As Bloomberg reports today,
Citigroup Inc. agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.
But is it enough? The Bloomberg article goes on to quote Eric Holder praising the agreement:
“The bank’s misconduct was egregious,” U.S. Attorney General Eric Holder said today at a press conference in Washington to discuss the Citigroup settlement. “The size and scope of this resolution goes beyond what could be considered the mere cost of doing business.”
Read a contrary perspective from Public Citizen, which points out (among other things) that no individuals are being held to account.
