Former President Bill Clinton said the advice he received from Robert Rubin and Lawrence Summers, Treasury secretaries during Clinton's administration, was wrong. "I think they were wrong and I think I was wrong to take" the advice, Clinton said. Rubin and Summers said that derivatives were "expensive and sophisticated and only a handful of people will buy them and they don't need any extra protection," and therefore didn't need to be transparent. "The flaw in that argument was that first of all, sometimes people with a lot of money make stupid decisions and make it without transparency," Clinton said.
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