Federal Judge to SEC: “Grow a Pair!!!”
U.S. District Judge Jed Rakoff threw out the SEC’s slap-on-the-wrist settlement with Citigroup. The SEC had agreed to a $285 million settlement over Citigroup’s sale of toxic mortgage debt.
According to the linked article, Judge Rakoff said the Securities and Exchange Commission “appeared uninterested in actually learning what Citigroup did wrong,” and ignored the interests of the public. Judge Rakoff said:
“An application of judicial power that does not rest on facts is worse than mindless, it is inherently dangerous. In any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth.”
He called the SEC’s settlement “neither reasonable, nor fair, nor adequate, nor in the public interest,” and wondered whether the SEC was only interested in “a quick headline.”
YES.
This is the kind of news we should see more often.
Labels: Judge Jed Rakoff, SEC Citigroup settlement
posted by Tom Harper @ 12:13 AM
5 Comments:
A clinton appointee? Why am I not surprised?
Good for him and the US in general. Of course this will be painted as more liberal social engineering from the bench or some other right wing crap by our friends at Fox and Free Republic.
You realize of course that this is only a minor set back in their little corporate scheme. Next time they'll just go judge shopping for a better shill.
Yes! Let's have a trial in OPEN court. It is time to start holding some INDIVIDUALS responsible. After all, corporations do not do this shit by themselves. As republicans remind us all the time, corporations are groups of people. Well, those people need to be held responsible.
Anderson to SEC: Strive for competence, for a change. (It would be a start and a welcome change.)
MRM: No doubt Wall Street will lash out at this class warfare and liberal social engineering.
Demeur: These little speed bumps are better than nothing. It'll definitely cause Wall Street to go judge shopping.
Jerry: Damn right. If corporations are people, these corporate people can start taking responsibility and getting prosecuted when they commit crimes, just like regular non-corporate people.
SW: Yes, competence would be a welcome change.
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