Topic: Citigroup to pay $7 billion in subprime mortgages probe - page 2. (Read 1258 times)
The only thing that matters here is that none of the banksters are going to prison for extended amounts of time, let alone any time at all. Are any of these guys going to be forgoing salaries and compensation for the next 6 years to make up for it or any multi-million dollar fines being levied against everyone in management each? The answer to all is Nope.
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Well Citigroup has to pay
4 billion civil
500 mill states
2.5 billion consumer relief
So 7 Billion they got away with it in the sense they needed to pay a speeding ticket for the financial crisis.
http://www.thestar.com/business/2014/07/14/citigroup_to_pay_7_billion_in_subprime_mortgages_probe.html
In the deal announced Monday, Citigroup will make a $4 billion civil monetary payment to the Justice Department, and another $500 million in compensatory payments to state attourneys general and the Federal Deposit Insurance Corporation.
The bank will provide $2.5 billion in consumer relief, which will include financing for construction and preservation of affordable housing, as well as principal reduction and forbearance for residential loans.
CEO Michael Corbat said the settlement ends all pending civil investigations related to its handling of mortgage-backed securities.
No one goes to jail though on this one, so point to the banks.
4 billion civil
500 mill states
2.5 billion consumer relief
So 7 Billion they got away with it in the sense they needed to pay a speeding ticket for the financial crisis.
http://www.thestar.com/business/2014/07/14/citigroup_to_pay_7_billion_in_subprime_mortgages_probe.html
In the deal announced Monday, Citigroup will make a $4 billion civil monetary payment to the Justice Department, and another $500 million in compensatory payments to state attourneys general and the Federal Deposit Insurance Corporation.
The bank will provide $2.5 billion in consumer relief, which will include financing for construction and preservation of affordable housing, as well as principal reduction and forbearance for residential loans.
CEO Michael Corbat said the settlement ends all pending civil investigations related to its handling of mortgage-backed securities.
No one goes to jail though on this one, so point to the banks.
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