Then, Tuesday's trading day closed with the announcement that Robert Rubin — who as treasury secretary was one of the chief proponents behind the push to repeal the Depression-era banking firewall known as Glass-Steagall — would be joining Citibank, one of the repeal's chief beneficiaries. But although the news that Rubin would join the financial conglomerate just days after helping finalize a deal that would dismantle Glass-Steagall raised some eyebrows, "Rubins reputation is second only to Alan Greenspan's in integrity," says TIME business writer Karl Taro Greenfeld. "And he's been a very sought-after person, so it makes sense that the largest bank in the land would want him."
Meet the New Kids on the Trading Block
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Tuesday was the day we finally said good-bye to the old Wall Street. In the morning, the Dow Jones Company announced it was dumping four underperforming stocks from its Industrial Average in favor of four darlings of the new economy. Out were old-school companies Sears, Goodyear, Chevron and Union Carbide. In their place the 30-company index added Intel, Microsoft, SBC Communications and Home Depot. If nothing else, adding four high-flying stocks will be good medicine for an index mired for the past month in the Dow-drums.