Citibank gets a slap on the wrist for defrauding it's own customers

Citibank settled out of court yesterday against the SEC. They ended up having to pay a $285 million dollar fine for intentionally misleading it's customers into making a bad investment and then placing a billion dollar bet against against that same investment.

It might sound like justice that they were fined $285 million, but it's not. $160 million of that were just the fees it charged it's customers for the privilege of being conned out of their money. Then they only had to give back a small portion of those investments to a few privileged customers who have influential friends in the federal government.

What CitiGroup got to keep is ALL of the money that was made in that billion dollar fraudulent bet against their own customers that resulted in a lot of their own customers losing a ton of money.

Why didn't the government get to keep that billion dollar scam bet and the profits made off of it? Why didn't ALL the investors get reimbursed? And more importantly, why didn't ANYONE go to jail in case billion dollar fraud case?

Also, has anyone noticed that the media is refusing to report this? So much for a free press.

http://www.sec.gov/news/press/2011/2011-214.htm

Fucking assholes! No media cause those fuckers and washington are all bought out. Boycott all banks and go to a local credit union! I pulled 12k out of bofa recently and it was a great feeling. Occupy wall street!

johny1212 said:

I pulled 12k out of bofa recently and it was a great feeling.

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They should change their name from Bank of America to Bank Of Fucking Over America.

No surprise. The monetary system is rigged against us, the common people.

Most corporations are willing to pay fines or court costs because overall its better for the corporation's bottom line. From a corporations perspective, whatever brought them to court was worth doing because they made money - they aren't worried about the small fine because to them its just the fee for doing business.

A corporation's goal is to make profit - hence all corporations are incapable of caring for the common good, people, animals, or the environment. This is common knowledge that is ignored or overlooked. Yet we still keep complaining about the immorality of corporations.

If we had better rating agency watching them we wouldn't have these problems. I agree, they are taking advantage of the uniformed investor. Maybe we need to make a division of the government to specifically watch them. Also, I'm a firm believer in people managing their own finances and not trust someone else to do it for them. No one cares about your money as much as you do.

Johnny Retro said:

If we had better rating agency watching them we wouldn't have these problems. I agree, they are taking advantage of the uniformed investor. Maybe we need to make a division of the government to specifically watch them. Also, I'm a firm believer in people managing their own finances and not trust someone else to do it for them. No one cares about your money as much as you do.

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They are doing more than taking advantage of an uniformed investor. They were the ones supplying the investors with the misinformation, then betting against their own bad advice.

And still not one word about this from the media. shameful shit right there

Well the Truth is
An Unregulated Free market would of prevented this
Like the One Ron Paul is striving for

>snicker<

dukeanthony said:

Well the Truth is
An Unregulated Free market would of prevented this
Like the One Ron Paul is striving for

>snicker<

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Ron Paul is the bankers worst nightmare, thats the Truth About Ron Paul.

Joke: maybe they are trying to rip a lot of people off because of fear that Ron Paul might get another audit if hes elected. lol

dukeanthony said:

Well the Truth is
An Unregulated Free market would of prevented this
Like the One Ron Paul is striving for

>snicker<

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No it wouldn't, but neither would a regulated one. Fraud is fraud. Plan and simple. They are criminals, and should go to jail no matter the system in place.

Lets occupy citibank.. literally.. hostages & all.

sync0s said:

No it wouldn't, but neither would a regulated one. Fraud is fraud. Plan and simple. They are criminals, and should go to jail no matter the system in place.

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It is only Fraud Because there are regulations against it

The same Burdemsome Regulations Ron Paul says stifle growth

dukeanthony said:

It is only Fraud Because there are regulations against it

The same Burdemsome Regulations Ron Paul says stifle growth

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wrong on both counts