Citi Says Rubin Won’t Run for Re-Election, After Acting as Chairman for 10 Years
Reaction with Peter Sorrentino of Huntington Asset Management
January 10, 2009
"Money frees you from doing things you dislike. Since I dislike doing nearly everything, money is handy." —Groucho Marx
Initial Jobless Claims totaled 614k, 1k less than expected but the prior month was revised up by 3k to 630k. Continuing Claims fell by 53k from last week and was 38k less than expected. There has been a big discussion of late over the expiration of unemployment insurance and how the recent drop in Continuing Claims is due to people losing it rather than finding a new job. While there is no question benefits are expiring without one finding a job, as evidenced by the rising exhaustion rate, many losing those benefits now started getting them when initial claims were...
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January 11th, 2009 at 9:13 am
What? Rubin was NOT the Chairman of Citi for 10 years. He served as Chairman for 2 months in 2007 while they replaced Prince with the current Chairman Bischoff. He was a senior adviser on the Board of Directors…certainly not Chairman and certainly not for 10 years.