Keith and “Countdown” contributor Matt Taibbi of Rolling Stone discuss the remarkable decision by U.S. District Judge Jed Rakoff to reject a $285 million settlement between Citigroup and the Securities and Exchange Commission for misleading investors. Taibbi points out that banks take punitive settlements in stride, saying, “They recognize that every now and then they’re going to get dragged into court, they’re going to have to give a little bit of money to somebody, and then they get to walk away and keep doing it.”

Matt Taibbi on Judge Rakoff’s decision to reject the SEC’s latest settlement with Citigroup

Category: Bailouts, Legal, Video

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4 Responses to “Taibbi: Judge Rakoff’s Rejection of SEC/Citigroup Settlement”

  1. Francois says:

    Someone remind Khuzami how many times Citigroup has done the very thing Judge Rakoff is so unhappy about. IIRC, they’ve been caught no less than 4 times.

    Yet, shit like 3-strikes-you’re-out just apply to individuals…never to corporations.

    USA! USA!

  2. Francois says:

    So, according to Taibbi’s analysis, the SEC is now a wholly owned subsidiary of Corporate America.

    Who could have known?

  3. blackjaquekerouac says:

    this is not news. former SEC head “what’s his name” comes on Tom Keene’s show all the time (at least until recently) simply stating it. i mean WTF? Why have the Agency in the first place…let alone Judges and the rule of law. Financially destroy say…New York State and see if that changes anything.

  4. bear_in_mind says:

    Barry,

    You’d intimated 12-18 months ago that Khuzami was a REAL enforcer coming to the SEC, not another “Sheriff Bart” character. In light of the excoriation of the SEC by Judge Rakoff, I’m wondering your thoughts today on whether Khuzami is still getting his ‘sea legs’, or become another functionary via regulatory capture?

    Same topic, different vein — any ideas on how We the People can break the logjam of ineffectual federal law enforcement? Any chance a populist movement could “draft” Bill Black or (fill in the blank) to become a REAL Attorney General and move prosecutions to the front burner?

    ~B-I-M