2010-09-27 — ft.com
This is what a real adversarial suit against the subprime maven banks should look like; not like a $75M wrist-slap fine typical of the SEC:
The SEC fined Citi $75m for the subprime deception. Norges Bank is suing over $835m worth of losses on Citi shares and bonds incurred between January 2007 and 2009. (For those wondering — in addition to overseeing monetary policy, Norges also looks after the international investments of Norways’ humongous sovereign wealth fund).
But the 221-page complaint goes much further than just the super senior CDO/liquidity put kerfuffle. In fact, it reads like a laundry list of complaints against the US bank — from “unrealistic†CDO models, to Repo 105, GAAP and SEC violations, etc.
It also names Citi CEO Vikram Pandit and former CEO Chuck Prince, personally (along with some 20 other bank execs).
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catherine at 03:20 2010-09-28 said:
I REALLY thought this would already be happening everywhere, maybe I was early...........we sold them securitized crap and they will blame us all the way to their bankruptcy........ we haven't been able to remove our wall street securitizers, in fact, offlmfao, wall street hired and geared up last january thinking the government they bought would save them........ the smawwwwwwwwwwwwl people have taken over, they will send all their stuff back and that bankrupts these guys I predict huge employment dumps in wall street in the next 12 months and in turn that takes out ny and nj..............going to get ugly as every bank or every wall street firm start fighting each other.......... but the next employee dump will be wall street, city and county government workers and banks............strap in....... (all the while they laughed, ignored or gave themselves bonuses with our taxpayer dollars as 500,000 (A WEEK!) Americans were thrown out of jobs and houses.......... going to get real real ugly..............these big boys won't go down easy or QUIETLY............ Permalinkadd a comment | go to forum thread
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