Skip to comments.Citigroup sued for fraud over $1 billion of CDOs
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 uk.reuters.com ...
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!
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.
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.
Top 20 contributor list:
|Credit Suisse Group||$203,750|
|Kirkland & Ellis||$132,100|
|Bank of America||$126,500|
|JPMorgan Chase & Co||$112,250|
|Sullivan & Cromwell||$79,250|
|Bain & Co||$52,500|
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