SEC, Citi fight CDO settlement rejection
http://www.housingwire.com/2011/11/29/sec-citi-fight-cdo-settlement-rejection

“Khuzami said they did provide enough facts. One CDO trader allegedly characterized the Class V III portfolio as “dogs–t” and “possibly the best short EVER!” in an internal message obtained and provided by the SEC in the case. Khuzami added the reforms and penalties for Citi outweigh any admission of guilt.

However, investors armed with such an admission could go after the bank individually in court to collect more of their losses.”

http://www.bloomberg.com/news/2011-11-29/sec-s-schapiro-asks-to-raise-penalty-limits.html

“Fines against individuals would be capped at $1 million per violation instead of $150,000 and penalties for firms could rise to $10 million from $725,000 for each act under a proposal included in a letter dated yesterday from SEC Chairman Mary Schapiro to Senator Jack Reed, the Rhode Island Democrat who leads a subcommittee that oversees the agency.”

http://online.wsj.com/article/SB10001424052970204262304577068281927469216.html

“Ms. Schapiro’s letter asks Sens. Jack Reed (D., R.I.) and Mike Crapo (R., Idaho), to increase the legal formulas by which the agency calculates financial penalties. The senators hosted a hearing this month on the issue of SEC structural overhauls.”

I agree! And they are of the know of this. I yellowmarkered (highlighted ) all the high points of a 650 page document for the Senate that I was told by a customer of mine, whom is the secretary for Senator Pam Roach, that it was to big an article for her to read, she would not read it. So I asked her if she would read the highlighted parts herself and give the most important info to senator Pam Roach. She did and came personally to pick it up from me. Pam Raoch is working with a group of people I know one of them, that is suppose to be putting a bill together, that I have not seen yet and it is most urgent as we all know. Now how come the tax payers pay thousands if not millions for a 650 page Senate Report that the Senators wont read? See “Wall Street and THe Financila Crisis,; Anatomy of A Financial Collaspe”. this report should put all these Senators in disgrace alone, if they choose to proytect the banksters and not the victimes. This report should put the mobsters in jail and give us relief for our incomes lost, businesses, homes, jobs. It has been out for months. In my case I have asked for all this relief. We will see what happens. It is in the Appeal Court by Pro Se. As you say it is bad enough people are being tossed from their homes, to add the lost jobs, businesses and children and their famiilies living in the streets and death related crimes. This is just unimaginable to have ever happened in this country. Americans have to wake up and fight this in every way they are able to by non violence. They are just waiting to do something bad by provoking violence and then we will all be in deeper trouble. The evil doers want us to become violent, so they will have their way with us. So far it is the government that has been violent. Shame on all of them. Has anyone heard how Scott is? the military man whom was shot in the head. I pray for him and all of us..

Unfortunately, the victims ALWAYS get shortchanged in these governmental enforcement actions. The only consideration of the non-party victims in our legal system is that they are merely EVIDENCE.

If this is what we get from the all powerful federal government whom has unlimited resources, what can we expect from our attornies general?

Sounds like another cover-up. I even find it hard to believe that the SEC would have to sue them…I think it is all a show and in the end the money will stay among the hands of the criminals….If the SEC did their job in the first place, none of this would have, could have, or should have ever happened. At the end of the day, they are all corrupt criminals working for their owners who instituted the plan to screw everybody out of everything….

He’s the SEC’s head cop. Basically.

Settling’s fast, cheap, easy. And we’ve always done it this way. Why change it?

Now all Judge Rakoff may really want is details on the deal. If the problem is $700 Million, and there’s an employee named, and Credit Suisse is involved…why did the SEC have a goal of $300 million, which Citi probably knew. Why not actually go for the $700 and add fines on top of that? Yeah, would take longer, but add the SEC’s costs into the total penalty. Sounds logical.