Judge grudgingly approves Citi's $285M fraud settlement with the SEC

|By:, SA News Editor

"That Court has now fixed the menu, leaving this Court with nothing but sour grapes," says Judge Jed Rakoff, not sounding terribly happy after giving a green light to the Citigroup (C -0.5%) settlement in which it will not be forced to admit to wrongdoing in the 2007 sale of certain MBS.

"The settlements reached by the governmental regulatory bodies and enforced by the judiciary's contempt powers will in practice be subject to no meaningful oversight whatsoever."