Submitted by Tyler Durden on 02/03/2014 15:42 -0500
Confirming the floating rumor from last week that yet another Wall Streeter from a bailed out bank is going to set US economic policy, moments ago the Treasury announced that indeed the Citigroup economist Nathan Sheets – the bank’s global head of international economics – will start working next week as a counsellor to U.S. Treasury Secretary Jack Lew.
Read the full story at: www.zerohedge.com/ link to original article
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Citigroup to Pay Millions to Close Fraud Complaint. via http://www.2012IndyInfo.wordpress.com thanks to Pat Donworth and Laura Tyco
by Edward Wyatt published 19 October 2011.
WASHINGTON — As the housing market began its collapse, Wall Street firms and sophisticated investors searched for ways to profit. Some of them found an easy method: Stuff a portfolio with risky mortgage-related investments, sell it to unsuspecting customers and bet against it.
Robert Khuzami of the S.E.C. said the bank should have been more forthcoming.
Citigroup on Wednesday agreed to pay $285 million to settle a civil complaint by the Securities and Exchange Commission that it had defrauded investors who bought just such a deal. The transaction involved a $1 billion portfolio of mortgage-related investments, many of which were handpicked for the portfolio by Citigroup without telling investors of its role or that it had made bets that the investments would fall in value. Continue reading
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