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Rubin, Rubin, I've been thinking...

By Michael J. Smith on Friday September 8, 2006 01:42 PM

J Alva passed along this link:
... as Democrats hope to take over control of the House from Republicans and as an aspiring presidential class of 2008 becomes more assertive, the Hamilton Project, named after the founding father and onetime Treasury secretary Alexander Hamilton, is arguably [ former Clinton Treasury Secretary and financial Svengali Robert] Rubin's most overt political act since he stepped down from the Treasury in 1999....

Housed in the Brookings Institution, the initiative embraces a number of mainstream economic prescriptions - like the necessity of equitable international trade agreements, the virtues of a balanced budget, and making economic growth more broad-based....

But by addressing issues like the costs to the economy of excessive litigation and regulation, Mr. Rubin intends to make the project a laboratory for the type of pragmatic, ideology-free policies that appeal to the project's Wall Street advisers while also hoping to lure Democratic presidential candidates away from populist economic positions. And with Mr. Rubin and his successor and friend Lawrence H. Summers on board, it will also be a training ground for the next crop of financiers with ambitions to shape policy in a Democratic administration.

They include those who have done so, like Roger C. Altman, the chairman of Evercore and a former deputy Treasury secretary; those who aspire to do so, like Steven Rattner of Quadrangle, the private equity firm; and, perhaps most important, younger Wall Street executives just now flirting with the idea.

It is with this last group of executives, drawn largely from the booming world of hedge funds and private equity, that Mr. Rubin has loomed large as an Obi-Wan Kenobi figure.

In the 1980's he cultivated their early careers as arbitrage traders at Goldman Sachs, and he is now guiding them in the ways of securing influence in Washington.

Eric Mindich, who runs Eton Park, a $5 billion hedge fund, led Goldman's arbitrage desk at the age of 25, and in 1994, at 27, became Goldman's youngest partner ever.... He is also a contributor to Mr. Rubin's favorite senator, Kent Conrad, the Democrat from North Dakota.

Then there is Richard C. Perry, who left Goldman's arbitrage desk in 1988 to form Perry Partners, now an $11 billion hedge fund. And Thomas F. Steyer, the founder of Farallon Capital, a $16 billion hedge fund, who also worked under Mr. Rubin in the 1980's and was an adviser to Senator John Kerry's presidential campaign in 2004.

So, fellow plebeians, do you feel like this Wall Street gang is going to be looking out for our interests if they ride the donkey to victory? It's a bit like Dirty Harry's famous poser: "You've got to ask yourself a question: Do I feel lucky? Well, do ya, punk?"

Comments (1)

js paine:

rubin rubin
he's my man
if he can't do it
larry can

larry larry he's my man
if he can't do it
no one can

still the grand councilors ???

well if so
hats off to u both

larry and bob

the august belmonts
of the coming donk redemption
may well be the same august belmonts
of the last donk redemption

be prepared my 'umble lads and lasses
for many a flash and twist
of the fiscal scalpel ...

ah yes can they ever
swing those policy instruments

like they're meat clevers

wack wack wack

to the body parts of our jobbled masses

severed limbs will fly

"t'is for the poor dears good you know "

indeed they may prove as with carter
for job holders
greater evil .....all things considered

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