|On Sunday, Nov. 4, the same day Rubin reluctantly moved from the job of chairman of the executive committee to chairman of the board, the company announced the startling news that it had $55 billion of collateralized debt obligations (CDOs) and other subprime-related securities on its balance sheet and that large write-offs of an estimated $8 billion to $11 billion were imminent.
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.
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