Judge Rakoff once again stands for restoring trust by insisting that the SEC provide facts concerning wrong doing rather than settling out of court and allowing Citibank to claim no wrong doing. He rejected a 285 million dollar settlement because there was not real agreement concerning the truth about what Citibank did wrong. The alleged betrayal of trust was in concealing the fact that they had deliberately designed an instrument to fail, like Goldman's Abacus deal. It was alleged that they ...
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