Almost a year ago, Citigroup’s then-director Robert Rubin downplayed the enormity of the economic catastrophe headed our way and made a pre-emptive move to shift any potential blame to politicians instead of financial experts such as himself. Fast-forward to the present and the picture changes considerably: On Friday, Rubin stepped down from his Citigroup post, but his political future remains undecided.

The Washington Post:

Robert Rubin, a key figure in the U.S. financial boom as Treasury secretary and then as a senior adviser at Citigroup, announced his retirement from the troubled New York bank yesterday [Friday] in the latest sign that Citigroup wants to break from its recent past.

Rubin joined Citigroup in 1999, soon after the company emerged as a financial services giant. He has since earned more than $115 million as Citigroup has suffered through setbacks and missteps that culminated in a November bailout by the federal government.

His departure completes a turnover in the company’s leadership that began with the replacement of chief executive Charles Prince in December 2007.

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#bailout#banking industry#citigroup#clinton#deregulation#economy#insurance#robert rubin#treasury secretary