She notes " It is a deal that holds no one at the bank accountable for behavior that caused investors to lose an estimated $2 billion." Not surprisingly the fine is just a tiny bit of the estimated $2 Billion that clients were tricked out of when led to believe their investment in municipal bonds was safe, when in fact it was anything but safe.
"Citigroup will pay $180 million in the settlement, most of which will be distributed to wronged investors. The bank neither admitted nor denied the S.E.C.’s allegations. A spokesman said the bank was pleased to have resolved the matter."
Well worth the read, Ms Morgenson exposes other failures of our government to hold any of the players accountable, even when there is no doubt who is the mastermind of the criminal
behavior.
“He was absolutely the mastermind, there is no doubt about that.”
$180 Million is nothing to a giant like Citibank. Undoubtably the lawyers will receive more compensation that the wronged investors.
'Too Lame to Name' should be the new slogan for the S.E.C.
Too Lame to Name
http://www.nytimes.com/2015/08/30/business/sec-settlement-with-citigroup-holds-no-one-responsible.html?emc=edit_dlbkam_20150831&nl=business&nlid=68893896&_r=0
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