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.
In victorious fashion, Citigroup issued a statement: “We are pleased to put this matter behind us and are focused on contributing to the economic recovery, serving our clients and growing responsibly”. HUH? HAHAHAHA!! Oh, Citibank…you are just SO funny!
OK…how very nice for Citigroup — What about us?
As the result of this settlement, will the average citizen see anything change? *Said in flirty voice*: How about a little love, Citigroup? *Batting my eyes…* Are you going to refinance some mortgages or reduce the principal, baby? How about reducing some of those fees, sweetie? What about a break at the ATM?
Damn…just like a bad boyfriend….not paying attention to me, huh? Shall I look towards a new love? Maybe Bank of America? Oh, um, you’re laying off 30,000 employees…um, wow…your callousness about kicking folks to the curb makes you a lousy long-term relationship prospect. I should shimmy on over to JP Morgan Chase or give Goldman Sachs a second look. No? Oh, that’s right, they’re not exactly known to be stand-up guys either — much like their friends over at Credit Suisse and Wells Fargo.
What’s a girl to do when she doesn’t find guys who specialise in unlawful conduct appealing?