US Legal System Tells Citibank to Rack Off

Generali

http://www.rollingstone.com/politics/blogs/taibblog/finally-a-judge-stands-up-to-wall-street-20111110

I reccomend that you read the whole article but the short version is that a US judge has told the US regulator (the SEC) that he won't accept a settlement in a fraud case with Citibank and wants the whole case to go to trial.

The key part of the article is this:

The amazing thing about the wave of corruption that has overtaken the financial services industry is that most of it couldn’t happen without virtually every player at every level signing off on these deals. From the ratings agencies to the law firms to the accounting firms to the regulators to the bank executives themselves, everybody had to be on board in order for a lot of these fraud schemes to work.

There has been a systematic defrauding and people should be going to gaol for that IMHO.

Heyman_2

I hope 'Rack off' was followed quickly by 'ya dag' or hopefully even better, 'ya flaming mongrel!'

Generali

Heyman wrote: »

I hope 'Rack off' was followed quickly by 'ya dag' or hopefully even better, 'ya flaming mongrel!'

It's slightly more prosaic unfortunately:

Federal judge Jed Rakoff, a former prosecutor with the U.S. Attorney’s office here in New York, is fast becoming a sort of legal hero of our time. He showed that again yesterday when he shat all over the SEC’s latest dirty settlement with serial fraud offender Citigroup, refusing to let the captured regulatory agency sweep yet another case of high-level criminal malfeasance under the rug.