So, I had it right: Robert Rubin resigned from Ford’s board because his Citigroup is newly advising Ford on its restructuring options. I speculated earlier that “advising” might include participating in a buyout consortia, but so far that part has not been confirmed.
Nevertheless, this puts Rubin in an awkward spot. Sure he resigned from Ford’s baord, but he apparently resigned after Citigroup got a plum assignment advising Ford on restructuring. After all, insiders are telling Bloomberg tonight that the deal between Citigroup and Ford is done, and there is zero chance it all happened today between 9am and 5pm EST after Rubin left the board.