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Citi Destroyed Tapes, Says Ny Investigator

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Guest Shedfish
Citi destroyed tapes, says NY investigator

By Francesco Guerrera and Joanna Chung in New York

Published: August 1 2008 22:03 | Last updated: August 2 2008 00:39

Citigroup was on Friday accused of destroying records subpoeaned by Andrew Cuomo, the New York attorney-general, who intends to sue the investment bank for its role in the collapsed auction rate securities market.

Citi “repeatedly and persistently committed fraud” by misrepresenting auction rate securities as safe and cash-equivalent investments, said David Markowitz, chief of the office’s Investor Protection Bureau, in a letter sent to the bank on Friday.

On Wall Street: Exit, kicking and screaming

By Aline van Duyn

Published: August 1 2008 16:56 | Last updated: August 1 2008 16:56

“Market is collapsing. No more $2k dinners at CRU!!”

This message was sent in an email by a Merrill Lynch executive to a friend in November last year, according to a complaint filed by William Galvin, Massachusetts’ Secretary of State.

strangely comforting, this bit -

There is a strong desire among law-makers and law-enforcers to find a way to hammer Wall Street for the mortgage meltdown. The auction-rate securities market seems to be delivering it. As well as a case against Merrill, civil charges have been filed against UBS over its role in the market and two former Credit Suisse brokers are facing a criminal probe.

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There is a strong desire among law-makers and law-enforcers to find a way to hammer Wall Street for the mortgage meltdown. The auction-rate securities market seems to be delivering it. As well as a case against Merrill, civil charges have been filed against UBS over its role in the market and two former Credit Suisse brokers are facing a criminal probe.

I see a problem. Lets say they do find a way to 'hammer' wall street and win in court- what are they going to do, impose hefty fines?

You can see a scenario where a Bank is exchanging toxic crap for taxpayers money, then using it to pay off the fines imposed by the courts- nice :lol:

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You can see a scenario where a Bank is exchanging toxic crap for taxpayers money, then using it to pay off the fines imposed by the courts- nice :lol:

And the pumpers will denounce it as "government gone mad"!

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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