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Citi pays $75 million to SEC: another win or another failure for the economy?

July 30, 2010 - 4:02am | Banks and internet banks | News
Citi pays $75 million to SEC: another win or another failure for the economy?

Citi achieved the settlement with the US Securities and Exchange Commission under which Citigroup Inc will pay $75 million. The settlement comes after the SEC’s probe into the Citi’s failure to disclose subprime exposure to investors in 2007.

Apart from this SEC also charged Citi executive and a former chief financial officer of misrepresenting the bank's exposure, although not with intentional misconduct.
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Citigroup | financial crisis | mortgage crisis | SEC | subprime exposure
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