Citigroup to Pay $1 for Every $500 in Subprime Exposure It Hid - ProPublica
http://www.propublica.org/blog/item/citigroup-to-pay-for-75-million-for-hiding-exposure-to-subprime-cdos
Citigroup has agreed to pay the SEC $75 million to settle charges that the bank hid exposure to more than $40 billion in subprime CDOs. Neither Citi nor the execs admitted to any wrongdoing.
(these settlements (like the goldman one recently as well) are so unsatisfying/ineffective.. not only because the payment is so much smaller than what was gained from the crime, but also because nobody has to admit any wronging. Basically it institutionalizes these behaviors as profitable and appealing..)
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