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Author Topic:   Citigroup's $285 million SEC settlement rejected
Node
Knowflake

Posts: 1675
From: 1,981 mi East of Truth or Consequences NM
Registered: Apr 2009

posted November 28, 2011 05:04 PM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
http://money.cnn.com/2011/11/28/news/companies/citigroup_settlement_rejected/index.htm?hpt=hp_t2

Go Rakoff!

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katatonic
Knowflake

Posts: 7207
From:
Registered: Apr 2009

posted November 29, 2011 03:00 PM     Click Here to See the Profile for katatonic     Edit/Delete Message   Reply w/Quote
285 million? tell you what, when i run down an old man in an intersection, i will pay 50 bucks to be allowed to go scot free without a trial!

"[I]n any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth," Rakoff, a U.S. district judge in Manhattan, wrote in his decision.

The SEC's pattern of allowing big banks to reach settlements without admitting or denying wrongdoing, Rakoff added, has been "hallowed by history, but not by reason."

Big bank SEC settlements: Toothless face-savers?
Robert Khuzami, director of the SEC's enforcement division, responded that the proposed settlement was "fair" and "reasonably reflects the scope of relief that would be obtained after a successful trial."

He added: "Refusing an otherwise advantageous settlement solely because of the absence of an admission [of wrongdoing] would divert resources away from the investigation of other frauds and the recovery of losses suffered by other investors not before the court

i say, make it a few billion and we can afford to try them all.

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jwhop
Knowflake

Posts: 4418
From: Madeira Beach, FL USA
Registered: Apr 2009

posted November 29, 2011 03:34 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
I actually agree with the judge...though I would rather have seen the judge refer the case to the Justice Dept for a criminal indictment, prosecution and trial.

Securities fraud is a criminal offense and should be dealt with in criminal court.

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Node
Knowflake

Posts: 1675
From: 1,981 mi East of Truth or Consequences NM
Registered: Apr 2009

posted November 30, 2011 08:18 AM     Click Here to See the Profile for Node     Edit/Delete Message   Reply w/Quote
An excellent metaphor Kat, and I echo your sentiment->
quote:
"i say, make it a few billion and we can afford to try them all."

considering the legendary executive bonus plan at the group. Citi was the recipient of more federal bailout money than any other....somewhere to the tune of 45B

I have personal ax to grind with Citi. My mother had her investments with Legg Mason which was acquired by Smith Barney. After the change during 2007-08 she lost a bundle. When her funds dipped below a certain point we were told that in order to stay in the group we would be charged hundreds off the top quarterly to remain. They discourage those who had less than a certain amount invested. Squeezed out. They mismanaged the funds, an old Legg Mason employee who knew of her accounts admitted this, though she never used the word "mismanaged"

Now- I know why we received a notice early this month telling her that her Mortgage bought by Citi a few years ago was being swapped again.

Citi is purging / liquidating these mortgages and other holdings in preparation for reparations.

------------------
~ "I have proudly fought in the war on Christmas."
GOP Presidential candidate~ M. Bachmann

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jwhop
Knowflake

Posts: 4418
From: Madeira Beach, FL USA
Registered: Apr 2009

posted November 30, 2011 09:34 AM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
"Michelle Bachmann, "I have proudly fought in the war on Christmas."

You know you're dealing with intellectual pygmies when they have to resort to making stuff up about political opponents!

A Google search...Michele Bachmann, "I have proudly fought in the war on Christmas."... produced exactly...wait for it....


4 results; none of which stated when or where Bachmann made the "alleged" comment.
http://www.google.com/#q=Michele+Bachmann,+%22I+have+proudly+fought+in+the+war+on+Christmas.%22&hl=en&prmd=imvnso&filter=0&bav=on.2,or.r_gc.r_pw.,cf.osb&fp=b499f78209671812&biw=128 0&bih=757

However, the top result came from one of the top intellectual pygmie's message board and I'm talking Randi Rhodes here.

So, one of Randi Rhodes morons starts their post thus..."I'm just going to make stuff up about the debate:"
http://forum.randirhodes.com/viewtopic.php?f=7&t=7026&start=465

And then proceeds to hold a mock debate...where "stuff" is...just made up!

Then, the rest of the intellectual pygmy chorus picks it up and attempts to spread it AS TRUTH...even putting quotation marks around the comment!

The Leftist Airhead Brigade have so much air between their ears...and not much of anything else, that their feet haven't touched Earth in years.

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shura
Knowflake

Posts: 259
From:
Registered: Jun 2009

posted December 01, 2011 04:34 PM     Click Here to See the Profile for shura     Edit/Delete Message   Reply w/Quote
Vikings do it better
http://www.businessinsider.com/iceland-glitnir-bank-larus-welding-2011-12

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