Forum Post: CitiBank To Settle RoBo Mortgage Scamm Tues Nov 8 at Foley Sq Court
Posted 12 years ago on Nov. 6, 2011, 2:31 p.m. EST by PaulRevere
(1)
from Bronx, NY
This content is user submitted and not an official statement
URGENT: Citi Bank settlement deal is to be quietly & quickly Court-approved on thisTuesday, November 8, at Foley Square Court house..in a private hearing in the Judge Chambers.This must be opposed. Citi will merely pay a fine that is subsequently passed on to customers as just another cost-of-doing-business; then it all continues on & on again. This will not stop until there are consequences with high level execs prosecuted & jailed. NYS Attorney General & NY banking & Finance Dept are selling out the people. President Obamma & Eric Holder are pressuring State Att generals across U.S. to quickly ratify these deals.
do you have a link to this?
wsj article http://online.wsj.com/article/SB10001424052970203687504577001880109335126.html:
"Why should the court impose a judgment in a case in which the SEC alleges a serious securities fraud, but the defendant neither admits nor denies wrongdoing?" the judge wrote in a four-page order. He also ordered SEC officials to explain why "the penalty in this case" is "less than one-fifth of the $535 million penalty assessed" by the agency last year as part of its $550 million deal with Goldman Sachs Group Inc. That pact resolved civil charges related to Goldman's sale of a $2 billion mortgage-bond deal called Abacus 2007-AC1.
Another story about the Citigroup Fraud
http://www.dailykos.com/story/2011/11/01/1032036/-Citigroup-GUILTY-of-Fraud-in-Mortgage-CDO-Market-Agrees-to-Pay-$285-Million
"It means the critics were right. The financial crisis of 2008 WAS caused, at least in part, by fraud. Not a comedy of errors. Not an inability to understand complex derivatives. Not by government regulations or those damn poor people - but by FRAUD."
But I would add that intentional deregulation and no accountability from the government level, is fraudulent, and lack of accountability gives the green light for more of this to occur in the future
Seems they are hurrying to settle these matters so they can't be tried again...via class action suit...but they will be brought to justice and there will be a CLASS ACTION SUIT -- Two weeks ago Citibank settled 200 million plus complaint by SEC for securities fraud in mortgage market
Another payday for croney judges
the fix is in
March on Foley Square Nov 8!