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News
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Rubin offered board seat: Lay
Offer made two days after Treasury secretary said he would step down.
February 21, 2002: 9:52 a.m. ET

graphic NEW YORK (CNN/Money) - Former Enron Chairman Kenneth Lay offered Robert Rubin a seat on Enron's Board while Rubin was still Treasury Secretary during the Clinton Adminstration, CNNfn has confirmed.

The offer was made through a letter Lay sent to Rubin on May 14, 1999, two days after Rubin announced his intentions to step down from his government post.

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The letter extolled the Treasury secretary's service, saying "You have done an outstanding job not only for your country but for the world. Your steady hand will be missed." He went on to praise Lawrence Summers, who had been named Rubin's successor.

He then wrote: "One additional point. If you are considering joining any corporate boards, I would like very much to talk to you. Given the way Enron has evolved, not only do we badly need a person with your experience and insights but also I think you would find serving on our board intellectually and otherwise interesting. I have placed a call to you in the hope that I might mention this to you personally."

Rubin did not accept the offer and instead went to work for the financial services company Citigroup. graphic





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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