Published by Nate Madie, Wednesday, October 23rd 2013
Financial Reform Legislation
canada goose clearance The proper level of financial regulation is Canada Goose sale a complex topic, about which people can have Canada Goose Parka honest differences. But, reasonable people would agree that a bank having a history of involvement with fraud and mismanagement (and a recipient of one of the largest bank bailouts) shouldn't be writing bank legislation. Congress doing business as usual. (Lawmakers changed two words to make them plural.)" Source: Lipton, E. and Protess, B. (2013, May 24). And in the 2008 financial crisis, it received one of canada goose clearance sale the largest bailout packages. In 2001, 2005, 2006 and 2008 alone, Citigroup entered into agreements with canada goose the SEC promising not to break the law in future. Even more unsettling, the agreements with the SEC weren't effective Citigroup continued to get in trouble. See the Appendix below for details. canada goose clearance
I don't find it reassuring that Citigroup believes it should be subject to less regulation, or that Congress adopted Citigroup's proposed language nearly verbatim with a mere change of "two words to make them plural."
Canada Goose sale One possible Canada Goose Jackets explanation for having Citigroup write financial services legislation is its significant knowledge (based upon experience) of fraudulent and bad management practices. But with Canada Goose online this line of reasoning, Bernie Madoff should've headed Congress' efforts for financial services reform. Canada Goose sale
canada goose store Yes, Citigroup replaced several top managers since the last financial crisis. However, the current CEO began with Citigroup out of college in 1983, and has been a senior leader at Citigroup for at least the past 10 years. Citigroup (again) promised to reform itself (although it's made and broken that promise before). And maybe Citigroup won't be ground zero for the next crisis. canada goose coats But, it still seems odd to trust Citigroup canada goose coats on sale to draft the very legislation determining how much regulation Citigroup will be subject to. canada goose store
Why would Congress turn over to Citigroup its responsibility for writing this legislation? Does Congress http://www.mycanadagoosejacket.org honestly believe Citigroup has America's best interests at heart, and/or that buy canada goose jacket Citigroup's interests align with those of the American taxpayer? Or could it be the over $100 million Citigroup's spent on lobbying and campaign contributions since 1998? Perhaps some members of Congress or their staff hope canada goose black friday sale to obtain lucrative post political careers with Citigroup (not a bad bet, given that 90 percent of Citigroup's lobbyists have previously worked in government). Or, is it more simply that, as Mark Twain observed:
buy canada goose jacket "Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself." buy canada goose jacket
canada goose factory sale Appendix: Examples of Citigroup's Involvement with Fraud and Mismanagement (Limited to the 21st Century) canada goose factory sale
canada goose Adapted from: Chittum, R. (2012, March 9). "200 Years of Citi". Columbia Journalism Review. canada goose
canada goose uk black friday 2001: Citigroup paid investors and bondholders $3.7 billion for its role in the Enron fraud (and promised the SEC not to break the law in future). canada goose uk black friday
uk canada goose outlet 2002: Citigroup paid the second largest securities settlement in history $2.7 billion to WorldCom investors and bondholders for its role in the Worldcom fraud. In a separate matter, Citigroup paid a record $215 million fine to settle a complaint about predatory lending. uk canada goose outlet
Canada Goose Online 2004: Citigroup paid a record $400 million twice as much canada goose outlet as any other firm to settle charges about (i) flawed, canada goose store conflicted stock research inflating the tech bubble and (ii) for giving CEOs it did business with preferential access to hot IPOs. Additionally, Citigroup reached a $70 million buy canada goose jacket cheap settlement for predatory subprime lending. And Japan closed Citigroup's private bank there for improper activities. Canada Goose Online
canada goose coats on sale 2005: Citigroup paid $208 million after the SEC accused it of defrauding mutual canadian goose jacket fund customers. Citigroup (again) promised the SEC not to break the law. canada goose coats on sale
2006: Citigroup settled with Canada Goose Outlet the SEC after being accused of manipulating bond markets. The SEC again made Citigroup promise to not break the law (which Citigroup had already promised in 2001 and 2005).
canada goose uk outlet 2008: Citigroup agreed to pay $18 million after it (according to the California Attorney General ) "knowingly stole from its customers, mostly poor people and the recently deceased" and fired a whistleblower who complained about these practices. At the SEC's insistence, Citigroup agreed to repurchase $7 billion in auction rate securities it sold to investors, when it knew the securities financial outlook was deteriorating. But don't worry the SEC again made Citigroup promise canada goose clearance to not break the law (we know how effective this strategy was in 2001, 2005, and 2006). "we the people of the United States") had to invest $45 billion and purchase 36 percent of Citigroup just to stabilize it. canada goose uk outlet
canada goose black friday sale 2010: Citigroup agreed to pay $75 million to settle SEC charges about misleading its investors at the start of the financial crisis concerning its subprime exposure, which it understated by $43 billion. canada goose black friday sale
2011: Citigroup paid $285 million for misleading investors on a CDO (collateralized debt obligation) deal which one of its traders called "dogshit" and "possibly the best SHORT ever".
Canada Goose Outlet 2012: Citigroup agreed to pay $2.2 billion as its portion of the settlement relating to the mortgage foreclosure/robo signing scandal. Canada Goose Outlet
Canada Goose Parka Note: Dates listed above are either year of incident, or year of settlement (when the incidents were spread over multiple years). Canada Goose Parka
Canada Goose Coats On Sale Steven Strauss is an adjunct lecturer in public policy at Harvard's Kennedy School of Government. Immediately prior to Harvard, he was founding Managing Director of the Center for Economic Transformation at the New York City Economic Development Corporation. Steven was one of the NYC leads for Applied Sciences NYC (Mayor Bloomberg's plan to build several new engineering and innovation centers in NYC), NYC BigApps and many other initiatives to foster job growth, innovation and entrepreneurship. In 2010, Steven was selected as a member of the Silicon Alley 100 in NYC. in Management from Yale University, and over 20 years' private sector work experience Canada Goose Coats On Sale.
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