Citigroup Not Off the Hook Just Yet, Barney Frank Announces Retirement the Only Way He Knows How: Frankly
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Real American Hero Judge Jed Rakoff of the US District Court in Manhattan tossed out a proposed SEC settlement after charges that Citigroup had bet against the very mortgage securities it was selling its customers. Rakoff hasn't tossed out the settlement entirely, but is asking for a resolution where Citigroup isn't allowed to "neither confirm nor deny" their wrongdoing, a sort of public interest fact-finding he identifies as the SEC's role in uncovering the truth, but which the SEC traditionally shies away from because it doesn't have the resources to handle protracted trials. Because, right, of course Wall St. would have more legal firepower than an agency in a city populated with 94% lawyers. In any event, Rakoff has this crazy idea that part of the SEC's job is to actually discover the truth behind these accusations and not just let Wall St. cop a plea as part of "the costs of doing business." What a dreamer, this guy.
Citigroup Not Off the Hook Just Yet, Barney Frank Announces Retirement the Only Way He Knows How: Frankly
Citigroup Not Off the Hook Just Yet, Barney…
Citigroup Not Off the Hook Just Yet, Barney Frank Announces Retirement the Only Way He Knows How: Frankly
Real American Hero Judge Jed Rakoff of the US District Court in Manhattan tossed out a proposed SEC settlement after charges that Citigroup had bet against the very mortgage securities it was selling its customers. Rakoff hasn't tossed out the settlement entirely, but is asking for a resolution where Citigroup isn't allowed to "neither confirm nor deny" their wrongdoing, a sort of public interest fact-finding he identifies as the SEC's role in uncovering the truth, but which the SEC traditionally shies away from because it doesn't have the resources to handle protracted trials. Because, right, of course Wall St. would have more legal firepower than an agency in a city populated with 94% lawyers. In any event, Rakoff has this crazy idea that part of the SEC's job is to actually discover the truth behind these accusations and not just let Wall St. cop a plea as part of "the costs of doing business." What a dreamer, this guy.