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Citi, U.S. $7 billion settlement
announcement expected Monday

Reuters, by Karen Freifeld & Aruna Viswanatha

Original Article

Posted By:LittleHoodedMonk, 7/13/2014 6:01:56 PM

New York - Citigroup agreed to pay $7 billion to resolve a U.S. government investigation into shoddy mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis in a settlement set to be announced on Monday, sources said. The $7 billion includes $4 billion in cash to the U.S. Department of Justice, $2.5 billion in consumer relief, more than $200 million to the Federal Deposit Insurance Corporation and just under $300 million to settle probes by five states, said sources familiar with the negotiations. Spokespeople for the Justice Department and the bank declined comment. Representatives of attorneys general of

Comments:
OK. The US government is about to become $7B "richer." How does one track the money? First, when and how is it verified in the government coffers? Then, who has access to it? Is this part of a slush fund for all agencies to spend as they see fit, awarded by 0bama? After all, these are not collected taxes. Or, will it be divided by the states in the lawsuit?

      


Post Reply  

Reply 1 - Posted by: whyyeseyec, 7/13/2014 6:06:21 PM     (No. 9922890)

This settlement leave 3.3 billion to spend on the illegals invading our country after the 1st 3.7 billion fails to solve the problem.....

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Reply 2 - Posted by: dirtyjersey, 7/13/2014 6:50:22 PM     (No. 9922926)

$2.5 billion in "consumer relief". Translation: money for community organizers and ACORN, plus outreach programs to the very same low credit score owners that caused this mess.

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Reply 3 - Posted by: john56, 7/13/2014 9:01:04 PM     (No. 9923037)

Once the Obama bundlers get their subsidy payments out of this, it will be a net loss of $9 billion to the government.

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Reply 4 - Posted by: ColonialAmerican1623, 7/13/2014 11:05:50 PM     (No. 9923106)

Citi isn´t quick to admit they lost $27 million to a Nigerian scam, never recovered.

None of it will ever be extended to their mortgage holders. What a lying group.

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Reply 5 - Posted by: grounded, 7/13/2014 11:19:28 PM     (No. 9923120)

Eric Holder and his merry gang of thugs practicing Jesse Jackson jurisprudence.

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Reply 6 - Posted by: Trigger2, 7/14/2014 1:35:30 AM     (No. 9923196)

Well, I´ve been harping about where to get the $4B for the illegal criminals and diseased. And here I found it. The No-Justice Dept. is getting a windfall of $4B. Seize it immediately before the No-Justice Dept. wastes it.

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Below, you will find ...

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