Robert E. Rubin: Executive Entrepreneur



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Code : ENT0004

Year :
2004

Industry :Banking, Insurance and Financial Services

Region : USA

Teaching Note:Not Available

Structured Assignment :Not Available

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EARLY LIFE
Rubin was born in NewYork City onAugust 29th 1938.At the age of nine, he and his sister moved to Miami Beach (a city in South-Eastern Florida, US) with their father who was a prominent lawyer. Rubin completed his schooling in a public school at Miami Beach. All through, Rubinís leadership qualities were evident as he held the positions of the class president in the primary as well as high school. He graduated with distinction in Bachelor ofArts (major in Economics) fromHarvard College (Harvard University) in 1960 and was one of the most admired and accomplished alumni of his generation...

GOLDMAN SACHS Ė RUBINíS PROFESSIONAL CRADLE
After working for two years (1964-1966) as a lawyer at the firmof Cleary, Gottleib, Steen& Hamilton in New York, Rubin quit the job as he was not interested in taking up law as his career. He had by then developed considerable interest in investment banking Ė an area he knew nothing about. He got a job in Goldman Sachs as an associate in 1966 and began his career in the area of risk arbitrage6. When Rubin joined the firm, he was impatient and irritable...

GOVERNMENT CAREER
Like his grandfather,whowas an activeDemocrat inBrooklyn (administrative division ofNew YorkCity) politics,Rubin started participating inDemocratic campaigns since 1980s to discuss the economic issues. Soon he came to be recognised as an outside economic advisor to Bill Clinton (Clinton), the then governor ofArkansas. InDecember 1992, after being elected as the President of theUS, Clinton approachedRubin to join his administration, as he felt that Rubin had the quality of working effectively in a team without getting mired in internal conflicts....

BACK TO BUSINESS
In 1999, Rubin joined the three-year contractual job at Citigroup (Citi). Rubinís stay in Citi had not entirely been trouble free. In 2001, Enron (an energy trading company) was on the verge of bankruptcy and credit rating agencies like Fitch ratings had decided to downgrade the rating of its unsecured debts. It became a major concern for Citigroup, which had given more than $1 billion28 in loans to Enron....

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