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Citi Joins Goldman And JPMorgan In Settling Fraudulent And Misleading CDO Practices: Wristslap Costs $285 Million

By: capt_nemo in ROUND | Recommend this post (0)
Thu, 20 Oct 11 1:06 AM | 44 view(s)
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And so Citi becomes the third firm after Goldman and JPM to put all their gross CDO criminal (wait, allegedly, they neither admitted nor denied) activity behind them with a $285 million wristslap.

Citigroup will pay USD 285mln to settle SEC charges for misleading investors about selling CDOs related to housing market, according to SEC
Citigroup's main US broker-dealer unit misled investors about USD 1bln CDO tied to US housing market, in which Citigroup bet against investors.

It is unclear if the money used will be courtesy of FDIC-backed TLGP notes still on Citi's books. Either way, justice is now "served."

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http://www.zerohedge.com/news/citi-joins-goldman-and-jpmorgan-settling-fraudulent-and-misleading-cdo-practices-wristslap-cost




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