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What the $7billion Fine to Citigroup Reveals

- Philippe Herlin - GoldBroker

Back in the '80's there were about 1,000 Bankers from the S&L Crisis that were indicted on charges of the fraud and theft type. About 800 of them went to prison. Contrast that with the 2008 Financial Crisis and you begin to get an idea of the above-the-law like status bankers appear to have in today's society.

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Beginning of the headline :The American bank Citigroup has just been condemned by the Department of Justice to pay a fine of $7billion for its role in the subprime crisis. “Citigroup knew about serious and generalised deficiencies with the more and more risky loans it was transforming into bonds” and, nevertheless, it kept on with it, explained Eric Holder, the United States’ Attorney General. The big banks are being investigated by American justice for their responsibility in the subprime crisis: JP Morgan has already pa... Read More

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