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Remember who we bailed out.
In June of 2005, Citigroup agreed to pay $2 BILLION to settle a class-action suit brought by Enron stock and bond holders. It is the largest settlement to date over the high-flying Enron. Lehman Brothers agreeded to a $222.5 million and Bank of America agreed to $69 million earlier that year.
In March 2005, The Federal Reserve barred Citigroup Inc., the largest U.S. financial institution, from making major new acquisitions until it corrects regulatory problems that have gotten it into trouble in several countries. The unusual move by the central bank came less than a month after Citigroup, stung by a series of scandals in the United States and abroad.
In March 2004, Citigroup said it would pay around $3 Billion in settlement of the class action suit brought by investors of WorldCom, who had accused Citigroup of participating in financial fraud.
On Febr 2006, executives of GenRe and AIG were indicted for one count of conspiracy to commit securities fraud, four counts of securities fraud, two counts of causing false statements to be made to the Securities and Exchange Commission, four counts of wire fraud and two counts of mail fraud.
In Febr 2010, Citigroup notified all its account holders that as of April 1, 2010 that they will require 7 days notice of any withdrawals from checking accounts! |