Judge Calls Foul on SEC in Citigroup Case

[The Straight Story]

Judge Calls Foul on SEC in Citigroup Case


MANHATTAN (CN) - A federal judge accused the U.S. Securities and Exchange Commission of "misleading" him and the 2nd Circuit to stop a trial against Citigroup for massive securities fraud.

The SEC sued Citigroup in October for selling $1 billion in mortgage-backed CDOs while secretly shorting the securities, which one Citigroup trader allegedly called "a collection of dogsh!t."

Shortly after filing, the parties agreed to settle for $285 million, with $95 million going to the victims.

But U.S. District Judge Jed Rakoff refused to sign off on the deal, blasting the SEC in a blistering ruling for letting the megabank settle for "pocket change" without admitting wrongdoing.

http://www.courthousenews.com/2011/12/29/42650.htm

[Justice wanted]

1. Refreshing to see a judge actually standing up to the Business as usual I'll scratch your back you

do mine mentality that government and Corporations have been getting away with.

Thanks for standing up for the average 99%.

[FreakinDJ]

2. SEC is protecting the Banksters instead of doing their job

[elleng]

3. Posted earlier, few noticed THIS one!

In Challenging S.E.C. Settlement, a Judge in Wisconsin Cites a Court in New York.

http://www.democraticunderground.com/10163658

[xchrom]

4. I think the judge means something 'illegal'

Nt