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Judge Rakoff Humiliates Mary Schapiro By Nullifying Citi MBS Settlement, Calls It "Neither Fair, Nor Reasonable, Nor In Public Interest"

Tyler Durden's picture




 

Once again Judge Jed Rakoff, also known as the only person in the Southern District of New York who calls out the SEC consistently and routinely on their corruption, has ruined the day for both Mary Schapiro and for Vic Pandit, by making the proposed $285 million MBS fraud settlement wrist slap null and void, and setting a trial date for July 16, 2012 in which Citigroup will actually face a jury and defend itself to peers instead of to future Citi employees in the form of SEC porn addicts. It is unclear if the reversal is a bigger slap in the face for Citi or for the SEC, but one thing is certain: both parties are to be massively embarassed as a result of this ruling which essentially says that both entities are culpable - the first of committing a far greater crime than the $285 mm fine deems fit, and the second of being a complicit enabler of precisely this kind of criminal behavior which it then fines with some token amount and things can continue as they were. And just like in the case of SEC vs BofA, Rakoff crucifies the SEC's worthless organizationL: "the Court concludes, regretfully, that the proposed Consent Judgment is neither fair, nor reasonable, nor adequate, nor in the public interest." He continues: "Most fundamentally, this is because it does not provide the Court with a sufficient evidentiary basis to know whether the requested relief is justified under any of these standards. Purely private parties can settle a case without ever agreeing on the facts, for all that is required is that a plaintiff dismiss his complaint. But when a public agency asks a court to become its partner in enforcement by imposing wide-ranging injunctive remedies on a defendant, enforced by the formidable judicial power of contempt, the court, and the public, need some knowledge of what the underlying facts are: for otherwise, the court becomes a mere handmaiden to a settlement privately negotiated on the basis of unknown facts, while the public is deprived of ever knowing the truth in a matter of obvious public importance." It really, really is time for Schapiro to resign after this gross public smackdown by a member of the court who has just chided her for not doing precisely what she is paid millions to do. That said we can only hope that Rakoff does not drop the ball like he did last time around when he was about to sue Ken Lewis yet pulled out in the last minute. Realistically, what happens is SEC will fine Citi with a much greater fine, probably $500MM or so, and Rakoff will end up approving the settlement, because as the status quo slowly implodes, nothing really changes until everything finally crashes.

Full filing:

 

 

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Mon, 11/28/2011 - 13:03 | 1921306 apberusdisvet
apberusdisvet's picture

Dear Judge:

Stay away from Grassy knolls

Mon, 11/28/2011 - 14:11 | 1921584 12ToothAssassin
12ToothAssassin's picture

Judge Rakoff: Man's Game.

Mon, 11/28/2011 - 13:08 | 1921334 Rainman
Rainman's picture

...and stay out of little airplanes

Mon, 11/28/2011 - 13:10 | 1921346 knukles
knukles's picture

... and hot tubs

 

 

Paul/Rakof 2o12

Mon, 11/28/2011 - 14:52 | 1921727 Cyrano de Bivouac
Cyrano de Bivouac's picture

And do thorough background checks of potential sex partners.

Mon, 11/28/2011 - 13:32 | 1921379 The Limerick King
The Limerick King's picture

 

 

It's time for Schapiro to go

Her corruption is starting to show

Her bias has shown

That she should be known

As the Bankster Cartel's little Ho

 

Mon, 11/28/2011 - 13:53 | 1921510 Careless Whisper
Careless Whisper's picture

This post focuses on the Rakoff - Shapiro cat fight but misses the real point. From the Opinion, Citi is accused of selling uninformed clients some shitty securities and then shorting them for profit. The clients lost $700 million. The Judge rejected the plea deal because Citi didn't admit or deny anything. The Judge says Citi must admit their illegal behavior, if any, if they want a deal. No more "they neither admit or deny" crap!

Mon, 11/28/2011 - 14:19 | 1921608 MsCreant
MsCreant's picture

Now that is what I call the "Careless Whisper of a good friend!"

Good catch.

Mon, 11/28/2011 - 14:08 | 1921576 DaveyJones
Mon, 11/28/2011 - 13:22 | 1921387 LedMizer
LedMizer's picture

and Fort Marcy Park.

Mon, 11/28/2011 - 14:07 | 1921568 steelrules
steelrules's picture

Parking garages at night.

http://www.youtube.com/watch?v=Z2Mr_aqmULc

Go Judge Go!

Mon, 11/28/2011 - 13:13 | 1921351 wisefool
wisefool's picture

deleted. double post.

Mon, 11/28/2011 - 13:19 | 1921373 stopcpdotcom
stopcpdotcom's picture

And avoid going for walks in the woods.

Mon, 11/28/2011 - 13:38 | 1921452 potatomafia
potatomafia's picture

Crap, the joke is still on us.

TAKE THE MONEY NOW JUDGE!!!  DONT SCREW US! 

BOA will not be around by the summer of 2012!!!  Take the money now, or get nothing later!

hahaha

Kidding aside, this whole thing is a freekin circus.

Mon, 11/28/2011 - 13:03 | 1921307 Wixard
Wixard's picture

Hah I love it

Mon, 11/28/2011 - 13:25 | 1921406 midtowng
midtowng's picture

How dare Rakoff do his job! Doesn't he know that by doing his job he makes everyone who isn't doing there job look bad?

Mon, 11/28/2011 - 13:45 | 1921481 Tommy5454
Tommy5454's picture

Hard to believe, but good news. Any chance we can bring a class action against the HFT owners and have it assigned to him? How can you have markets with enormous volatility like this every day and then have it sit within basically .25% for hours on sucha  day. Hilariously sad.

Mon, 11/28/2011 - 13:03 | 1921309 GeneMarchbanks
GeneMarchbanks's picture

Public Interest 1 Transnational Banking Cartel 16t

Mon, 11/28/2011 - 13:10 | 1921311 hedgeless_horseman
hedgeless_horseman's picture

 

 

Don't be foolish.  Like all judges, Rakoff doesn't give a shit about the people, only the brotherhood.  These lawyers aren't done feeding, so the lawyer wearing the black dress will keep the racket going.

Rule 1:  The civil courts are a system of the lawyers, by the lawyers, and for the lawyers.  Rule 2:  Judges are lawyers.

Mon, 11/28/2011 - 13:18 | 1921366 Alienated Serf
Alienated Serf's picture

usually, yes.  but every once in awhile, a judge can stand up.  when this happens, it is generally reversed on appeal.

Mon, 11/28/2011 - 13:24 | 1921395 NotApplicable
NotApplicable's picture

Question is, why?

Mon, 11/28/2011 - 13:35 | 1921410 hedgeless_horseman
hedgeless_horseman's picture

 

 

Why?  Ever meet a cop that does not speed?  No.  Why?  Because self-regulation never works.

Is the Federal Reserve Bank effective regulating other banks?  No?  Well neither is the Bar effective at policing other lawyers, and our government is filled with, you guessed it, lawyers.

Mon, 11/28/2011 - 14:05 | 1921561 weinerdog43
weinerdog43's picture

The trouble with blanket assertions saying everyone is doing X is that they are always wrong.  There is always going to be an exception.  All you have to do to prove you are wrong is to google your state's bar assoc. website where you can see who has been disbarred or suspended.

Mon, 11/28/2011 - 14:46 | 1921582 hedgeless_horseman
hedgeless_horseman's picture

...often disbarred or suspended for going against the brotherhood.

Blanket assertations and prejudices are indeed problematic for any conspiracy or racket. I believe it is called the weakest link syndrome.  

Here is your homework assignment, Space Monkeys.  Sit through and listen closely to a typical monday or friday of status conferences, hearings, and docket call (generally lawyers only and no clients present) at a civil court while keeping my thesis in mind, then make your own decision who's interests come first based on what you hear.  It is different than what is said when the clients and/or jury are present, and there is generally no record kept.  Don't forget your camouflage; wear a dark suit, carry a briefcase, and act like you are important.  If they think you and everyone else is a lawyer you may be amazed by what you hear.

Remember, keep these two rules in mind and it will all make perfect sense:

Rule 1: The civil courts are a system of the lawyers, by the lawyers, and for the lawyers.

Rule 2: Judges are lawyers.

Also remember that mediators and receivers are usually lawyers, too.

 

Mon, 11/28/2011 - 14:56 | 1921746 GeneMarchbanks
GeneMarchbanks's picture

'Here is your homework assignment, Space Monkeys.  Sit through and listen closely to a typical monday or friday of status conferences, hearings, and docket call (generally lawyers only and no clients present) at a civil court while keeping my thesis in mind, then make your own decision who's interests come first based on what you hear.  It is different than what is said when the clients and/or jury are present, and there is generally no record kept.  Don't forget your camouflage; wear a dark suit, carry a briefcase, and act like you are important.  If they think you and everyone else is a lawyer you may be amazed what you hear.'

That sounds aweful, do I have to? I... I have a queazy tummy.

In all honesty, hh, is it worth it trying to convince people? Not worth it IMO. 

Mon, 11/28/2011 - 15:04 | 1921799 MachoMan
MachoMan's picture

They did away with the docket call here years ago...  it was an unnecessary madhouse...  you go and sign up and leave and come back when you get called or expect for it to be your turn...  pretty simple.

Mon, 11/28/2011 - 15:03 | 1921790 MachoMan
MachoMan's picture

Although the law profession is about the only de jure self regulating profession left, I'd say that governmental regulation is also a miserable failure...  e.g. the financial industry (de facto self regulating).  You're pissing in the wind with this argument as it ultimately relies upon central planning to perform market functions... 

Of course judges take care of lawyers...  it's just like policemen having the "blue shield".  Very rarely will a lawyer get sanctioned, in court, for misbehavior...  sometimes you get a case dismissed...  sometimes gross malpractice will get a lawyer referred to the ethics committee, but usually everything is papered over...  hell, even opposing counsel will sometimes bend over to help a lawyer stave off a gut lock malpractice claim.  However, this bending over backwards will generally not be at the expense of justice...  (but probably a few dollars here or there).

I guess I'll posit that, in the end, for all its faults, the system generally works...  given we have opted for an adversarial system, there exists the possibility for a gap in war chests and, thus, the outcome of the case.  However, this is more to do with misconception than actual practice, given even the best attorney has an uphill battle with a bad case.  In the end, it is mostly the cases themselves that determine the outcome, not the attorneys...  hence why the system is successful.  Don't get me wrong, I'd love to toot my own horn and advocacy skills, but in the end, I'll trade knowing anything about the law for a favorable fact pattern...

In regard to prosecution of financial crimes...  this has been a miserable failure...  but that has to do with the executive branch in general, not the legal profession.  If you want to see some slack get picked up, then look at the civil side of the cases based upon the same fact patterns as a criminal case would have been...  plenty of "civil prosecuting" going on there...

 

Mon, 11/28/2011 - 13:04 | 1921313 J 457
J 457's picture

Are judges allowed to run for President?

Mon, 11/28/2011 - 13:11 | 1921350 Conrad Murray
Conrad Murray's picture

Ron Paul's AG? Let Judge Nap go straight to the Supreme Court.

Mon, 11/28/2011 - 13:20 | 1921377 J 457
J 457's picture

It was a joke- jackass.

Mon, 11/28/2011 - 13:05 | 1921315 Flakmeister
Flakmeister's picture

Twist and burn.... bitchez!

Mon, 11/28/2011 - 13:07 | 1921325 PulauHantu29
PulauHantu29's picture

Bless him!

Mon, 11/28/2011 - 13:16 | 1921329 LawsofPhysics
LawsofPhysics's picture

Now the real fun starts as more of the rich insider kleptocrats quickly realize that they are not rich enough to be above prosecution.

The poor better start eating the rich soon, because these folks are going to be eating each other shortly, fucking bring it.

But I digress, will anything actually happen, that is the real question, pass the popcorn anyway.

Mon, 11/28/2011 - 13:09 | 1921330 Cognitive Dissonance
Cognitive Dissonance's picture

Please please PLEASE don't try to get my hopes up that the justice system, after centuries of enabling the robber barons and corruption, is finally going to get a handle on the modern day version of the Ponzi.

I'd rather believe in Santa Claus. Santa is much more likely to be true.

Mon, 11/28/2011 - 13:12 | 1921352 GeneMarchbanks
GeneMarchbanks's picture

I reciprocate those sentiments exactly, even the Santa bit.

Mon, 11/28/2011 - 14:02 | 1921547 Canaduh
Canaduh's picture

It is much, much too early to abandon cynicism, my friends.

Mon, 11/28/2011 - 19:28 | 1923313 Al Gorerhythm
Al Gorerhythm's picture

Verily!

To abandon cynicism is to adopt the eye of the romantic.  

Romantic poet, Eliza Cook (1818-1889) depicts a world I used to live in.

Eliza Cook: "Why should we strive, with cynic frown, to knock their fairy castles down?"

I will take some liberty in re-arrangeing it adopting the cynical view.

We should strive, with cynic frown, to knock their fairy castles down.

Another of her romantic quotes included: 

"Who would not rather trust and be deceived?"  My answer to that is, I would.

However, the placing of my trust in the hands of judges and the regulators, in protecting individual rights and upholding the constitution of the republic has been romantically misplaced which has led me to adopt the cynics view, with which I retort; "Fool me once, shame on you. Fool me twice; shame on me".

Rakoff and the system have been found wanting on more than one occasion. If proven wrong, (I won't hold my breath) I'll have my jaundiced eye checked for deficiency, ..... after the trial.


Mon, 11/28/2011 - 13:20 | 1921378 Temporalist
Mon, 11/28/2011 - 15:08 | 1921832 MachoMan
MachoMan's picture

Considering he's already gotten a lot of public sentiment and then proceeded to trash any goodwill generated in previous case(s), I'd say you're probably right...  but, the neat thing about corrupt systems is that not everyone is corrupt...  and, on any given day, you can get your card pulled by a moral actor.  Never know.

Mon, 11/28/2011 - 13:08 | 1921331 RacerX
RacerX's picture

Impressive [/vader_off]

Mon, 11/28/2011 - 13:08 | 1921332 monopoly
monopoly's picture

"Nothing really changes until everything finally crashes."

Perfect, just perfect. And BAC really wants a 4 handle. I know it. Merry Christmas Moynihan!

Mon, 11/28/2011 - 13:08 | 1921336 Tsar Pointless
Tsar Pointless's picture

Fairness?

Reasonableness?

Public interest?

Goddamn commie!

Oh, sorry, Sandy15. Gosh-darned commie!

Mon, 11/28/2011 - 13:10 | 1921345 tony bonn
tony bonn's picture

the conclusion of the article is correct....corruption marches on....all rakoff did was throw the public a bone and a wink....last time i called schapiro a cunt and will refrain from doing so this time but she is most emphatically a crooked slime ball...

Mon, 11/28/2011 - 13:22 | 1921389 topcallingtroll
topcallingtroll's picture

And a nasty cunt.

Mon, 11/28/2011 - 13:39 | 1921457 terryfuckwit
terryfuckwit's picture

LOL

Mon, 11/28/2011 - 13:12 | 1921353 Rat King
Rat King's picture

The Public: "We want the Truth"

Citigroup and SEC: "You cant handle the truth"

Us: "Its too late, we have ZeroHedge"

Mon, 11/28/2011 - 13:12 | 1921354 Milton Waddams
Milton Waddams's picture

It really, really is time for Schapiro to resign after this gross public smackdown by a member of the court who has just chided her for not doing precisely what she is paid millions to do.

 

Um, this tyler may be a bit naive.  The millions are compensation for precisely not doing, perhaps?  Shes a fucking beast on penny stock scams though.  Don't you dare try to take some backwater yokels for a couple g's.  lol

Mon, 11/28/2011 - 13:12 | 1921355 slewie the pi-rat
slewie the pi-rat's picture

tears of regret flowing from the bench...

how poignant!

even m.shapiro is smart enuf to delay the trial by forging another agreement

w/ taxpayer bailout money flowing like rivers of silver, swollen by storms of fiat, into a sea of inflation, play on!

Mon, 11/28/2011 - 13:15 | 1921359 SmoothCoolSmoke
SmoothCoolSmoke's picture

Reaction in C stock?  Zilch.

Mon, 11/28/2011 - 13:21 | 1921384 GeneMarchbanks
GeneMarchbanks's picture

No. It's reacting perfectly well... to the PPT.

Mon, 11/28/2011 - 13:15 | 1921360 HD
HD's picture

I think the poor judge is confused. His job is to rubber stamp the lies, cover-up and corruption. He should recuse himself for having integrity.

Mon, 11/28/2011 - 13:18 | 1921368 ZeroPoint
ZeroPoint's picture

Now the big question is, who can destroy evidence faster, the defense or the prosecutor?

Mon, 11/28/2011 - 13:21 | 1921381 topcallingtroll
topcallingtroll's picture

The judge will find hr is powerless.
Any plaintiff such as the SEC can lose a case if they want.

How does he enforce good faith prosecution of the case?

Mon, 11/28/2011 - 14:17 | 1921603 weinerdog43
weinerdog43's picture

The judge will find hr is powerless.

Nope.  Once the suit is filed, the court has jurisdiction.  Specifically, he or she has the power to find either party in contempt of court at which time, the sheriff's deputy can march the offender straight to the pokey. 

In this case, the judge could order a hearing on his own motion.  Depending on the results, the next step is a 'show cause' hearing, or 'show me why I shouldn't hold you in contempt'.  This is why you don't fool around with a judge.  They have the power to order the weight of the State or Fed. gov't. to land on your ass.

Mon, 11/28/2011 - 15:15 | 1921899 MachoMan
MachoMan's picture

The Plaintiff/state can withdraw its petition and there isn't a damn thing the judge can do...  it's called prosecutorial discretion and it's one of the lynch pins of our legal system...  and also a source of significant abuse (given it's necessary and can't really be modified).

Now, maybe the judge could grant some type of writ if a citizen files suit to force a governmental actor to do his or her job...  and maybe, if the state dumped this one, rakoff might be the guy to grant it...  but I'm not sure there's much of any precedent for it...  and I couldn't fathom it wouldn't be overturned on appeal.

Simply put, the checks and balances of our system require the judge to STFU if the executive branch chooses not to prosecute...  You are correct that the judge gets to determine what happens inside his court and whether the prosecution of the case is diligently handled within his courtroom...  but the overall decision to prosecute lies solely with the executive branch and they have the power to withdraw (at the expense of credibility in the next installment for sure).

Mon, 11/28/2011 - 13:18 | 1921371 topcallingtroll
topcallingtroll's picture

This is why people are getting fed up and beginning to take the law into their own hands.

Massive crimes were commited and the SEC wants to cover them up.

The judge will eventually approve a higher settlement and seal the records so we never find out.

Isnt CITI already in contempt for violating previous court orders regarding the very same behavior? How about contempt proceedings instead?

Mon, 11/28/2011 - 14:51 | 1921411 i-dog
i-dog's picture

How about some racketeering charges being brought against some of these Federal Protection Rackets™ (SEC, CFTC, CONGRESS)?

Mon, 11/28/2011 - 13:21 | 1921382 williambanzai7
williambanzai7's picture

Y U NO INJUNCTION

Mon, 11/28/2011 - 13:23 | 1921392 GeneMarchbanks
GeneMarchbanks's picture

Marvelous. Another one you've kept to unleash at the right moment?

Mon, 11/28/2011 - 13:39 | 1921451 williambanzai7
williambanzai7's picture

I just slapped it together when I saw the wire ;-)

What I really would like to do I would never post publicly.

Mon, 11/28/2011 - 14:32 | 1921645 MsCreant
MsCreant's picture

Remember that series of Merkel where she was saying "this big" then "this big?" Below, and the next picture in the series, Mary is telling fibs about how big her lies are too.

 

http://www.firstpost.com/topic/organization/securities-and-exchange-commission-securities-and-exchange-commission-chairman-mary-s-image-04in1Tl7LCfHf-186-1.html

Mon, 11/28/2011 - 16:44 | 1922593 Howard_Beale
Howard_Beale's picture

Judge Jedi! There's a pic for you... :)

Mon, 11/28/2011 - 13:22 | 1921388 willien1derland
willien1derland's picture

Mary Schapiro is a criminal - This has been proven time & again...Omission, Commission, EVEN Shreading documents!!! She represents the worst of US government criminal bureaucrats & I have no idea how she lives with herself as her lack of conscience & morals is only overshadowed by her unwillingness to enforce any securites regulations  - I can only imagine if the SEC actually enforced the law...but then again when one considers the implications of MF Global debacle it appears Wall Street does not have to abide by any law - God Bless Judge Rakoff - Please be careful sir as the thugs of Wall Street & K Street are beyond the rule of law...God Bless America... 

Mon, 11/28/2011 - 13:23 | 1921393 rambler6421
rambler6421's picture

Don't worry. Citigroup will still find a way around this.

 

libertarian86.blogspot.com

Mon, 11/28/2011 - 14:35 | 1921659 MsCreant
MsCreant's picture

I hate to be a stickler, but your spelling is incorrect:

Shitigrope.

Mon, 11/28/2011 - 13:25 | 1921403 digalert
digalert's picture

Is that a WhiteHouse phone call I hear? Memo to Rakoff: don't fall for the airforce 1 plane ride or beer summit. Selling your soul is not worth the ride.

Mon, 11/28/2011 - 13:27 | 1921415 Boilermaker
Boilermaker's picture

Citi up 6% + on this awful news.

 

Mon, 11/28/2011 - 13:52 | 1921502 Wixard
Wixard's picture

Sometimes you just gotta let the news perculate. I love me some faz

Mon, 11/28/2011 - 13:27 | 1921416 Scorpio69er
Scorpio69er's picture

How much longer before "Homeland Security" puts out a terrorist alert on "rogue judges"? 

Mon, 11/28/2011 - 13:29 | 1921418 terryfuckwit
terryfuckwit's picture

i am with taibi on this one ROCK ON .... RAKOFF

Mon, 11/28/2011 - 13:32 | 1921432 Bansters-in-my-...
Bansters-in-my- feces's picture

Love to bitch slap that Shapiro for awhile myself....
Keynesian cum swallowing whore.

Thumbs up to the Judge...!!!

Mon, 11/28/2011 - 13:48 | 1921474 JOYFUL
JOYFUL's picture

 

in which Citigroup will actually face a jury and defend itself to peers instead of to future Citi employees in the form of SEC porn addicts. 

Lord above,Tyler(s), it's a line like that what reminds us, in the dull and daily struggle against an endless tide of triumphalism on the part of an inane, faceless enemy, that This is Why We Fight! Bless You(s)!

"Nineteen marshals and one court to commandeer 70,000 square miles. A happy hunting ground filled with bushwackers, horse thieves, whiskey peddlers, counterfeiters, hide peelers, marauders - they'd kill you for a hat band. Now that's why there's a badge in my desk, Cooper, itching to sit on somebody's chest... and no takers!"

 

Mon, 11/28/2011 - 14:02 | 1921544 onlooker
onlooker's picture

 

 

We will not survive without laws and order for ALL.

 

Mon, 11/28/2011 - 14:19 | 1921605 Lost Wages
Lost Wages's picture

The only just settlement that could come from any of these lawsuits is for Citibank to have its banking license revoked. What is their stock really worth? $0 or less?

Mon, 11/28/2011 - 14:25 | 1921628 Bartanist
Bartanist's picture

I am assuming that there are criminal issues that should be addressed if there was a rule of law in this country (other than that inflicted on shoplifters and jaywalkers).

Also, there are more than likely a whole host of people who have been injured by Citi and need just compensation.

"Durty" Mary and Vik working out a crooked side deal does not give even the tiniest appearance of justice and fairness.

Mon, 11/28/2011 - 14:32 | 1921646 bugs_
bugs_'s picture

Agree.   Rakoff holding out for a bigger piece of the action.  A modest increase to 375m will cover his plans.

Mon, 11/28/2011 - 14:38 | 1921673 pelican
pelican's picture

 

 

Mon, 11/28/2011 - 14:39 | 1921677 jcaz
jcaz's picture

As an ex-Citi Investment veep,  I laugh with gusto......

Mon, 11/28/2011 - 14:49 | 1921710 AndrewCostello
AndrewCostello's picture

CITI is nothing more than an organized crime syndicate and the SEC is ridiculously corrupt.

 

Read:

http://www.amazon.com/Simple-Wealth-Mr-Andrew-Costello/dp/1463523017/ref

Mon, 11/28/2011 - 15:00 | 1921768 MrBoompi
MrBoompi's picture

Goes Judge Rakoff have Secret Service protection?

Mon, 11/28/2011 - 15:11 | 1921864 Arthur
Arthur's picture

News Flash.

 

Mary Schapiro delays resignation vows to accept Citi job once settlement is worked out.

Mon, 11/28/2011 - 15:43 | 1922103 earleflorida
earleflorida's picture

"No U.S. Large Bank has ever been charged with Criminal Wrongdoing",... repeat "NONE"!

The accounting firms take the hit?

Not even Lehman was charged. Why? A bank such as BAC, C, JPMC, or WF would set in motion a precedent once records of past behavior become known, an easy mark to "Follow-a-Pattern-of-Malfeasance MO"    JMO

Judge Rakoff has set the bar-high for other justices to follow suit, and not lay down to TPTB, period!

I believe in him - perhaps i'm a fool - perhaps i'm living in the past - perhaps the entire world is about to throw-up on our judicial system that seems to have become a mockery of the emerging markets, and the free world that,... once upon a time in history, not so long-ago, they [the world] proudly 'followed-n-our-footsteps'.

ref: 'Big Banks Confirmed as Criminal Enterprises' ___ http://www.worldreports.org/news/295_big_u.s._banks_confirmed_as_crimina...

ref: "U.S. Banks are really Criminal Enterprises. Take a Look... 'This is the New Normal"

http://www.thisisthenewnormal.wordpress.com/2011/07/21/us-banks-are-real...

thanks tyler

Mon, 11/28/2011 - 15:46 | 1922186 Fred Hayek
Fred Hayek's picture

Oh my god.  Rakoff is fantastic.  If he were an elected not appointed judge I'd be donating to his campaign.

Mon, 11/28/2011 - 16:12 | 1922392 Dre4dwolf
Dre4dwolf's picture

Where is the video ? I wana see the look on that bitches face.

 

Mon, 11/28/2011 - 16:20 | 1922435 carbonmutant
carbonmutant's picture

Actually this is a message to the White House... which is where Mary's gets her directives....

Mon, 11/28/2011 - 16:52 | 1922636 AldoHux_IV
AldoHux_IV's picture

Hope this judge has the conviction to see this through because my faith in the judicial system is about as high as my faith in the legislative system.

SEC, fed, treasury, CFTC, etc. should all stand trial for their involvement in non-public arrangements that were not in the best interest of the public but continued to use taxpayer money to perpetuate a very fraudulent and odious system.

Mon, 11/28/2011 - 17:22 | 1922807 indio007
indio007's picture

Read it , ot's a pretty nice smack down. IF Citi did commit the  alleged acts this would have been quite a gift.

 

I can't even believe the SEC was going to allow them to keep some of the profits. Amazing.

Mon, 11/28/2011 - 18:49 | 1923207 lolmaster
lolmaster's picture

Quite a joke. Rakoff is bought n paid for by TPTB this is just a throwaway so he can get some cred at his ultra lib cocktail parties where thy discuss how gnarly OWS is. Cayman bank deposit hitting in 5...4...3...

Mon, 11/28/2011 - 20:07 | 1923440 Angel Face
Angel Face's picture

Judge Rakoff telling SEC to get off their ass and actually try a case for a change could be a good thing...assuming the incompetents at SEC can muster up enough brain cells to actually win.  Did Judge Rakoff just hand Citi back the $285M they settled on?

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