The Rubin Ponzi Scheme.
Madoff makes headlines as former Treasury Secretary, Robert Rubin, slips under the media’s radar.
On 4 december 2008, the New York Post announced a federal lawsuit had been filed against Citigroup’s Robert Rubin, and former citi CEO, Prince.
The 2 are alleged to have played a role in a Ponzi scheme which has wiped out trillions of dollars worldwide.
The lawsuit says Citigroup’s shareholder value lost over 122 billion dollars. This would suggest that Rubin is accused of involvement in a scheme that would dwarf that of Madoff.
When the news broke of Madeoff’s scheme, the media jumped to cover the story. Time magazine even suggested the story as a contender in the top 10 scandals of 2008.
Why was the New York Post the only mainstream media source to have covered Robert Rubin’s story?
The independent media and the blogosphere picked up on it though. LiveLeak and other sites on the internet noted conspiracy researcher Henry Makow highlighting Rubin’s high profile links to the president elect Barack Hussein Obamah, as a possible reason for the silence. Rubin’s son Jamie was the main fund raiser on Wall Street for Obama.
Infact, the Wall Street Journal pointed out that Obama’s aides have Rubin down as a contender for treasury secretary. Both the New York Times and the Times of London refer to Rubin’s influence in Obama’s selection of his economic team, dubbed, the Robert Rubin Memorial All Stars.
While a wide spectrum of the media brought the sensationalism of madeoff’s scheme to the public. Rubin’s potentially more destructive scheme, has received virtually no coverage at all.