I think you misunderstood how matrices work in openGL. When you do a matrix operation such as glRotatef and glTranslatef the matrices are being multiplied, resulting in affecting the base vectors.. For instance, let's say we are only drawing a point that starts at (0,0,0). If you call translate(1,0,0) the point will be in (1,0,0), after that you call rotate(90, 0, 0, 1) and your point will be on the same place as before but rotated. Now the last call is translate(-1,0,0) and your point is at (1,-1,0) (and not where you started)!
And that is what you did in your "fragment of code". The thing is you did not specify what you really want to do and how do you define your verices is relative as well.. If you want something like a view with some image that you want to control in sense of changing the position and rotation, you might want to create a square vertex buffer with values from -1 to 1 in both dimensions (or (-width/2, -height/2) to (width/2, height/2)). In this case the base center of your object is in (0,0,0) and that is probably the point you want to rotate it around (or am I wrong here?). So when you want to define the position of the object with origin point, you will need to write translatef(x+width/2,y+height/2,..).
As for the whole process of drawing in this case: If you want the origin to be at (x,y,z), with a (width, height) and rotated by (angle) here is the sequence
glTranslatef(x,y,z)
glTranslatef(width/2,height/2,0)
glScalef(width/2,height/2, 1) //only if verices defined at (-1,1)
glRotatef(angle, 0, 0, 1)
Do note in this case that since you rotate the object around its center its origin will not be at (x,y,z) anymore.
In general I would suggest to stay away from glRotate, glTranslate and glScale if possible. They tend to make things very nasty. So another way is to construct a matrix directly from base vectors: With little math you can compute all 4 points of your "square view" based on parameters such as origin, width, height and rotation.. The 4 points being (A-origin), (B-lower left point), (C-lower right point), (D-upper right point) your base vectors are (B-A), (D-A) and normalized(dotProduct((B-A), (D-A))) this 3 vectors can be inserted int top left 3x3 matrix of the GL matrix (witch is 4x4 or float[16]) and they represent both, rotation and scale so all you need to add is the translation part (just google around a bit for this approach).