>>Citigroup's (and J.P. Morgan Chase's) prepaid contracts with Enron
>>were very complex, and none of the papers has done an especially
>>good job at explaining precisely what the scandal is. Possibly
>>there is none. But once the editorial decision was made to give
>>this story major play, there was no justification for airbrushing
>>Rubin out of it...
>
>The fact that Rubin didn't join Citigroup until after the loan had
>been repaid doesn't count?
>
>Noah seems to work very hard to leave the impression that Rubin was
>running Citigroup when the prepaid contracts with Enron were made. I
>wonder why...
Yeah, why blame Rubin for something that isn't his fault when you can blame him for the drive to liberalize cross-border financial flows, which did some real damage in Asia a few years ago. Oh, I forgot, the Asia crisis was caused by crony capitalism - they hadn't yet achieved U.S. levels of transparency!
Doug