First Bill Clinton said he got bad advice from Robert
Rubin on derivatives. Then a Clinton adviser issued a statement
essentially taking it back and blaming Alan Greenspan. (Jennifer Taub discussed some of the substantive
issues on this blog.) Dan Froomkin asked Rubin, who said, “I thought we
should regulate derivatives; I thought so when I was at Goldman Sachs
and I thought so afterwards.” But Froomkin points out that Rubin was
part of the team that suppressed Brooksley Born’s attempt to regulate
derivatives back in 1998.
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