Citi Settlement With SEC Rejected by Judge
Citigroup Inc. (C)’s $285 million settlement with the U.S. Securities and Exchange Commission over mortgage-backed securities was rejected by a Manhattan federal judge.
U.S. District Judge Jed Rakoff rejected the settlement in an opinion released today. The judge has criticized the agreement for permitting New York-based Citigroup to settle without admitting or denying liability in the matter.
Citigroup, the third-biggest U.S. lender, agreed last month to settle a claim by the SEC that it misled investors in a $1 billion CDO linked to subprime residential mortgage securities. Investors lost about $700 million, according to the agency.
“In 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 wrote in the opinion.
Rest from Bloomberg here…
Copy of the ruling below…
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4closureFraud.org
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Freedom is more precious than breath itself.
O.K. now time for some criminal indictments. There is no legal “fix” for what any of them did…They are CRIMINALS…
Those of you who are on the NYTimes and Washington Post alert comments blog take this opportunity to post something praising the action of Judge Rakoff here! He has courage and integrity to block this deal!
Its a start. Glad to see we have some real judges who still follow our laws.
This video is an older one. but has a great message. lets stop being sheeple and lets become We The People once again. Please watch and support the candidate that will follow are Constitution and will audit the Fed and stop Big Corporate Bail outs. We are heading into Q3 so more printing by the Fed is on its way. Ron Paul Revolution 2012!
/Totally irrelevant to the issue at hand. Is it an oxymoron that Ron Paul who does not believe in war or suipport military action outside our borders is using an ad promoting military action to solve problems! He is a Republican and he will be a Republican if elected. Fortunately his own people won’t let that happen.
To be a sheeple just like the rest. He is a Libertarian, he only runs as Republican so he can be in the GOP. Republicans and Democrats are cut by the same cloth. Obama, Bush and all the others are bought by big corporations. The message is not about War, its about We The People fighting against Tyranny! He wants to bring our troops home and secure are borders and protect what is ours. He wants us to mind are own business and protect ourselves. He wants us to go by the constitution and follow it, unlike Obama and Bush and all the other who are just puppets to big corporations. Ron Paul is not a flip flopper like all the others, he says it like it is. Their is reason why 70% of are soldiers support him. He is about FREEDOM and no more useless wars for oil and big money interest. He is about bring home our troops and ending the Fed money printing games. Ron Paul Revolution 2012