Citigroup's Simple Recipe for Breaking Laws and Getting Away with It | Alternet
Citigroup is heavily integrated with other dominant institutions in American and international society, which helps explain why the bank can break so many laws and get away with it.As a Bloomberg report stated bluntly, for Citigroup “obeying the law is too damn hard [12].” Or rather, simply, it is unnecessary. In 2011, Citigroup paid a $285 million settlement with the SEC for defrauding investors [13]. In 2012, the bank paid another settlement of $590 million for defrauding investors, though it made sure not to admit guilt as the payment was “solely to eliminate the uncertainties [14], burden and expense of further protracted litigation.” In 2013, Citigroup agreed to pay a further $968 million [15] to Fannie Mae over the bad mortgage loans it sold to the company in the run-up to the financial crisis.
...the bank also undertook foreclosures on hundreds of U.S. military members during the financial crisis, often while [16] the military personnel were in Iraq or Afghanistan.
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