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Did Citi Get A Sweet Deal? Bank Claims Sec Settlement On One Cdo Clears It On All Others

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Citibank says it has settled all of its potential liability to the SEC with a $285 million payment that covers a single transaction, Class V Funding III. In announcing a case, the SEC said it had identified one low-level employee, Brian Stoker, as responsible for the bank's misconduct. It made no mention of the dozens of similar collateralized debt obligations, or CDOs, Citi sold to investors before the crash. A bank spokesman said the SEC would not be examining any of those deals. "This means that the SEC has completed its CDO investigation(s) of Citi."

"The $285 million settlement resolves only the Class V Funding III CDO, and we will not hesitate to bring further charges where we determine that there has been unlawful conduct," an SEC spokesman said.

Did Citi get a sweet deal? Some observers think so.

Read the rest of the story HERE:

At www.propublica.org

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