He’s taken a job with Centerview, a private equity firm.

But he comes back with diminished luster: his record at Treasury doesn’t look so hot now—really, he insists, he was against that repeal of Glass-Steagall, it’s just that Larry Summers was so darned forceful!—he’s been a disaster at Harvard, he was a ($130 million) disaster at Citigroup, and Iris Mack—whom Harvard fired after she complained to Larry Summers about risky business at the Harvard Management Company—has publicly claimed that she and Rubin had an adulterous (for him) affair.

…later he would remind me that the first time we’d met I had something written on my backside. (I promise you, I had not even noticed when I picked up a few pairs of gray sweatpants on clearance at Victoria’s Secret that the words “Pink University” were screen printed on the behind, but give the man credit for being observant.)

Rubin, so far as I can tell, has not deigned to respond to the allegation (and to be fair, what is he supposed to say?).

But Citigroup, which allegedly unknowingly paid for Rubin to fly on private planes to facilitate conduct the affair, might want some money back. As might the taxpayers, who at some point paid for those flights when Citigroup was bailed out.

Is there in American life today a greater example of the inverse correlation between executive compensation and executive performance?