It Makes No Sense. As Neil Garfield, plainly points out in yesterday’s article. Today, “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.”
“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.
Want the public trust back?
STOP these unregulated, hurt the victim, Banking settlements. FRAUD should Not be forgiven.