Tuesday, November 29, 2011

Matt Taibbi on judge's smack down of SEC deal with Citi

Matt Taibbi of Rolling Stone discussed Monday on Countdown with Keith Olbermann the “unusual” decision of a judge to reject settlement Citigroup made with U.S. regulators over its marketing of mortgage securities.
New York federal court judge Jed Rakoff scolded the Securities and Exchange Commission (SEC) for agreeing to a deal that he called inadequate and not in the public interest.
“He came out basically and said that the SEC and Wall Street have been in a wink-wink, nudge-nudge arrangement for years,” Taibbi explained.
“For Judge Rakoff to not only reject the settlement but to reject it in such an aggressive fashion with this very strong rebuke and very strong ruling is very sobering for the SEC,” he added.
Read the rest and watch video at Raw Story
by Eric W. Dolan

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