A practice which demands a sharp eye to ferret out market inefficiencies, risk arbitrage tested Rubin's "psychological fortitude" and gave him an "appreciation for the power of the markets," Ullman says.

Goldman, Sachs occupied Rubin's energies for 26 years, as he rose through the firm's ranks and amassed a personal fortune of roughly $100 million.

Sources at Goldman credit him with reorganizing and improving the functioning of the firm's J. Aaron commodities-trading division.

The culmination of Rubin's career in the private sector came in 1990 when he was named co-chairman and co-senior partner of Goldman, posts which he occupied until his resignation in 1992.

During his time on Wall Street, Rubin's longtime support for the Democratic Party grew into a serious commitment. He immersed himself in civic affairs and was actively involved in three successive presidential elections.

In 1984, Rubin served as the New York State finance chief for Walter Mondale's failed run at the Presidency, and in 1988 he contributed to Michael Dukakis' presidential bid as a fundraiser.

But it was only in 1992 that Rubin assumed a hands-on role with the planning of Bill Clinton's campaign, chairing the New York City Host Committee for the Democratic Convention, helping to organize the campaign's finances and briefing Clinton on economic policy issues.

It was at this juncture that Rubin made another career-altering move.

Shifting decisively in favor of political involvement, Rubin accepted a post as director of the National Economic Council (NEC), and as such became one of President Clinton's principal advisers on fiscal policy.

Levy explains Rubin's departure from Wall Street as arising from a desire for new challenges.

"Bob had accomplished a great deal in the private sector," Levy says. "He was ready to play in a different arena."

Ullman agrees, but frames his interpretation of Rubin's move more along the lines of public service.

Rubin "has a very strong conscience to help those on the bottom of the economic ladder," he says.

Public Life

With his considerable earnings insulating him from perverse financial pressures, the investment banker-turned-policymaker quickly made a name for himself in the Clinton administration.