MUST-READ: Judge Rakoff Delivers Brutal Takedown Of Both The SEC And Citigroup
Bottom line (to Rakoff) this settlement offers no facts, and no truth to the public:
Bottom line (to Rakoff) this settlement offers no facts, and no truth to the public:
"Finally, in any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth. In much of the world, propaganda reigns, and truth is confined to secretive, fearful whispers. Even in our nation, apologists for suppressing or obscuring the truth may always be found. But the S.E.C., of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if it fails to do so, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency's contrivances."
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