Lo and behold, I found yet another reason to bitch about Citi: http://www.ksl.com/?nid=157&sid=17846187#.TtP_Ru2mNUc.email Basically what this article says is that Citi committed crimes, Citigroup and the Securities and Exchange Commission then came to some sort of agreement (e.g., payoff), and now the SEC is shielding the public from details of the firm's wrongdoing.
As if Citi doesn't make enough money gouging people with exhorbitant fees and interest rates that would make the Mafia blush, they also have to mislead investors in order to make even more obscene profits.
According to this article: "U.S. District Judge Jed Rakoff said the public has a right to know what happens in cases that touch on "the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives." In such cases, the SEC has a responsibility to ensure that the truth emerges, he wrote." Pretty amazing that the SEC would allege criminal activities and then run away with their tail between their legs; of course, they probably had a suitcase full of money to buffer any apprehensions they might have had about not forcing Citi to admit guilt or wrongdoing.
And as if that weren't enough to make one vomit every time one sees anything with the Citi logo, there's another article listing CEOs who are job killers, which I've posted previously, but this time with a video clip on Vikram Pandit's slide that reads: "Citigroup board gives Pandit a big raise." http://money.msn.com/investing/ceos-who-became-job-killers-thestreet.aspx?cp-documentid=6834878 Warms the heart to know that Vikram is getting raises even as Citi is announcing projected layoffs to cut costs. These stories of corporate greed, corruption, and malfeasance keep getting more and more frequent and more and more ludicrous.
