Forum Post: Citicorp and Credit Suisse Charged with Defrauding, Misleading and Negligently Creating TOXIC Mortgage Packages Selling to Investors then Betting Against Them -- They agree to DISGORGE PROFITS
Posted 13 years ago on Oct. 19, 2011, 10:47 p.m. EST by FedWallFedWellFedUP
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Citicorp and Credit Suisse Charged by SEC with Defrauding, Misleading and Negligently Creating TOXIC Mortgage Packages Selling to Investors then Betting Against Them -- Citicorp agree to DISGORGE PROFITS and refund to investors -- we DEMAND that THE HOMEOWNERS of TOXIC MORTGAGES are REFUNDED TOO.
is this it? http://www.nytimes.com/2011/10/20/business/citigroup-to-pay-285-million-to-settle-sec-charges.html?_r=1&hp
Haha, thanks for the link, my post a bit down from two minutes before yours shows the predictability and futility of the SEC.
For those to lazy to find it: Prediction - they will settle for pennies on the dollar and not face jail time, like the majority of cases the SEC brings forth.
oh ok cool thats the link.
yes...that's one of the links...thanks for posting
I'm tired of these hippies who majored in PreColombian Pottery at some liberal Arts College who are angry at me for my 3rd house in the hamptons. I worked hard social networking at the parities during business school in order to get my job on wall street. I should be able to wear my cufflinks proudly and take my helicopter to the Short Hills mall to buy clothes for my girlfriends. Don't be mad at me because you majored in something that is worthless to society and now you have to work at starbucks to pay off that stupid loan that I sold to you.
ignorant and ill informed comment...pat yourself and your questionable education on the back
Huh? It's a mortgage. i.e., a debt. How are you supposed to be refunded money that you OWE?
Predatory lending, bait and switch loans with teaser interest rates, gaming the system, creating financial instruments designed to fail, defrauding consumers....and there's more...that's just the beginning....
Entirely different matters.
This is related to investors in mortgages which were packaged and sold as investment instruments, not to individual mortgages that Citi may have originated. The packaged mortgages weren't necessarily restricted to those originated by Citi itself (e.g., many purchased from other originators and brokers).
Again, you can't be refunded money that you OWE. Any beef re the issues that you mention would have to be addressed in some other way.
It will be addressed in every which way one can imagine
Can someone link up directly to the story please?
Citibank is really taking the lead on this! Small props to Vikram Pandit for this (CEO of Citigroup).
agree it is the right thing to do...SEC has also charged mid-level employee at Citibank
Pandit has been the most stand-up guy among them.
Prediction - they will settle for pennies on the dollar and not face jail time, like the majority of cases the SEC brings forth.
Wheres a link to the story?
this IS BREAKING NEWS TONITE in the NEW YORK TIMES....need to repeat over and over again to get the message out here....very pivotal moment....very very important victory....
Like this. We also need to break up the "too big too fail" enterprises. We can't have them above the law and being reckless with our country's future.
Yes it's great and it is a first step and will be the basis for the next win where we get refunds for homeowners of these bait & switch toxic mortgages that caused everyone such financial harm.