The SEC fires back at Judge Rakoff who just threw out the agency's settlement with Citigroup (C)...

The SEC fires back at Judge Rakoff who just threw out the agency's settlement with Citigroup (C) over punk mortgage securitizations. The Rakoff ruling "ignores decades of established practice throughout federal agencies and decisions of the federal courts." Established practice. Hello SEC, that's the issue.

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Comments (5)
  • Moon Kil Woong
    , contributor
    Comments (13369) | Send Message
    The SEC is a minion of the financial institutions and the judge is right that they are acting more in concert to hide the rank practices of the bank rather than penalize them. Sadly any settlement won't do much. They will just stick it to the depositors and those borrowing from them.
    28 Nov 2011, 06:15 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
    Increases in government power expand, rather than shrink, producer-groups’ access to unwarranted privileges – privileges that are unavailable in competitive markets. As the economist and historian Deirdre McCloskey notes on page 35 of her 2006 book The Bourgeois Virtues: “When American steel producers get tariffs or when sugar beet growers get import quotas it is not because of their market power but because of their political power, their access to an all-powerful state.”


    -Donald J. Boudreaux
    28 Nov 2011, 08:20 PM Reply Like
  • moneyTalksBSWalks
    , contributor
    Comments (194) | Send Message
    Rakoff has balls, gotta admit. That is way more than can be said about the neutered mofos at SEC and elsewhere in the federal govt.
    28 Nov 2011, 08:32 PM Reply Like
  • philipmax
    , contributor
    Comments (420) | Send Message
    Judge Rakoff may be the last stand for "the American way",as in Truth, Justice and..... We have been bled dry by gangsters who stole America before our very eyes. No President, No Congress, No Enforcement bureau, No Media representative, No religious leader, and no one in industry bothered to protest this Crime of the Century.
    And..just when you would think all is lost, one judge stands up to say "enough is enough, let the truth come out in trial".


    THANK YOU JUDGE RAKOFF! You may have saved America.
    28 Nov 2011, 08:47 PM Reply Like
  • Nettligent
    , contributor
    Comments (1346) | Send Message
    This is about the toxic debt instruments at the core of a financial crisis. At its core, this seemed to be a case where banks could just do whatever they want and pay a nominal fine to avoid any real penalties.
    U.S. District Judge Jed Rakoff said the public has a right to know what happens in cases that touch on "the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives." In such cases, the SEC has a responsibility to ensure that the truth emerges, he wrote.
    The SEC shot back in a statement issued by Enforcement Director Robert Khuzami, saying the deal was "fair, adequate, reasonable, in the public interest, and reasonably reflects the scope of relief that would be obtained after a successful trial." It is sad that our government is bought and sold every day. Maybe we will get to the bottom of this and just maybe heads will roll...all the way to prison. The SEC and corrupted banks ought to be sharing a prison cell.
    SEC is disgrace to America and snakes guard hen house. You want things to change? start by changing the SEC. We must shut SEC down and let DoJ FBI to regulate our financial system.
    U.S. District Judge Jed Rakoff is our hope to take a first step to restore America. He could very well be the man who makes these traitorous bankers explain exactly how they caused the melt down in clear understandable detail before the traitors can make a quick settlement to cover their tracks. Judge Jed Rakoff is an honest judge with integrity and Champ in my Corner! God bless America, heaven helps Judge Jed Rakoff. NOVEMBER 2012 will be one Hell of a fight at the ballot box.
    29 Nov 2011, 03:18 AM Reply Like
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