Rating: 
Summary: The Most Corrupt Treasury Secretary In U.S. History?
Review: "Tough Choices From Wall Street"? Great title for a work of fiction. A better title would have been "Helping My Cronies on Wall Street, So I Can Have Another Mega Paying Gig When I Leave Office." Mr. Rubin was a co-head of Goldman Sachs when he took the job at Treasury. His replacement at Goldman was now Democrat Senator John Corzine. Goldman is currently being sued in a variety of civil cases which occured on Corzine's watch in which Goldman and other investment banks, during the dot bomb era, manipulated Internet stocks on the IPO day. The firms are accused of trading the shares back and forth to drive Internet stocks from IPO prices of say $15 to $100 on the first day of trading. The rationale? To sucker small investors into buying essentially worthless Internet stocks. The end result was a big Treasury tax receipts in the short term due to a manipulated financial bubble or mania. Rubin at Treasury did not oversee the S.E.C. but was a key member of the Administration supposedly protecting the public from this form of manipulation. The end result of the dot bomb scam is one of the greatest financial manipulations and fleecing of the public in history. As the Secretary of the Treasury, Mr. Rubin did have oversight over the IRS. The IRS during the Clinton Administartion was used to investigate it's political foes while failing to carefully scrutinize the tax returns of companies like Enron, Worldcom, HealthSouth, Global Crossing and other firms or ponzi schemes that costs investors and taxpayers billions. The book fails to mention how the Treasury Secretary with oversight of the IRS failed to deal with Islamic terror groups raising money in the United States. This is direct responsibility of the Treasury Deaprtment. The FBI had solid proof in 1992 that Hamas and other Islamic terrorists groups were raising money in the United States. Janet Reno and the Treasury Department turned a blind eye to their activities. The book fails to mention Rubin's semi-secret Plunge Protection Team or market crash protection scheme used to keep the stock market bubble afloat by buying NASDAQ futures in Asia overnight to keep the U.S. market propped up & tax revenues from stock investments soaring. The plan worked well until 2000, the last year of the Clinton Administration, when the NASDAQ started it's plunge and lost half of it's value. Rubin was at the helm of one of the largest financial bubbles in global history, which devastated many Americans but it made Clinton look good for a few years. The book only glosses over Mr. Rubin bailing out large U.S. banks, aka his friends, investments in Mexico, Russia and Asia. There is also no mention how Mr. Rubin, as the new vice chairman at Citibank making $16.5 million (see Yahoo Finance for Citibank payroll info), called the Bush Administration loking for a bailout for Enron. Citibank had huge loans to the Enron, which was more of a ponzi scheme then corporation. The Clinton Administration regulalrly went to bat for Enron on their huge India power project and on Ron Brown's "trade" missions. One wonders if Mr. Rubin's IRS gave Enron relatively easy reviews while the IRS was giving Mr. Clinton's criticis proctological audits. In retrospect, Mr. Rubin was probably one of the most corrupt Treasury Secretaries in U.S. history.
Rating: 
Summary: Solid Serious Overview of Core Economic Security Issues
Review:
Rubin is self-effacing and not at all, in any way, claiming personal credit for how well it went as America experienced one of its greatest economic booms, despite some rather scary international threats to our economic security. I believe this will be a classic reference for years to come.
1) Early on, and then throughout the book, Rubin does a fine job of documenting and explaining why markets, which are relatively autonomous beasts, and at least as important as governments and government policies, in setting the economic security environment. 2) A corollary to the above, but all the more important because it dovetails precisely with Henry Kissinger's caution ("Does America Need a Foreign Policy"), is Rubin's detailed articulation of how U.S. politics and US policy mechanisms are not now well-suited to coping with the new risks of the global economy. The speed and reach of the marketplace is now such that the industrial-era government bureaucracies and 1970's information technology stovepipes are completely inadequate--however well-intentioned a President might be, the current structure and current approaches to establishing economic strategies and policies are NOT OKAY. 3) Rubin is quite excellent in explaining in a very understandable manner how specific fiscal policies toward other states (e.g. Mexico) can be directly related to consequences in terms of illegal immigration (surging if Mexico is allowed to collapse), illegal drugs and crime, and trade. 4) Especially helpful in this book is its emphasis on the importance of educating the American public as a pre-requisite to the politics of making the right economic decisions for America. Rubin quotes Clinton as saying that one of his (President Clinton's) greatest lessons learned from his two-term Presidency was the need to do the public education (political strategy) before the public politics and deal-making. Senator David Boren (today President of the University of Oklahoma) and Mr. David Gergen have made this point earlier ("Preparing America's Foreign Policy for the 21st Century"), but Rubin's focus merits strong emphasis, because in combination, our mediocre policy structure and our mediocre public understanding combine to create not one but two devastating Achilles' heels for US economic security policy-making. 5) Rubin excels at documenting the direct relationship between poverty and inner-city distress and poor education of important segments of America's population, and its economic well-being. He extends this analysis internationally, focusing on how vital it is to extend the fruits of prosperity across all nations and peoples, if the US is itself to have sustainable economic stability and prosperity. 6) The book is a case study in decision-making, a manual of how to and how not to approach problems for which, as he notes with frequency, there are no certain outcomes. I was very impressed by his acute sensitivity to the fact that most subordinates are incapable of speaking utter truth to their bosses--they pull their punches. This is equally true, as he explicitly notes, of Chief Executive Officers invited to meet with the President. Rubin appears gifted in his ability to draw out the concerns and negatives from all subordinates, with a special kindness extended by him to the most junior or front-line subordinates, a kindness that is repaid in full with honest opinion. 7) I noticed some very strong observations from Rubin on the inability of the Department of State and of the Central Intelligence Agency to provide him with core information that he needed on Indonesia, among other fiscal hot spots. Lee Kuan Yew from Singapore turned out to be much more useful to him in understanding the context and possibilities. From this Rubin draws the lesson that the Department of State needs to get smarter about economics, and that a new kind of Foreign Service Officer is needed, one that is not just following political matters, but economic matters. Indeed, I would go so far as to say that State needs to migrate from the old POL-MIL mind-set, to a new POL-ECON mindset. CIA must of course get much better at understanding demography, public health, economics, and infrastructure issues down to the province and township letters, something that will require them to finally take Open Source Intelligence (OSINT) much more seriously, and to become competent in 29+ languages. 8) "Rubin's Rules", actually prepared by his staff as a going-away gift when he departed Treasury, are listed on page 251, with an 11th rule on page 252, and are alone worth the price of the book. They will not be repeated here, they are precious. 9) Rubin is critical of the private sector for having over-invested in Third World ventures without doing the due diligence related to risk assessment, and he ventures into some discussion of the importance of defining and communicating best practices, codes and standards for debt management, bankruptcy, deposit insurance, and bank supervision. I could not help but reflect on how much more important the ISO might become if it also becomes central to economic security and stability by contributing a standards process that helps reduce and mitigate risk for all. 10) There are many other gems in this book, from his review of "deficit economics" (and why it is an idiot idea writ large), to how Monica Lewinsky cost the US taxpayer much more than the cost of the impeachment proceedings, to the need to always review old assumptions, to the dangerous reliance by Wall Street on models (as with Long-Term Capital Management failure), to the need to redefine GDP calculations (in addition to deducting negative investments like prisons and health care that others have recommended, Rubin suggests that the presence or absence of positive investments related to environmental sustainability need to be included). This is a solid serious book about core economic security issues. I venture to say that no one could run for President, or be an effective President, without absorbing all that Robert E. Rubin has to teach us. His assistant author, Jacob Weisberg, is to be congratulated for helping bring this extraordinary work to the marketplace. We all benefit.
Rating: 
Summary: Good book overall, some shortcomings
Review: As one who had supported most of the Clinton administration's economic policies, I picked up Rubin's book hoping for greater insight and analysis behind the policy decisions. The analysis wasn't quite as rigorous as I had hoped, though I fully realize now that the book's targeted to a general reading audience (for instance, Rubin's probabilistic decision making would be rather obvious to anyone who's taken an intro stats class in college and given some thought to its real-life applicability). The book is at its best when Rubin provides details of negotiations with foreign officials during international financial crises. Here, we see a clear and objective critique of economic conditions and policies, along with how Rubin and others applied probabilistic decision making in weighing economic and political factors such as the international markets and the media reaction at home. On the other hand, these objective qualities are a bit lost when Rubin recounts interactions with close working colleagues. His rosy account of his years at Goldman Sachs resembles Lisa Endlich's PR-flavored book on the company, where all senior managers are kind and wise and where all junior staff have a say in matters. From my friends who have interviewed with, worked for, and/or quit investment banks, I know that the working environment is much more akin to that depicted in Michael Lewis's Liar's Poker. Rubin's description of the White House as a workplace is equally idealized and is rather reminiscent of NBC's West Wing. These flaws inevitably lead to sections that read like your generic business school application essay, espousing blandly recited topics such as good management and teamwork. However, the book does get much better as it goes along, especially in the chapters dealing with international finance. And it still stands head and shoulders above most autobiographical accounts from the business world. In short, if you're a huge fan of the Clinton administration, you will love this book. If you're of political extremes, whether it's anti-globalization or loyal Rush Limbaugh listener, this book's not for you. For those in between, this will be an informative and enjoyable book but with some shortcomings in terms of objectivity.
Rating:
Summary: More than just Rubinomics
Review: As other reviewers have mentioned, Rubin spends much of this book detailing the struggles of dealing with the "global economy" with his pals, Greenspan and Summers. Rubin also makes it clear that he feels current economic policy is undisciplined and unsound. While these issues make up the bulk of the book and are surely why it was written, I was most engaged by Rubin's philosophies on keeping work pressures in perspective ("if you can keep your head while those around you are losing theirs...") and on the imminent threat posed by the developed world's continued apathy toward the impoverished. Will you enjoy this book more if you agree with Rubin's ideas about economic policy? Yes. Can you find in this book interesting takeways that will give pause for thought if you don't? Yes.
Rating: 
Summary: Where finance meets politics: Rubinomics
Review: As someone who's had the chance to walk through the storied trading floors of the arbitrage division of Goldman Sachs in Manhattan, I was excited to read this book about someone who began his amazing career there. Anyone interested in investing, domestic and international finance and economics, and politics should read this book. Why? Mr. Rubin was vital in the formation of Clintonomics--a set of policies that stressed the importance of deficit reduction. Although politically vilified for "raising taxes," Mr. Rubin's platform of deficit reduction was associated with remarkable productivity and economic growth in the 1990's. Mr. Rubin's account is especially timely and thought provoking considering the recent deficits incurred by the U.S. government, the historically low interest rates that are nevertheless present in America, and the 12 billion dollar bet on foreigns currencies recently placed by Berkshire Hathaway. As someone who has visited and invested (with very mixed results!) in developing countries, I was also interested in Mr. Rubin's accounts of how and why he, Clinton, and others at institutions like the IMF created multi-billion dollar rescue loans to these nations. The conflicts of interest between investors, the borrowers, and the loaners is fascinating to contemplate. It is also instructive to consider why some rescue packages (designed for Indonesia) failed while others (designed for Mexico) succeeded. While recounting these stories Mr. Rubin does an admirable job explaining why lowering tarrifs and expanding global trade with emerging markets is a win-win situation for all parties involved. For an even better explanation of the underlying principles of international finance read "Economics in One Easy Lesson" by Hazlett. It sounds like a children's book, but the clarity of explanation of complex ideas in this book is amazing.
Rating:
Summary: Ex-Treasury Secretary Biography a Must Read
Review: Bob Rubin's biography is of historic importance, very insightful, erudite and very readable. After spending most of his career at Goldman Sachs accumulating considerable wealth, Mr. Rubin joined the Clinton administration as the first head of the National Economic Council and later as Secretary of the Treasury. His first day at Treasury, the Mexican currency crisis struck. Later he had to deal with the Asian meltdown and the Long-Term Capital crisis. He is currently a senior executive at Citigroup. Mr. Rubin makes economics understandable and his book is very worthwhile reading.
Rating:
Summary: Conspicuously Absent from Mr. Rubin's Biography
Review: Conspicuously absent from this account is any mention of how Mr. Rubin feels we should deal with issues of compensation for corporate executives, how we should deal with regulating the use and abuse of complex deritives trading, how we can prevent the treasuries of bankrupt corporations being raded by the officers of the corporations. There was no discussions of most of the injustices in the tax code which was barely discussed at all. There were no meaningful suggestions of how we might prevent future Enron type problems.
Rating:
Summary: A look inside from an outsider
Review: During the 1990s, economics and economic policy was brought to the "big table", joining traditional diplomacy and the military. Clinton's top economic advisor blends analysis of the globalization, development and U.S. concerns regarding each, reviewing the formative and continuing questions about the U.S. and the global economy.
Rubin brings two judgments and one key process to his subject: markets are crucial but sometimes they need government intervention (falling somewhere between Keynes and Hayek); domestic and international economic concerns are nearly inextricable from each other; and an approach he calls probabilistic decision-making, something akin to the rational actor model plus subjective judgment.
Key chapters outline the substance and decision-making process behind the Mexican, Asian and Russian financial crises of the 1990s. Throughout, the book offers insight into the workings of the Clinton White House and the differences between business and government. More than merely publishing the minutes of his meetings, though, Rubin does considerable amount of reflection. One consistent theme is the difficulty posed by our dual systems of technocracy and democracy - experts dealing with highly complex issues amongst "inadequate public understanding" (in one of his kinder versions of the theme).
Other findings range from the interrelationship of politics, economics and security concerns; the shared blame for crises among public and private actors; the paradoxical importance of both U.S. leadership and multilateralism; and the distinction in Washington between insiders (career political officials and staff) vs. outsiders (like himself). This is a valuable book for students of foreign policy, political economy, and Beltway politics. My students felt it was informative and interesting beyond what they expected.
Rating:
Summary: Best Business Book I Have Ever Read!
Review: Excellent book to read if you are a business or economics major or if you are a huge Bill Clinton fan(like myself). Robert Rubin goes into detail of his life, his experiences on Wall Street and in Washington as Treasury Secretary for President Clinton, and his views on the positives/negatives of globalization. Once I started reading the book, I could not stop reading it until the sun came up the next morning.
Rating:
Summary: stands out from the rest by miles
Review: I can sit here and easily say this is the best book I've ever read. A truly masterful insight on how world changing decisions are made at the top and how politics fits in to the debate. What's more Rubin's writing style is nothing short of spectacular, and that's saying a lot in the world of politics where LawyerSpeak is sometimes the language of choice. Go Hillary!
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