Case Studes in Entrepreneurship, Family Businesses, Social Entrepreneurship

Code : ENT0004

Year :2004

Industry :Banking, Insurance and Financial Services

Region : USA

Teaching Note:Not Available

Structured Assignment :Not Available

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Introduction: After spending many successful years in business and in the US government, Robert E.Rubin (Bob Rubin or Rubin), joined as the chairman of the executive committee of Citigroup on October 26th 1999. Rubin got interested in Citigroup’s offer as he felt that his new assignment would keep him abreast of the latest happenings in the market and would also provide him enough freedom to pursue his own works in public policy and charitable causes. Also, the Citigroup offer was financially rewarding – a salary of $15 million2 per year, incentive compensation, stock options andCitiplanes for his personal use.By 2000, apart fromCitigroup, Rubinwas also on theBoard ofDirectors ofFordMotorCompany and on theBoard ofTrustees ofMount Sinai-NYUHealth3. InOctober 2003,Rubin became the vice chairman of theCouncil on Foreign Relations4. By then, he was also the chairman of the Board of Local Initiatives SupportCorporation (LISC), a leading community development organisationwith 41 offices5 in the US.

Throughout his career, Rubin efficiently worked for the development of the US economy and as the treasury secretary, he formulated policies for the betterment of the lives of his fellow citizens. In his book, In an Uncertain World: Tough Choices From Wall Street To Washington, Rubin presented a deep understanding and consistent approach to risks in the global economy. Rubin, through his probabilistic and careful analysis of various options before taking a decision, had always enhanced his image as an executive entrepreneur (Exhibit I) throughout his business and government career.

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