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.
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.
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.”
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