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 Extortionist Justice Department demands $US10b from Citi

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RR Phantom

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Extortionist Justice Department demands $US10b from Citi Vide
PostSubject: Extortionist Justice Department demands $US10b from Citi   Extortionist Justice Department demands $US10b from Citi Icon_minitimeSun Jun 15, 2014 2:30 am
The Justice Department has asked Citigroup for more than $US10 billion ($A11 billion) to settle claims the bank misled investors on mortgage-backed bonds sold before the 2008 financial crisis, a report says.

US prosecutors broke off talks with Citi and are preparing a lawsuit against the bank after the financial giant offered less than $US4 billion to settle the case, Bloomberg News reported on Friday.

News of the Citi case follows other multi-billion dollar government settlements with major banks over their sale of mortgage-backed securities before the housing bust.

The government has charged that the banks falsely claimed the investment vehicles were low-risk when many were linked to risky mortgages that ended up defaulting.

http://www.smh.com.au/business/world-business/us-demands-us10b-from-citi-20140614-3a40z.html
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