Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Judge Skewers SEC Citibank Action As "Just For Show"

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-11-11 07:17 PM
Original message
Judge Skewers SEC Citibank Action As "Just For Show"

from the Working Life blog:

Judge Skewers SEC Citibank Action As "Just For Show"

by Jonathan Tasini
Thursday 10 of November, 2011

May I introduce to you my hero for the day: Jed S. Rakoff of the Federal District Court in Manhattan. Yesterday, Rakoff said what we all know: the government, our government, is not serious about holding people accountable for the robbery and greed and incompetence that led to the financial collapse, costing millions of people their jobs and obliterating trillions of dollars in wealth. As Rakoff said, it's all a show.

The Securities and Exchange Commission is trying to ram through a settlement with Citibank that would let the monstrous bank slide with a slap on the wrist. Rakoff is not pleased and isn't buying the capitulation on the part of the government:

Yet the judge made it clear during an hourlong hearing in a crowded courtroom that he had serious concerns about how the commission reached such settlements and whether they were tough enough.

Doesnt the S.E.C. have an interest in what the truth is? Judge Rakoff asked, in reference to the commissions longstanding practice of not forcing a defendant to admit any wrongdoing when settling a case.

Matthew T. Martens, a senior lawyer at the S.E.C., said that the government believed that the public knew the truth about Citigroups conduct because the governments lawsuit laid out its claims against the bank.

Last time I checked, correct me if Im wrong, anyone can make an allegation, said Judge Rakoff. The mere fact that you say its so does not make it so unless its proved.

The answer to Judge Rakoff's question is NO. The Administration, and virtually every elected official in both parties, has ZERO interest in finding out what the truth is--though, we know what the truth is--and even less interest in holding anyone in any serious position accountable.

Part of that is just about business, to paraphrase Don Corleone: it's about campaign contributions and not wanting to put in jail--which is where these people belong--many of the underwriters of the political electoral system. ............(more)

The complete piece is at:

Printer Friendly | Permalink |  | Top
lob1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-11-11 07:27 PM
Response to Original message
1. Government of the people...for the the people...
unless you give me money.
Printer Friendly | Permalink |  | Top
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon May 27th 2024, 01:28 AM
Response to Original message
Advertisements [?]

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC