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Citigroup sued for fraud over $1 billion of CDOs ^ | Tue Jan 24, 2012 | By Karen Freifeld

Posted on 01/25/2012 11:59:09 PM PST by Razzz42

Citigroup Inc (C.N) was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007.

Citigroup is accused of defrauding Loreley into purchasing "fraudulent investments that are now worthless," Loreley said in a complaint filed Tuesday in New York State Supreme Court in Manhattan...

(Excerpt) Read more at ...

TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: cdo; citigroup; finance
If it would have been just a normal housing price correction maybe we could have lived through it but with all the fraud created debt and no rule-of-law...
1 posted on 01/25/2012 11:59:18 PM PST by Razzz42
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To: Razzz42

I don’y know who Loreley Financing is, but I hope that they absolutely break Citigroup. For all we know they are pond scum also, but if they take Citigroup down they will have expunged any debt to society that they might have!

2 posted on 01/26/2012 12:06:56 AM PST by vette6387 (Enough Already!)
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To: vette6387

Nobody really goes to jail or gets fined like they should in this situation and it will never go to trial as the Citi can’t gamble on having there fraudulent inner dealing exposed. So, there will be an out of court settlement.

3 posted on 01/26/2012 12:23:36 AM PST by Razzz42
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To: Razzz42

Banks should never have been allowed to sell stocks and bonds in the first place. I’ve been lied to so many times about the value of their products, that I no longer agree to discuss it with them.

4 posted on 01/26/2012 1:42:18 AM PST by kitkat (Obama, rope and chains)
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To: Razzz42
Romney 2012
Top 20 contributor list:
Goldman Sachs $367,200
Credit Suisse Group $203,750
Morgan Stanley $199,800
HIG Capital $186,500
Barclays $157,750
Kirkland & Ellis $132,100
Bank of America $126,500
PriceWaterhouseCoopers $118,250
EMC Corp $117,300
JPMorgan Chase & Co $112,250
The Villages $97,500
Vivint Inc $80,750
Marriott International $79,837
Sullivan & Cromwell $79,250
Bain Capital $74,500
UBS AG $73,750
Wells Fargo $61,500
Blackstone Group $59,800
Citigroup Inc $57,050
Bain & Co $52,500

5 posted on 01/26/2012 2:16:59 AM PST by meadsjn (Sarah 2012, or sooner)
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