the paper: “I honestly don't know. In hindsight, there are a lot of things we'd do differently. But in the context of the facts as I knew them and my role, I'm inclined to think probably not.”
Rubin also dismissed any talk of his leaving Citigroup, according to the article, but cites one senior insider saying Rubin may soon change his job title to clarify his duties. (Reuters)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.