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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.

In an interview printed in the New York Times on Sunday, Rubin, the former Treasury secretary, said: “By the time I finished at Treasury, I decided I never wanted operating responsibility again.”

“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)