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.
ANALYST: Bank Of America Just Completed The Wall Street ‘Trifecta Of Misery’:
“Elizabeth Warren is doing a jig somewhere right now.”
“The Trifecta of Misery on Wall Street … a list of mishaps that show Wall Street is now is too big to manage.”
“So I think we are in great danger of banks not just being too big to fail, but their leaders being too big to fail, as they take the tremendous subsidies they’ve received over the last few years. We’re in a much more precarious position.”
Visualizing The Triumph Of Hope Over Reality | Zero Hedge:
Remember when we talked about how TARP implicitly made risky funds safe by bailing out the banks? (After all, if we bailed them out for screwing up this time, then surely we’ll be able to bail them out next time.) Well, as was predicted by many a person with sense, the risky and fairly terrible assets on the market have been tanking the *real* value while our government waves a hand and says ‘all is well here.’ And the market believes them.
All is not well.
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