Afraid of tough Sub-Prime questions? Rubin-Patrick talk at BIO 2012 closed to press.

by: Rob "EaBo Clipper" Eno

Tue Jun 19, 2012 at 13:21:07 PM EDT

A conversation between two former U.S. Treasury secretaries billed as one of the more interesting events at the BIO International Convention in Boston is closed to the media except for "trade press."  Henry Paulson, President George W. Bush's secretary from 2006 to 2009, and Robert Rubin, President Bill Clinton's secretary from 1995 to 1999, are scheduled for a noontime talk, called "State of the Global Economy," which took up nearly the entire cover of BIOtechNOW, a daily publication devoted to the conference. A woman guarding the top of an escalator had a list of approved and unapproved media attendees but did not say who was approved and the reasons why. She referred questions to Biotechnology Industry Organization spokesman Jeff Joseph, who did not immediately return a phone call.  A News Service reporter with credentials to cover the convention was not allowed to attend the talk, which Gov. Deval Patrick planned to attend and featured on his public schedule.

Perhaps the post put up here last evening, outlining Rubin and Patrick's cozy relationship and sub-prime ties, caused the press closure.  It's a good thing then that one of the press agents at BIO 2012 provided Red Mass Group with the email addresses of all the accredited journalists for the conference.  With that list Red Mass Group sent out the press release below.

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QUESTIONS ON THE ECONOMY FOR DEVAL PATRICK AND ROBERT RUBIN

(Shrewsbury, MA) - Today, at noon, Governor Deval Patrick (D-Massachusetts) and former U.S. Treasury Secretary Robert Rubin, will take part in the Keynote Luncheon of the BIO Conference in Boston, MA.  Their topic will be the state of the global economy.  These two men, by virtue of their positions in the sub-prime banking industry, are more responsible than most for the current state of our economy.  They are two of the perfect people to ask about events leading up to the collapse of the global economy in 2007-2008.  As press covering primarily the Bio Technology Industry, you may not be aware of Governor Patrick and Secretary Rubin's direct involvement in the 2007-2008 financial crisis.

Question 1) Governor Patrick, you have repeatedly said that you fixed ACC Capital Holdings, the parent company of Ameriquest, while serving on its board in the mid 2000s.  Many outside observers, including your candidate for U.S. Senate in Massachusetts, Elizabeth Warren, have said that the company was not fixed.  Could you explain your remarks? (http://www.redmassgroup.com/diary/14757/former-board-member-of-firm-elizabeth-warren-accused-of-defrauding-the-public-endorses-warren)

Question 2) Governor Patrick, you told Boston Television Reporter Janet Wu just this year that Sub-Prime loans are not intrinsically bad.  Would you care to elaborate? (http://www.wcvb.com/On-The-Record-Gov-Deval-Patrick/-/9849586/11255662/-/h0vkuhz/-/index.html)

Question 3) Governor Patrick and Secretary Rubin, shortly after Citigroup's purchase of ACC Captial Holdings in 2007, insiders called the purchase akin to "catching a falling knife".  This characterization was due to the toxic nature of assets purchased.  The purchase of these assets took place after the two of you had a phone call in the winter of 2007 about the health of ACC Capital.  The phone call was unusual as Governor Patrick was a newly inaugurated governor.  Many critics of the financial industry point to the purchase of ACC Capital by Citigroup as one of the tipping points to the financial crisis.  There has never been a full accounting of what happened on that phone call, would you care to elaborate? (http://www.redmassgroup.com/diary/10447/catching-a-falling-knife-how-deval-patrick-helped-destroy-citigroup-and-the-economy)

Question 4) Governor Patrick and Secretary Rubin, are you sorry for the financial pain your actions have caused billions of people around the world?

Were Patrick and Rubin that afraid of questions on their infamous 2007 phone call, that they blocked Massachusetts political press from asking the question?