Another Big Bank Heist

Banker

The word is out: The Securities and Exchange Commission (SEC) settled with Citigroup for $285 million.  In yet another case of fraud by a ‘too-big-to-fail’ bank, investors lost millions as the result of being misled — this time, about mortgage bonds.  In the settlement, Citigroup doesn’t admit or deny the allegation that they behaved badly and/or did anything wrong by betting against the very mortgage securities they convinced their investors to buy.… [Read more]