Robert E Rubin

Robert E. Rubin, the former Treasury secretary who advised Citigroup Inc. as it lost $20 billion in the subprime mortgage crisis, resigned his position as senior counselor and won't stand for reelection to the board. Rubin, 70, intends to "deepen his involvement in outside activities and organizations to which he has been strongly committed," the New York-based bank said Friday in a statement.

Any chance of overhauling Depression-era banking laws this year dimmed Wednesday as Federal Reserve Board Chairman Alan Greenspan and Treasury Secretary Robert E. Rubin aired their differences before Congress. At a Senate Banking Committee hearing, the government's two top economic policymakers refused to bend on the appropriate structure for financial services companies that would offer bank accounts, sell insurance and trade stocks.

Treasury Secretary Robert E. Rubin borrowed a page from his days at Goldman, Sachs & Co., catching traders off guard last week by selling billions of dollars to halt the slide of the Japanese currency. It was a perfect trading-floor move. In the days before the move, Rubin had suggested he wasn't about to prop up the yen. Then he struck--sending the dollar skidding as much as 6% for its worst one-day loss since 1994.

The Clinton administration scrambled Friday to keep its rescue effort for the Japanese yen from lurching off track, warning global currency markets against expecting specific plans to emerge from meetings of international financial officials in Tokyo this weekend. Treasury Secretary Robert E.

Treasury Secretary Robert E. Rubin on Friday said the high-level meetings set for this weekend in Tokyo are unlikely to yield new action plans for reforming Japan's ailing economy and such plans would "take time." In an interview with Reuters, Rubin said the purpose of meetings between Japanese officials and a U.S. delegation, led by Deputy Secretary Lawrence Summers, is to discuss the seriousness of Japan's economic problems and how to nurse its sick banking system back to health.

The Clinton administration conceded Wednesday that big international banks probably should take a bigger financial hit on the questionable loans they have made in Asia, but it warned that to force them to do so now might intensify the crisis there. In a speech, Treasury Secretary Robert E. Rubin argued that arbitrarily requiring banks and private investors to take bigger losses could backfire by prompting them to pull their money out entirely, deepening the region's economic distress.

Conceding that the international response to the global economic crisis has been inadequate, Treasury Secretary Robert E. Rubin on Thursday called for a new "global financial architecture" to head off the next one. "The global economy cannot live with the kind of vast and systemic disruptions that have occurred over the last year," Rubin said, offering the most detailed U.S. description yet of possible reforms that may emerge.

The stakes are high for the United States if Brazil, Latin America's biggest economy, falls into recession, or worse, devalues its currency, a fact underscored by an unusual telephone call of support to Brazil's president Friday by U.S. Treasury Secretary Robert E. Rubin. In a statement to reporters, Rubin said he called President Fernando Henrique Cardoso to "express U.S.

In a major speech to the financial community here, Treasury Secretary Robert E. Rubin on Friday set out the opportunities for new growth in the fast-emerging global economy and warned Americans to ignore those who want to push away the outside world. "There are loud and growing voices urging us to turn inward," he said. "We follow them at our peril."