Judge Slaps Sec over Citigroup Settlement

there's a great judge in andy organized basis required court adjustment have named jed rake off city bring these cases to affirm s_e_c_ say hey out you know we worked really hard and it turns out we've got friday weather was bank of america early right now it's in a group and uh... we've reached a settlement now in the settlement uh... the bank does not agree that they have done anything wrong uh... and we have reach a settlement in absolute secret and we want eluate that proves that we have against them or why uh... they are in this kind of problem the first place all right by the way these banks have uh... all over again uh... std on the same exact thing had promised them as they are promising this plea deal in this case was citigroup until labor day weekend uh... off let me hear you are these allegations of fraud but we're just outraged and only philharmonic tonight live at dawn right becoming a rake off and they said but as you see the government uh... agency in charge here has status settlement so uh... that they go to school and sign off on and red cross says undiagnosed now what it's a two hundred eighty five million dollar settlement now it's about a case for citigroup uphold their clients that customers hate you know what these are some fantastic mortgages we have for you guys okay done by these forms and at the same time they went out and lay down hundreds of millions of dollars with the bath against those mortgages there's no question about it anne that's textbook raw where they go oh by the sub it's really great meanwhile they're betting to make sure that stockdale's what others have a lot about the family was that the said alternative ending group that has put together this uh... mortgage package not says the worst citigroup who put together and he put it together so that it would fail so they would make money off of selling for their customers and then they would make a second round of money when they got against those mortgages it's katie straight so how large was that more is fun it was a billion dollar fine how much of their customers loans seven hundred million dollars now what recov says is look at my son dot on this first of all there's no transparency so we don't even know what we're pushing for a second of all the never admit fault which is outrageous individual it may not do it if you're gonna find them two hundred eighty five million dollars i think that uh... that is an open court yes we did we were fraudulent ok firewall and this is the most important point izegbuwa it's gonna be a cost of doing business this is gonna say i have next time everytime that cc lessons just pay a small klein in fact hunter ideally causes a blogger that a great point about this it's kind of like a small tax on their transactions right they think well if i'm gonna make seven hundred million dollars or i'm gonna make however much they they make off these transactions and then i have to pay a portion of identifying well why would i do fibrous certain portion of the ninety with a much larger portion and keep this in mind that's just unless something get caught up stiff there's one thing they got caught on this public tel aviv big endicott update etc are also when you've got it all together they make a tremendous amount of money they pay a tiny little fine they don't even admit guilt and they move on with their life eric offset and uh... that's unbowed happen anymore let me show you with you some of his great quotes from this decision he said finally in any case like this that touches on the transparency of financial markets whose gyrations of so depressed or economy and debilitated our lives there's a overriding public interest in knowing the truth now that is exactly right of course but the s_e_c_ comically claims local doesn't have to know the truth we keep the details of the secret and just trust us that we've done fed f job of getting to a fair and reasonable conclusion and it will just keep it all behind closed doors break off continues and political order language are you doing on purpose in much of the world propaganda rains and truth is combined too secretive fearful whispers even in our nation apologist for suppressing orfs filling the truth realistic about but the s_e_c_ of all agencies has a duty inheritance tax tradition to see that the truth emerges traces but they're not a banana republic welfare what country are not going to come in here is that or don't worry i struck a that secret deal with my banking friends by the way a lot of those guys the s_e_c_ securities and exchange commission then later get hired by those same big banks to give me a sense of how bad it is they have struck fifty-one deals new york times that amounts of this uh... where the banks promised all will never do the project okay and uh... living in the exact numbers esther how that turned out and at that above nineteen different companies have never reached before was again and guess what happened in those fifty-one instances of the nineteen banks they preach the fraud cases now look began hunter daily cost was a very good point he says if u if they were just a normal human being who was a defendant in california this three strikes law citigroup has already said twice over before this case that they would never do that for all the gang and here it is their first right if it's a human being you get twenty five years alike one citigroup did twenty-five yours life wasn't citigroup *** shot down no because they're corporations are not just people theirs socor people forget the protected robb by the s_e_c_ they get affected by below is a limit of liability adding yet although wonderful free speech rights of human beings they have special rights and rake off spread i thought enough they don't get to do it this time by reject this deal go back back break off is on this before with bank of america you know what i have in that case the f_c_c_ ethanol a look we busted up merrill lynch and we got underneath that would balance wanna becoming a part of bankamerica later and we're finding thirty three million dollars breakup of that's nonsense i want to see the evidence and there was the f_c_c_ at the present some evidence they're like yeah this is kind of embarrassing this fraud is much worse than we originally told you so the new findings on the fifteen you understand if it was a for a cough they were only paid thirty-three million because of a copy of eight hundred fifty million that comes back because the taxpayer and i would say s_e_c_ doesn't want to do their job 'cause there but i don't buy these guys henrik officer for sell for one of the few if not the only judge who stood up to them and is actually fighting for the taxpayer