#OWS Cheers As Defiant Judge Stops Obama From Selling Immunity To Wall Street
In an audacious move against Citigroup, the SEC, and the practice of "selling immunity", a Federal Judge in NY abruptly put the brakes on a settlement agreement proposed between the Obama Administration and another giant Wall Street firm accused of betting against their own investors.
Judge Jed Rakoff sent a message today to Wall Street and the Securities Exchange Commission that may multiply in shockwaves. Rakoff refused to approve a $285 million dollar payout to drop charges against Citigroup for defrauding investors without admitting any guilt.
Business Insider's haunting pullquote is a somber reminder of a basic message of the Occupy movement. : "Judge Rakoff: Truth is Confined to Secretive, Fearful Whispers"
Judge Jed Rakoff sent a message today to Wall Street and the Securities Exchange Commission that may multiply in shockwaves. Rakoff refused to approve a $285 million dollar payout to drop charges against Citigroup for defrauding investors without admitting any guilt.
Business Insider's haunting pullquote is a somber reminder of a basic message of the Occupy movement. : "Judge Rakoff: Truth is Confined to Secretive, Fearful Whispers"
Obama's pushing of the mortgage fraud settlement is a lot like the Catholic Church's practice of selling "indulgences", immediate forgiveness of sins, to the rich.
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