With the snappy title, you'd think this was a much more interesting book. The sad reality is that Robert Rubin's biography does not live up in style, content or IQ level of the writer. Having obtained kingmaker status as CEO of Goldman Sachs, and treasurer of Bill Clinton, it's obvious that Robert has stories and strong opinions about events. At times he approaches topics with nuance like a good storyteller - one example is with the Tequila crisis in the 90s where he brings how Mexico's currency valuation can have a huge impact in the rest of the world. When he does start talking about economics, Robert can swing and hit pretty well. Maybe it's just his self-assured easy going personality, but the book could not be more empty. Reminds me of an aloof uncle telling his niece about his big suit job and those crazy highs and lows of the working world. Platitudes, general conflicts, and some farm wisdom.

There is a NY Times article that discusses Rubin's probabilistic approach to thinking - if pressed for time, the article is a good summary of this book.

1998년 금융위기를 미국 쪽에서 바라보는 내용이 나온다. 이헌재의 위기를 쏘다, 이규성의 한국의 외환위기 같은 책이 한국쪽에서 바라보고 쓴책이라면 이책은 미국쪽의 시각을 담고 있다. 경로의존성이라는 것이 여기서도 작용해서 멕시코 금융위기를 대처해봤던 경험을 가지고 아시아 금융위기에 대처하는 모습을 유사하게 보인다.

당시 위기 상황에서 한국에 금융개혁을 요구한 것은 한국 쪽 협상단에서는 전혀 예측하지 못하고 있다가 받아들이게 된 것인데, 이것을 보는 시각에 따라 불필요한 내용을 넣었다는 다소 음모론적인 시각에서 보는 시각도 존재한다. 스티글리츠 같은 사람이나 한국의 비판적인 쪽에서는 그렇게 본다.
하지만, 이는 멕시코 금융위기를 해결할 때 이미 사용했던 방법이었다.

반면에, 미국은 금융시스템의 안정을 생각하면서 당시 이머징 마켓을 대표하는 한국이라는 시장에서 확실한 시그널을 주어야 한다는 입장을 가지고 있었다. 금융의 문제는 통상 채권자와 채무자간의 "빚"이라는 것으로 요약되는데 루빈은 채권자 입장을 반영하여 의사결정을 내린 것이다. 이걸 보면 미국도 나름대로의 자기 이익을 고민하여 결정하는 것인만큼 그 나름대로의 논리구조는 이해가 간다.

세월이 지나서 그의 지휘아래 경험을 쌓은 가이트너가 2008년 금융위기에서 주역이 되는 것도 흥미롭다.

하버드대학에서 논문을 지도해준 교수가 토머스 쉘링이라는 점도 인연이고, 한때는 래리 써머스나 앨런 그린스펀과 매주 한 번 이상 점심을 먹으면서 토론하는 관계라는 점은 자연스러운 정책결정자들간의 커뮤니케이션 문화가 부럽다.

한국의 외환위기에서 IMF의 협상단과 함께 협상을 좌지우지 한 주역의 이야기를 한 번 읽어보고 싶어서 구해서 읽어본 책인데, 인간적인 면에서 본인의 철학을 형성한 과정이나 생각을 품위있게 표현해 가는 점도 배울만하다. 인생을 확률의 문제로 다시 들여다 보면서 겸허하고 치밀하게 하루 하루를 살아가는 자세를 견지하는 것이야 말로 그가 이책에서 하고자 하는 이야기일 것이다.

아울러 정부와 금융계를 모두 경험하면서 여기에서 많은 변수를 고려하여 정확히 판단을 내린 이야기나 기업가 출신 정치인이 빠지기 쉬운 함정을 언급한 부분은 우리가 귀담아 들을만 하다.

Rubin has the most humble and sincere narrative. As an introvert myself, I immensely resonate with a lot of his view points and decisions. The first three chapters of this book offer a lot of genuine advice to intellectually driven yet professionally aspiring people. However, while that kind of narrative is refreshing for the first 100 pages, it gets tiring as one reads on. After all, most people buy this book to gain insights of what happened in the boom and bust of the 90s to 00s, not a prolonged self-analysis on strengths and weaknesses. I actually could not finish the book, as it drags on and on about who did this and who said that, but it always misses the key points of the stories. I think this book should not be read as a history recount, but an unrefined diary that aims at an audience comprised of only Rubin himself.

This is an interesting book in which many people glean different gems given their background.While a lot of people enjoyed Chapter 2 about risk, I get a little upset when they quote this book as a risk management book. Indeed, what is discussed here shows most clearly why merger arb is one of the single riskiest strategies. The hedge that is taken will actually magnify the lost in the way that options do. Those often engaging find themselves in really bad circumstances when deals break. Rubin does not speak this flawed understanding. Instead, the point that I gleaned was that even a seasoned, professional will underestimate the risk of something that seems a "tail" event, i.e. the deal breaking. Hence, one should have some flexibility with what one believes to be absolute.



I do however like the idea that one should "maintain optionality". The way that Rubin has implemented through his career and life are remarkable. Moreover, you get a real sense for the type of moral fiber this person has, regardless of whether you agree or disagree. You get the sense that this was a man who wanted to learn from everyone, younger, older, etc...



I greatly enjoyed hearing about the differences between politics and business environments. It was fascinating how one delivers messages. It was also interesting to hear insights into the many amazing characters that he met during the Clinton administration.



Sadly, you also get a sense for the changes in the market place. The shorter term orientation, which is a sign of the times of computational improvements, have with it certain types of flaws as discussed in Chapter 13-15. While he defends Citi as properly implementing the orientation toward short term (addressing the immediate needs of the business) it's hard to know the degree to which that got extended post Weill's leadership.



I also found his commentary on corporate leadership fascinating. In light of the manner in which corporations have grown and the need for succession plans, 2 CEOs which Goldman has historically been able to maintain, seems ideal. One would think the very nature of CEO is teamwork and a certain ability to work with others. I would love to know more thoughts on that.

I enjoyed hearing about Rubin’s time within the Clinton administration. His descriptions of dealing with the various financial crises during that era, as well as the various budgetary battles, were engaging. The last third of the book covering his concerns about deficits, policy recommendations, and advocacy of free trade, was rather drawn-out.

an important education converging the lessons taught by wall street and Washington. an EM strategist's guilty pleasure. emphasizes the importance of demand side economics.

Changed how I look at econ and also at the Clinton presidency. One of the first books on politics I read. Awesome first experience!!!

Overall, I enjoyed this book although some parts were a little dry. This book is basically a biography of the former Treasury Secretary and as the first head of the National Economic Council during the Clinton Administration. I often judge books by whether I felt enriched or at the very least learned something new or useful and by that standard this was a great book.

I never knew I was so excited about international finance, banking and being reminded that everyone is DC is still in DC. I knew nothing about this author but enjoyed his story. No footnotes, just personal reflections during the Clinton Admin in the Dept of Treasury. It helped get me ready for Napier's book, The Asian Financial Crisis ('95-98), which is still quite expensive. Would I recommend this book to anyone? Only if they are moving to another world and are using the Total Avoidance Protocol to stay in denial. But honestly, I couldn't put it down - but that was me.

I appear to have quite a different opinion of this book to most of the other reviewers on Goodreads. As much as Robert Rubin may have accomplished both in the private and public sector, he is simply not good at writing or storytelling or indeed at providing insights into how he solves problems and makes decisions, the emotional and intellectual conflicts one faces or any astute observations of what other people might be going through.

The book reads like "I applied to Harvard and then I went there and then I met president Clinton, and he was nice and smart, and then I met my amazing wife and she told me that...and so I...". Much in the style of a speech a 6-year-old might give when under pressure to give a summary of their life (except that Rubin has met high powered people and worked in influential positions).

On the other hand, I thought that the descriptions of economic scenarios were actually plainly written and not hard to follow at all. Boring, like the rest of the book, but easy to follow.

It could have been so much more had he just given a glimpse into thought processes, the political manoeuvring, any personal interests and jostling that may have impacted decisions, irrationalities in assessing situations...anything really that might show the greater depth of analysis that he is very likely to be capable of.

Wanted to like this book more and enjoyed some stories, but several chapters were repetitive and bland. Three chapters covered foreign markets in danger of collapsing and causing a cascading effect around the world all amounted to essentially the same story and led to a sense of deja vu because of how similar the explanations were. Also too much name dropping/listing which ivy league schools various people attended.