Posts Tagged accountability

A Sobering Thought

“The Horror, The Horror”

by Paul Krugman
“Atrios, aka Duncan Black, is celebrating his 10th blogoversary with a countdown of America’s Worst Pundits. And he emphasizes just how bad a decade it has been, “a time when this country stopped even bothering to pretend to live up to many of its supposed ideals. We go to war and kill lots of people for no good reason, elites have eliminated any accountability for themselves for criminal wrongdoing, we’ve tortured and assassinated people, and the response to massive economic suffering and related criminal fraud has been to give lots of free money to the people who caused it all.
”Whenever people take me to task for being rude, for not treating politicians and their apologists with respect even when they’re talking obvious nonsense, I wonder whether they’ve been asleep this past decade. We have a political movement that lied us into war, not to mention all the other abuses. If this doesn’t call for being tough, what would?”

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At Last a Judge with Balls

Citigroup-SEC $285m toxic mortgage deal rejected

Citigroup's settlement was to compensate investors who lost money on mortgage assets

A US judge has rejected a $285m (£184m) settlement between Citigroup and Wall Street’s regulator, the SEC, over the sale of toxic mortgages.

Federal court judge Jed Rakoff ordered a trial, saying the settlement was “neither reasonable, nor fair, nor adequate, nor in the public interest”.

The SEC claimed Citigroup sold $1bn worth of mortgage assets and then bet that their value would fall.

Neither the SEC nor the US’s third-largest bank had any immediate comment.

In a written opinion, the Manhattan judge said the allegations against Citigroup should go to trial.

Under the settlement, agreed in October, Citigroup was to pay $285m to compensate investors for losses on the mortgage assets, which plunged in value months after the bank sold them in 2007.

Investors lost $700 million, according to the SEC, while Citigroup made about $160 million in profits.

The trial would seek to establish clarity about the financial markets and the Security and Exchange Commission’s responsibility to uncover the truth, the judge said.

“Although this [settlement] would appear to be tantamount to an allegation of knowing and fraudulent intent… the SEC, for reasons of its own, chose to charge Citigroup only with negligence,” Judge Rakoff said.

He said that the settlement, in which Citigroup did not admit or deny the accusations, did not give him enough information to know whether the deal was fair or correct.

“The court concludes, regretfully, that the proposed Consent Judgment is neither fair, nor reasonable, nor adequate, nor in the public interest,” the judge said.

Source: BBC News


It’s about time that some of these bastards were brought to book!

Actions like this are what is needed to right the wrongs of the financial world. These banks and corporation MUST be made accountable.

It is this shit that Occupy Wall Street is about.

These ‘settlements’ are bullshit, make them pay, make them reimburse every last cent, fine them, bring them to their knees if necessary to protect the people!


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