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Loren Berlin – Judge’s Bombshell Banking Ruling Could Be Game-Changer – 30 November 2011

Judge’s Bombshell Banking Ruling Could Be Game-Changer

By Loren Berlin

First Posted: 11/29/11 05:06 PM ET Updated: 11/29/11 06:22 PM ET

http://www.huffingtonpost.com/2011/11/29/citigroup-settlement-sec-judge-jed-rakoff_n_1119029.html

When federal judge Jed Rakoff tossed out a proposed settlement between the Securities and Exchange Commission and banking giant Citigroup on Monday, he signaled to both the SEC and the nation’s largest financial institutions that the two parties can no longer snuggle up together in cozy settlements that enable misbehaving banks to pay a fine for their bad deeds without ever requiring the institutions to admit wrongdoing. Continue reading