TV News LIES

Wednesday, Dec 07th

Last update05:20:13 AM GMT

You are here News Economy Citi will pay $285 million to settle mortgage fraud charges

Citi will pay $285 million to settle mortgage fraud charges

E-mail Print PDF

Citi to pay #285m for fraudCitigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was starting to collapse.

The Securities and Exchange Commission said Wednesday that the big Wall Street bank bet against the deal in 2007 and made $160 million in fees and profits. Investors lost millions. Citigroup neither admitted nor denied the SEC's allegations in the settlement.

"We are pleased to put this matter behind us and are focused on contributing to the economic recovery, serving our clients and growing responsibly," Citigroup said in a statement.

The penalty is the biggest targeting Wall Street firms that mislead investors ahead of the 2008 financial crisis since Goldman Sachs paid $550 million to settle similar charges last year. JPMorgan Chase also settled similar charges in June and paid $153.6 million.

All of the cases have involved so-called collateralized debt obligations. Those are securities backed by pools of other assets.

TVNL Comment: No one goes to jail for fraud.  No one. That's why there are so many people who cheer for #occupywallstreet.

More...


Most Recent Related Stories...


Trump's Carrier Victory Is the Economy's Loss

Trump carrier dealDonald Trump has scored a political victory by persuading Carrier Corp., a maker of air-conditioning and...

Wells Fargo faces new restrictions from banking regulator

Wells Fargo A federal banking regulator has imposed tighter restrictions to Wells Fargo & Co.'s settlement regarding the...

Carrier agrees to keep 1,000 jobs in Indianapolis

Carrier Carrier Corp. is staying in Indianapolis after all. Nearly nine months after announcing it would relocate its...

Ford CEO warns Trump's 35% car tariff would harm the economy

Mark FieldsFord Motors CEO Mark Fields said Tuesday that a 35% tariff on cars and trucks imported...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!