Day By Day

Sunday, February 22, 2009

Cluster of Clowns Update -- Larry Summers

Another one of Bill Clinton's stable of supposedly brilliant economic thinkers has been shown to be not so much. Remember Robert Rubin, the whiz kid who after leaving government worked in community development promoting the kind of investments that brought on the recent credit collapse, and then went to Citigroup where he ran that company into the ground. Well, he's not the only "Best and Brightest" bulb who dimmed out after the Clinton bubble burst.

Everyone remembers Larry Summers' problems at Harvard where he suggested that women just weren't cut out for math and science. Well, now it turns out that Harvard's investment strategies directed by Summers were to say the least catastrophic, costing the corporation hundreds of millions of dollars. Now this clown, who built his reputation by presiding over a tech bubble that burst as he left office, is back in government, advising the Young Messiah on economic matters.

And this is supposed to give us hope for the future?


Read about it here.


The NY Post reports:

A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking.

Director Rubin and ousted CEO Prince - and their lieutenants over the past five years - are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths.

Read it here.