Judge to the SEC and Citigroup: F**K YOU

[rdking647]

a judge has tossed out the 285M settlement citigroup made with the SEC calling it "neither reasonable, nor fair, nor adequate, nor in the public interest." Rakoff called the Citigroup accord too lenient, noting that the bank was charged only with negligence, neither admitted nor denied wrongdoing, and could avoid reimbursing investors for more than $700 million of losses. he added "If the allegations of the complaint are true, this is a very good deal for Citigroup; and, even if they are untrue, it is a mild and modest cost of doing business," the judge wrote.
I love it. Im tired of the big banks getting off with a relative slap on the risk in a settlement where they neither admit or deny guilt. Its time for the SEC to stop this nonesense and make the banks admit they screwed over everyone bu themselves

http://www.cnbc.com/id/45464238

[MADem]

1. Now this deserves a rec, if anything does!!! nt

[lonestarnot]

2. Yeah! FU!

[Huey P. Long]

3. He's now likely on 'suicide' watch. Thank you Judge.

[October]

4. You read my mind.

Finally, a judge imposes justice on "citizen" corporation.

[rdking647]

5. just a litle further info

My recent article, What Shall We Do With The Big, Bad Banks, noted how over the last 15 years, some 19 large major financial institutions have been found by the SEC to have broken anti-fraud security laws at least 51 times—laws that they agreed “never again to breach”. The group of offenders included Citigroup , Bank of America , JPMorganChase , UBS Goldman Sachs , Wachovia , and AIG . In this period, the Securities and Exchange Commission (SEC) has never once brought a contempt of court citation against any of the banks for repeated offences.

http://www.forbes.com/sites/stevedenning/2011/11/29/citigroup-gutsy-judge-preoccupies-wall-street/?partner=yahootix


Ive said all along that what the government should do is charge and convict 1 major bank of a criminal felony. that would effectively put that bank out of business. and the result would be the other banks would take notice that continued business as usual will result in going out of business.

[Laelth]

10. +1 n/t

-Laelth

[xchrom]

6. recommend

[indepat]

7. If the SEC settlement with Citigroup were neither reasonable, nor fair,

nor adequate, nor in the public interest, would it be fair to say the parties to the settlement are criminally corrupt, venal, and mendacious? :shrug: :patriot:

[rdking647]

8. having spend 20 years on the trading floor

you have no idea just how slimy they actually are... the floor can best be described as a 6th grade lockerroom.

after all what is the difference between bonds and bond traders?
Bond mature.

(I was a bond trader )

[Uncle Joe]

9. Kicked and recommended.

Thanks for the thread, rdking.