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(The Wire)   Citibank becomes the latest financial behemoth to buy its way out of criminal liability for the mortgage meltdown by cutting a 10-digit check to the DOJ   (thewire.com) divider line 96
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3582 clicks; posted to Main » on 14 Jul 2014 at 2:57 PM (6 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-07-14 02:04:10 PM
Even more galling?

Their stock went up 3% as soon as the deal was announced.

Once again, Wall St. managers profit off the arse-raping of the rest of America.
 
2014-07-14 02:23:27 PM
Citi of course is outraged because the feds turned down their settlement offer of $400 mil.

It must be nice to be able to buy your way out of legal difficulties that would land an ordinary person a lifetime behind bars.
 
2014-07-14 02:58:43 PM

Marcus Aurelius: Citi of course is outraged because the feds turned down their settlement offer of $400 mil.

It must be nice to be able to buy your way out of legal difficulties that would land an ordinary person a lifetime behind bars.


It's not their fault you have no money

/oh?
//it is?
///oops
 
2014-07-14 02:59:41 PM
Usury is a closely held religious belief... or something...
 
2014-07-14 03:00:45 PM
I should incorporate myself as a bank.
 
2014-07-14 03:04:02 PM

Grand_Moff_Joseph: Even more galling?

Their stock went up 3% as soon as the deal was announced.

Once again, Wall St. managers profit off the arse-raping of the rest of America.


Looks like the government profits off it as well. I'm all for corporation hate when it's deserved, but don't forget who's in bed with them.
 
2014-07-14 03:04:03 PM
It's almost the same as being white.
 
2014-07-14 03:05:33 PM
It's a shame that these nice banks were FORCED to give loans to urban people because the government made them  You know how those urban people are.   They're all, like, urban.
 
2014-07-14 03:06:01 PM
Give a man a bank and he can rob a country.
 
2014-07-14 03:06:43 PM
Corporations are people my friend. And people cannot buy their way out of a criminal act.

Therefore, TFA is a lie. Citibank is going to jail soon, just wait and see.
 
2014-07-14 03:07:04 PM

Marcus Aurelius: Citi of course is outraged because the feds turned down their settlement offer of $400 mil.

It must be nice to be able to buy your way out of legal difficulties that would land an ordinary person a lifetime behind bars.


CITI is a corporation not a person that could be held accountable.
 
2014-07-14 03:09:43 PM

mayIFark: Corporations are people my friend. And people cannot buy their way out of a criminal act.

Therefore, TFA is a lie. Citibank is going to jail soon, just wait and see.


Robert Rubin and Chuck Prince should. Citigroup hired Rubin as soon as Clinton left office and he is the one who convinced Chuck Prince into getting into the mortgage scam. The senior VP's who objected were fired by Prince.
 
2014-07-14 03:10:03 PM
They didn't pay their way out of criminal liability, a 7 billion dollar fine IS their liability. Why would the government want to jail them costing them money when they can charge them a fine and keep the money?
 
2014-07-14 03:10:28 PM

Grand_Moff_Joseph: Even more galling?

Their stock went up 3% as soon as the deal was announced.

Once again, Wall St. managers profit off the arse-raping of the rest of America.


I'm not angry about that, it's the market reacting to the situation with the Feds finally resolving itself.  I am angry about the fact that, once again, the SEC/Government can just be bought off, while the Banking Industrial Complex does everything it can to sabotage and hobble any new regulations.  Nothing changes, at least not perceptibly.
 
2014-07-14 03:11:55 PM
Between the bailouts and the pennies-on-the-dollar-stolen fines, it's as if your house was burnt to the ground and your homeowner's insurance (Uncle Fed) paid out the full value of the property... to the arsonist.
 
2014-07-14 03:12:54 PM

Krusty_the_Barbarian: They didn't pay their way out of criminal liability, a 7 billion dollar fine IS their liability. Why would the government want to jail them costing them money when they can charge them a fine and keep the money?


why jail anyone who can afford to pay a fine instead?
 
2014-07-14 03:13:14 PM
The government gets the payoff, Citibank gets off, and all the people that were actually victimized in the whole thing by Citibank's "We're not admitting anything but this payoff absolves us of everything we didn't do" still lose their homes and fortunes. It's not like any of that government payoff will go directly to the people who were harmed, it just goes into the general coffers.

Sigh. And Citi's stock goes up because everyone knows they made way more than the amount of the check in the whole process.
 
2014-07-14 03:13:57 PM
They have been getting tons of money with all these companies paying fines, so what happens to that money once the DOJ gets their hands on it?
 
2014-07-14 03:16:15 PM

Krusty_the_Barbarian: They didn't pay their way out of criminal liability, a 7 billion dollar fine IS their liability. Why would the government want to jail them costing them money when they can charge them a fine and keep the money?


Spending someone else's money to atone for criminal acts isn't a great motivator to never do that again.  Knowing that others are spending time in prison for the thing that you're thinking about doing, and those prosecutors are still out there actively looking for more people who are guilty is a good motivator.

Besides, it's 7 billion.  The DoD would chomp that up in less than a week.  It's not like it's enough to spin up some new public service that benefits everyone, it just goes back into the government machine, never to be heard from again.
 
2014-07-14 03:16:21 PM
It's good to be the king(s).
 
2014-07-14 03:16:48 PM
The consumer relief will come as financing for construction, preservation of affordable rental housing, principal reduction and forbearance of residential loans, as well as other relief programs for borrowers. Citi must provide this relief by the end of 2018.

I hope that's not a multiple choice, because I have a feeling "finance construction" will happen 100% more than "principal reduction"
 
2014-07-14 03:17:44 PM
The Mets owners get caught in the Madoff scandal and then name their stadium after Citibank.
 
2014-07-14 03:18:04 PM

AceThunder: They have been getting tons of money with all these companies paying fines, so what happens to that money once the DOJ gets their hands on it?


Haha, that goes to the nunya fund. What? Nunya farkin business.
 
2014-07-14 03:19:38 PM
Corporations are people, except they can't be sent to jail, and they can steal hundreds of billions and then get "punished" by having to give back 10% of it.  But don't do it again, guys.  I hope you've learned your lesson.
 
2014-07-14 03:19:40 PM

G. Tarrant: The government gets the payoff, Citibank gets off, and all the people that were actually victimized in the whole thing by Citibank's "We're not admitting anything but this payoff absolves us of everything we didn't do" still lose their homes and fortunes. It's not like any of that government payoff will go directly to the people who were harmed, it just goes into the general coffers.

Sigh. And Citi's stock goes up because everyone knows they made way more than the amount of the check in the whole process.


Not exactly.  Wall St. doesn't like surprises, and tends to lash out if there is one.  This wasn't surprising, and since it was expected, Wall St. is responding to the fact that it's done and behind Citi, and they no longer have that risk over their heads.  Now, if the headline was that the Government is settling for 13B or something way off like that, you'd likely see a dip in stock prices as people momentarily panic.
 
2014-07-14 03:19:46 PM

AceThunder: They have been getting tons of money with all these companies paying fines, so what happens to that money once the DOJ gets their hands on it?


I'm pretty sure treasury department is actually responsible for organizing every dime that goes into the federal government.
 
2014-07-14 03:21:06 PM
7 billion?  I foresee them milking that back from cutting some more heads and leave only the most incompetent to carry on with the workload.

I used to work as a contractor for Citigroup.  It's only a matter of time before they fall apart at the seams. The dumbass farkheads that run the company are trying to outsource the management of their US datacenters to remote India personnel... the site supervisor of the site I worked at spent three weeks in NYC trying to convince them how pants-on-head retarded this idea was.  He returned partly victorious, they  postponed the issue until next year.

Site supervisor is one who's still a tech in his head.  He understands how useless upper management can be with IT, and how brain-dead the India-based sysadmins are.

The site manager under him, though, was a tech once, but turned into a passive-aggressive douchenozzle with his nose wedged firmly in upper management's collective ass.  I wanna take his cherry red Corvette penis-extension and have it repainted Mary Kay Pink.
 
2014-07-14 03:21:24 PM
Cool, now the DOJ will have extra time and people to focus on the democrats in the IRS using a powerful federal organization to target American Citizens based on their political beliefs.
Oops, I almost forgot barry and holder's #1 DOJ rule, F whitey!
 
2014-07-14 03:22:42 PM

Grand_Moff_Joseph: Even more galling?

Their stock went up 3% as soon as the deal was announced.

Once again, Wall St. managers profit off the arse-raping of the rest of America.


Clearly 10 is not enough digits.
 
2014-07-14 03:23:00 PM

AceThunder: They have been getting tons of money with all these companies paying fines, so what happens to that money once the DOJ gets their hands on it?


As far as I know it'll get divided up among investors who lost their money on sub prime mortgages, programs to help the homeowners who lost their houses over them, etc...
 
2014-07-14 03:23:55 PM

Comic Book Guy: G. Tarrant: The government gets the payoff, Citibank gets off, and all the people that were actually victimized in the whole thing by Citibank's "We're not admitting anything but this payoff absolves us of everything we didn't do" still lose their homes and fortunes. It's not like any of that government payoff will go directly to the people who were harmed, it just goes into the general coffers.

Sigh. And Citi's stock goes up because everyone knows they made way more than the amount of the check in the whole process.

Not exactly.  Wall St. doesn't like surprises, and tends to lash out if there is one.  This wasn't surprising, and since it was expected, Wall St. is responding to the fact that it's done and behind Citi, and they no longer have that risk over their heads.  Now, if the headline was that the Government is settling for 13B or something way off like that, you'd likely see a dip in stock prices as people momentarily panic.


This was somewhat surprising, otherwise CITI wouldn't have appreciated 3% upon announcement of the deal.
 
2014-07-14 03:25:24 PM

Grand_Moff_Joseph: Even more galling?

Their stock went up 3% as soon as the deal was announced.

Once again, Wall St. managers profit off the arse-raping of the rest of America.


You seem to ignore the government profiting...
 
2014-07-14 03:28:22 PM

jaerik: Corporations are people, except they can't be sent to jail, and they can steal hundreds of billions and then get "punished" by having to give back 10% of it.  But don't do it again, guys.  I hope you've learned your lesson.


Why are liberals ignorant to reality? Yes corporate officers can be sent to jail.
 
2014-07-14 03:29:01 PM

Rapmaster2000: It's a shame that these nice banks were FORCED to give loans to urban people because the government made them  You know how those urban people are.   They're all, like, urban.


What an Urban person might look like:

Saberus Terras: 7 billion?  I foresee them milking that back from cutting some more heads and leave only the most incompetent to carry on with the workload.

I used to work as a contractor for Citigroup.  It's only a matter of time before they fall apart at the seams. The dumbass farkheads that run the company are trying to outsource the management of their US datacenters to remote India personnel... the site supervisor of the site I worked at spent three weeks in NYC trying to convince them how pants-on-head retarded this idea was.  He returned partly victorious, they  postponed the issue until next year.

Site supervisor is one who's still a tech in his head.  He understands how useless upper management can be with IT, and how brain-dead the India-based sysadmins are.

The site manager under him, though, was a tech once, but turned into a passive-aggressive douchenozzle with his nose wedged firmly in upper management's collective ass.  I wanna take his cherry red Corvette penis-extension and have it repainted Mary Kay Pink.


So eventually there will be a huge data breach, Citi will cry that they're too big to fail so the government will cover their losses and anyone who's data was compromised will get a free ninety day subscription to freecreditreports.com.
 
2014-07-14 03:30:20 PM

EngineerAU: Rapmaster2000: It's a shame that these nice banks were FORCED to give loans to urban people because the government made them  You know how those urban people are.   They're all, like, urban.


What an Urban person might look like:


Yeah, ignore that part of the message. Some screwed up weirdness with Kieth Urban that's probably only funny to me.
 
2014-07-14 03:30:30 PM
Yeah, they should have tried and convicted Citibank.  Surely there's prison space for its millions of responsible managers, clients and shareholders.
 
2014-07-14 03:32:15 PM
Holy crap people, if you don't know anything about the stock market you should keep your big trap shut.  It is only 'galling' to an ignoramus that the stock price went up.
 
2014-07-14 03:33:03 PM
In a press release, Citigroup confirmed they will pay $4.5 billion in cash and $2.5 billion in consumer relief. The consumer relief will come as financing for construction, preservation of affordable rental housing, principal reduction and forbearance of residentialloans, as well as other relief programs for borrowers. Citi must provide this relief by the end of 2018.


Hey, you farked over a lot of individuals. Many of them are now ruined. So give *us* some money, and then help fund some pet projects of ours. You can forget about having to help the actual people you wronged.
 
2014-07-14 03:33:43 PM
You idiots have no idea how the free market works.  Imagine if you have become so big that your failure would destroy the entire economic system.  Why wouldn't you make risky, overzealous decisions that could compromise the fabric of your company in the pursuit of a quick profit?  If you fail, then the government will simply bail you out.  What you call corporate capitalism, I call a risk-free business strategy.  Then again, I wouldn't expect a liberal to think this far ahead.  You know, since liberal is Latin for "he who cannot think more than one move ahead".  Lol.
 
2014-07-14 03:33:56 PM

MyRandomName: jaerik: Corporations are people, except they can't be sent to jail, and they can steal hundreds of billions and then get "punished" by having to give back 10% of it.  But don't do it again, guys.  I hope you've learned your lesson.

Why are liberals ignorant to reality? Yes corporate officers can be sent to jail.


See: Flying J
 
2014-07-14 03:34:22 PM

mayIFark: Corporations are people my friend. And people cannot buy their way out of a criminal act.

Therefore, TFA is a lie. Citibank is going to jail soon, just wait and see.


This is the last man who waited for a banker to go to jail
ak.picdn.net
 
2014-07-14 03:36:13 PM
I have no love for these banks, but everyone seems to forget the US government was a co-conspirator in all of this. The banks delivered the loans the government was demanding them to, and the government knew damn well these loans were crap. Then when reality hit, congress played deaf, dumb and blind. Both of them screwed the tax-payers and both of them should be accountable.
 
2014-07-14 03:37:09 PM

jaerik: Corporations are people, except they can't be sent to jail, and they can steal hundreds of billions and then get "punished" by having to give back 10% of it.  But don't do it again, guys.  I hope you've learned your lesson.


So then they are exactly like people.

Rich people.
 
2014-07-14 03:38:58 PM
California's already announced what it will be doing with it's share of the money: Dumping it into state union pension funds.

They get you coming and going.
 
2014-07-14 03:39:32 PM
 
2014-07-14 03:40:48 PM

AceThunder: They have been getting tons of money with all these companies paying fines, so what happens to that money once the DOJ gets their hands on it?


They buy up all the ammunition.
 
2014-07-14 03:45:35 PM

MyRandomName: jaerik: Corporations are people, except they can't be sent to jail, and they can steal hundreds of billions and then get "punished" by having to give back 10% of it.  But don't do it again, guys.  I hope you've learned your lesson.

Why are liberals ignorant to reality? Yes corporate officers can be sent to jail.


Well, sure, *in theory*...
 
2014-07-14 03:46:02 PM
Not griping too much. Made not a killing, but a decent amount off the Bear Sterns deal, saw that coming, plunked 10k in, over the weekend, after taxes, still made 90k. another company I'd been investing in slowly, my wife wanted me to buy stock in it, felt uneasy aboutinvesting her money, but did it. Barrons came out with an article stating it might be a trememdously undervalued company a couple weeks later. Wife had told meto sell the stock at 32, I placed a sell order of 47. Got it a couple days later. Lotsa times you lose, but not these times. Paid for our vacation in New England, and bought me another(No. 2 Rolex)
I'm not the richest guy, I do lose on some investments, but there are a few high points every once in a while.
 
2014-07-14 03:47:09 PM
Once again there's no penalty of any real significance for wrongdoing. The business executives behind the farking of America are still rich as fark. No one goes to jail. The fine, which sounds big, is still small enough for Citibank to shrug off.
 
2014-07-14 03:47:27 PM

Inyego: I have no love for these banks, but everyone seems to forget the US government was a co-conspirator in all of this. The banks delivered the loans the government was demanding them to, and the government knew damn well these loans were crap. Then when reality hit, congress played deaf, dumb and blind. Both of them screwed the tax-payers and both of them should be accountable.


Are you referring to the CRA?
 
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