Citi to pay $7 billion in Justice settlement
Citi to pay $7 billion in Justice settlement:
Citigroup, one of the prime movers, shakers, and Too Big to Failures of the Mortgage Crisis pays $7bil in a settlement announced today. That’s 4.7% of their market cap, or 9% of their net revenue last year. Oh, and since it is a settlement, the US government is letting them say they didn’t do anything criminal. But this is a ‘record high settlement’, so celebrate peons.
