> Worse yet, they merged, if I recall correctly while Rubin was Treas. Sec.,
> even though it was illegal at the time, hoping that nobody would do
> anything.
>
> On Thu, Jul 25, 2002 at 03:06:35PM -0400, Nomiprins at aol.com wrote:
>>
>> b) Robert Rubin was Treasury Secretary from 95-99. During his time in office,
>> congress approved the '97 merger of Travelers (Sandy Weill's company which
>> also controlled Salomon Smith Barney) and Citibank even though it was
>> directly counter to the Glass Steagall- to create what ultimately became
>> called Citigroup. So, even before 11/99, this entity could both underwrite
>> bonds for companies like Enron and provide them with loans to expand.
Louis Rukeyser interviewed the co-CEOs, Weill and Reed, and Weill explained that they went down to Washington, met the President at the White House, and came to an understanding that the merger wouldn't be challenged by the executive branch.
Chris