DOJ Citigroup Settlement Lacks Disclosure Of Victims And Criminal Conduct

By: Tuesday July 15, 2014 10:55 am

On Monday the Department of Justice and Attorney General Eric Holder announced a meager $7 billion settlement with Citigroup for causing the most severe financial crisis since the Great Depression by fraudulently selling mortgage securities that wrecked the financial markets. AG Holder celebrated the settlement and claimed “This historic penalty is appropriate given the strength of the evidence of the wrongdoing committed by Citi.”

But, according to The Litigation Daily, the details of that “wrongdoing” are nowhere to be found in the settlement documents, raising questions as to whether DOJ gave Citigroup a special deal regarding disclosure. Was part of this “historic penalty” an exemption from having to admit the crimes committed and the victims harmed?

 

Citigroup Pays Just $7 Billion For Causing Financial Crisis

By: Monday July 14, 2014 11:07 am

Citigroup, one of the most dysfunctional and malevolent financial institutions in American history, has agreed to pay $7 billion to settle investigations into the fraud it committed in the mortgage security market that led to the financial crash of 2008. The selling and marketing of volatile mortgage security products to investors around the world as safe and stable mined the financial markets to blow up in 2008.

The resulting financial crisis saw the American people suffer incredible pain while Citigroup received a federal bailout from Congress under TARP and a wide open line of endless credit from the Federal Reserve.

Citigroup Fails Another Stress Test

By: Thursday March 27, 2014 2:00 pm

Six years after the financial crisis Citigroup has failed a stress test by the Federal Reserve. Citigroup’s capital plan included a quintupling of its dividend but Fed regulators wanted the Too Big To Fail bank to hold onto more capital.

FDL Book Salon Welcomes Bob Ivry, The Seven Sins of Wall Street: Big Banks, Their Washington Lackeys, and the Next Financial Crisis

By: Sunday March 23, 2014 1:58 pm

This book is an eye-opener, a wake-up call for those in Washington to get their heads out of Wall Street’s asses, a state unthinkable for most politicians. But, it’s also a wake-up call to us, to be ever more vigilant with every one of our financial dealings, because the worst is yet to come.

Citigroup Fraud in Mexico Slices Profits

By: Friday February 28, 2014 2:17 pm

Citigroup cut its fourth quarter and full year 2013 estimates today due to problems in Mexico, specially involvement in fraudulent loans. The fraud cuts Citigroup’s profit by $235 million after it was revealed the loans were made to a company that had phony collateral. Citigroup’s credit analysts appeared to not even know the company was in danger of being prevented from having access to the government contracts it was claiming would create the revenue to payback the loan with.

Get ready for a painfully ridiculous public statement.

The European Union Catches the Banks Holding Hands

By: Saturday December 14, 2013 2:38 pm

Early in the summer of 2012, Bob Diamond was an American banker with a talent for making numbers say what he wanted them to say. He was legit and was sitting in the catbird seat at Barclays Bank UK. He’d made $100 million over the previous six years.

A few weeks later, in early July, the world had flipped. Instead of sitting at his desk at Barclays Diamond was answering questions from a Parliamentary committee investigating LIBOR rate-fixing in 2008. A week after that he was out of work.

House Votes To Rollback Wall Street Regulations

By: Friday November 1, 2013 7:00 am

A mere five years after the 2008 financial crisis the United States House of Representatives has voted to virtually guarantee another one. With bipartisan support, the House voted to rollback provisions of the Dodd-Frank bill and allow Too Big To Fail banks to trade derivatives in units that are guaranteed by the federal government – not only promoting risky behavior but putting the government on the hook for backstopping such risky trades.

JPMorgan and Citigroup Put Currency Dealers on Leave as Foreign Exchange Scandal Widens

By: Thursday October 31, 2013 8:30 am

Well, it’s been a few weeks, so are you ready for yet another major scandal from the financial sector? Ready or not here we go. Just as LIBOR starts working its way through the courts, a scandal within the massive foreign exchange or FX market is getting rolling. Much like LIBOR, which involved rigging a market that was the global interest rate for loans, the alleged impropriety in the FX market could touch every financial institution in the world.

House Set To Pass Bills Written For And By Wall Street This Week

By: Tuesday October 29, 2013 12:50 pm

House members who plan to vote for these bills have no fear whatsoever of being so obviously in Wall Street’s pocket. The bill is exposed as being written by Wall Street lobbyists and no one cares? Then again, perhaps Wall Street writing the bills is so commonplace in DC that such a revelation is in no way surprising or worth further consideration by members of Congress.

JPMorgan Under Criminal and Civil Investigation Over Mortgages

By: Thursday August 8, 2013 12:35 pm

One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market. JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007.

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