Judge Rakoff Rejects Sweetheart Deal Between the S.E.C and Citigroup

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Judge Rakoff Rejects Sweetheart Deal Between the S.E.C and Citigroup

Judge Rakoff Rejects Sweetheart Deal Between the S.E.C and Citigroup

The Deal Book-

Jed S. Rakoff, a judge for the Federal District Court for the Southern District of Manhattan, has rejected the proposed $285 million settlement between the Securities and Exchange Commission and Citigroup related to the sale of mortgage securities.

An application of judicial power that does not rest on facts is worse than mindless, it is inherently dangerous. The injunctive power of the judiciary is not a free-roving remedy to be invoked at the whim of a regulatory agency, even with the consent of the regulated. If its deployment does not rest on facts — cold, hard, solid facts, established either by admissions of by trials — it serves no lawful or moral purpose and is simply an engine of oppression.

Finally, 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. In much of the world, propaganda reigns, and truth is confined to secretive, fearful whispers. Even in our nation, apologists for suppressing or obscuring the truth may always be found. But the S.E.C., of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if it fails to do so, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency’s contrivances.”

[THE DEALBOOK]

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6 Responses to “Judge Rakoff Rejects Sweetheart Deal Between the S.E.C and Citigroup”

  1. Charles Reed says:

    Citi is the federal government at this point with as much as it owes the taxpayers, but the SEC got to crack down on these securities starting with my Whistle-Blower claim about the Ginnie Mae mortgage backed securities in which the taxpayer are due $24 billion for just the violations of 2009-2010!

  2. Kudo’s to judge Rakoff, the outragious sweet heart deals and the slap in the face settlements have been crimes against the American people.

  3. I am for making every whistle blower rich for turning these crimes in. Kudo’s to the brave whistle blowers. May they all get rich off the pain of the crooks.

  4. The lack of justice in this country is disgusting, frustrating and disheartening!

  5. geoffrey huber says:

    FANTASTP PIC!!!! GREAT TO SEE A JUDGE FINAL STAND UP TO THE LAW!!

  6. John Anderson says:

    I hope the Judge is being honest and this is not just a ploy to force Citygroup to send a bagman, with a payoff, for Rakoff.

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