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.
…the predictable outcome of thirty years of economic and…
…the predictable outcome of thirty years of economic and social policy that has been rigged to serve the comfort and largesse of the old at the expense of the young…
Regulator Benjamin Lawsky Is the Man Banks Fear Most
Regulator Benjamin Lawsky Is the Man Banks Fear Most:
Using the law as a cudgel to insure banking executives get fired for their crimes and banks feel the pain when they break the law? Having meetings in which bank CEOs “begged for mercy”? Closing the loopholes the Feds don’t have the will or leverage to close? Leaving banks ‘with no comment’?
Leaving federal agencies who have failed to regulate Too Big To Fail banks upset? Seeking larger fines so aggressively that it makes it ‘harder to settle’? Forcing Treasury to move faster? Slapping down a big four consulting firm? Taking on the insurance companies?
Sign me up for this guy’s fan club.
The Generational Short Part 2: Who Will Boomers Sell Their Stocks To? | Zero Hedge
The Generational Short Part 2: Who Will Boomers Sell Their Stocks To? | Zero Hedge:
With Gen-X and Gen-Y are out as buyers, who’s left to buy the tens of trillions of dollars of Boomer assets at bubblicious prices? Given that other nations face the same demographic dilemma, the answer appears to be: no one.