On November 27, 2011, a federal judge named Jed Rakoff threw out a $285 million regulatory settlement between Citigroup and the Securities and Exchange Commission, blasting it as “neither fair, nor reasonable, nor adequate, nor in the public interest.” The S.E.C. and Citigroup were stunned. Expecting to see their malodorous deal wrapped up, the parties were instead directed “to be ready to try this case” the following summer…
2 years ago · 376 likes · 394 comments · Matt Taibbi