Sunday, August 4, 2013

Citigroup's Simple Recipe for Breaking Laws and Getting Away with It

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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