posted on Apr, 2 2013 @ 09:16 AM
RadicalRebel started a very interesting thread about "Sundown in America", and included in that thread was a report by the FDIC, which describes the
plan that they, along with the Bank of England, have devised to restructure the financial world's axis by taking down the CEOs and Boards of
Directors - the TOP DOGS - and holding them accountable for the mess they have made.
Here is an article from yesterday describing how a judge has insisted that instead of just letting Citi-group pay their "settlement" out - he wants
the EXECUTIVES to be held responsible, citing that " the absence of payments by former Citigroup executives" makes the settlement UNFAIR. Maybe
things really are
grinding, ever-so-slowly-and-painfully toward a resolution of the banking schemes that caused this nation's economy to
'Bout time! I'd like for every ONE of those bastards to be stripped of their wealth, their jobs, and their freedom to be bankers. I think most of
us would agree.
Apr. 1, 2013 (Reuters) — A Manhattan federal judge on Monday signaled he will not rubber-stamp Citigroup Inc's proposed $590 million settlement
of a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets.
U.S. District Judge Sidney Stein asked lawyers for the bank and its shareholders to address several issues at an April 8 fairness hearing, including
requested legal fees and expenses of roughly $100 million, and the absence of payments by former Citigroup executives.
Citigroup spokesman Mark Costiglio declined to comment. Peter Linden, a partner at the law firm Kirby McInerney who represents the shareholders, did
not immediately respond to requests for comment.
Stein joined other judges in recent years to question the fairness of large legal settlements in the financial industry.
Yeah, the lawyers for the bank and it's shareholders declined to comment to the press regarding the judge's refusal to accept the settlement.
Figures. What scum.
Gha. How the hell do they keep getting away with this? And, where does the "settlement money" go?
I hope someone can help me understand how it works. Just slapping a fine on the bank doesn't really fix what's broken, does it? And what do these
"settlements" do, exactly? Just buy them off the hook?
I really have a hard time understanding economics, but I'm trying. Can you all please help me make sense of this?
"Does the absence of any payments from the individual defendants render the settlement unfair to class members who still hold the Citigroup stock
they purchased during the class period?" he asked both sides to address.
Stein also asked for more information, including how much a reasonable client would pay to justify fees for lead counsel and other lawyers equal to
16.5 percent of the settlement amount, or about $97.4 million, plus $2.8 million for expenses.
The judge asked both sides to address questions about how settlement funds would be allocated.
Yeah! How will
they be allocated?