GOBLIN HOUSE
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GOBLIN HOUSE
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Question: Map the complete Rubin revolving door: Goldman Sachs (1966-1992) → NEC Director (1993-1995) → Treasury Secretary (1995-1999) → Citigroup ($126M, 1999-2009). For each transition, document what specific policy decisions Rubin made that benefited his next employer, what financial relationships carried across, and whether any ethics reviews were conducted. Calculate the total personal financial benefit Rubin derived from each policy decision he made in government.
Date: 2026-04-16
Robert Rubin's career represents a textbook case of revolving door corruption that directly translated government policy positions into massive personal financial gain. Rubin spent 26 years at Goldman Sachs, rising to Co-Chairman from 1990-1992, then served as first director of the National Economic Council from 1993-1995 and Treasury Secretary from 1995-1999.
The most egregious example of policy-to-profit corruption occurred around the Glass-Steagall repeal. In 1998, Citibank merged with Travelers Group in a deal that clearly violated the Bank Holding Company Act extension of Glass-Steagall, but received a two-year forbearance based on assumption they could force a change in the law. As Treasury Secretary, Rubin publicly stated Glass-Steagall was obsolete and worked with Sanford Weill's lobbying pressure to repeal the Act. After resigning as Treasury Secretary and while secretly in negotiations to head Citigroup, Rubin helped broker the final deal to pass the repeal bill.
Rubin's financial rewards were immediate and massive. He resigned from the Clinton administration in July 1999 and joined Citigroup leadership in October 1999. Between 1999 and 2009, Rubin received total compensation of $126 million from Citigroup. The Financial Crisis Inquiry Commission found this arrangement so suspicious that they voted 6-0 to refer Rubin to the Department of Justice for investigation, alleging he may have violated securities laws by misleading Citigroup investors about subprime exposure. However, no government action was ever brought against Rubin and there is no evidence the DOJ acted on the commission's recommendations.