A Judge Stands up to Wall Street

#Money

Mon, Nov 14th, 2011 11:00 by capnasty NEWS

According to Matt Taibbi, from The Rolling Stones magazine, Federal judge Jed Rakoff has had enough with Wall Street committing crimes and only being asked "that they refrain from ever engaging the same practices ever again."

From the article:

Federal judge Jed Rakoff, a former prosecutor with the U.S. Attorney's office here in New York, is fast becoming a sort of legal hero of our time. He showed that again yesterday when he shat all over the SEC's latest dirty settlement with serial fraud offender Citigroup, refusing to let the captured regulatory agency sweep yet another case of high-level criminal malfeasance under the rug.

The SEC had brought an action against Citigroup for misleading investors about the way a certain package of mortgage-backed assets had been chosen. The case is very similar to the notorious Abacus case involving Goldman Sachs, in which Goldman allowed short-selling billionaire John Paulson (who was betting against the package) to pick the assets, then told a pair of European banks that the "designed to fail" package they were buying had been put together independently.

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