Sunday, August 4, 2013
Citigroup's Simple Recipe for Breaking Laws and Getting Away with It
As a Bloomberg report stated bluntly, for Citigroup “obeying the law is too damn hard .” Or rather, simply, it is unnecessary. In 2011, Citigroup paid a $285 million settlement with the SEC for defrauding investors . 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 , burden and expense of further protracted litigation.” In 2013, Citigroup agreed to pay a further $968 million  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  the military personnel were in Iraq or Afghanistan.
Posted by politzo at 12:52 PM