Federal Judge Jed Rakoff Slaps the SEC

Judge Jed Rakoff is furious. He should be. We all should be. On Monday, the Federal District Court judge rightly rejected a plan by the Securities and Exchange Commission to settle a securities fraud case against Citigroup, saying that the $285 million deal was “neither fair, nor reasonable, nor adequate, nor in the public interest.”

http://www.nytimes.com/2011/11/29/opinion/the-secs-enabling.html?_r=2&ref=opinion

Matt Taibbi on the story

Abigail Field on the story here

 

 

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