cnbc.com:
Citigroup is expected to be fined $600,000 by the Financial Industry Regulatory Authority over derivatives transactions that helped foreign clients avoid taxes on dividends, a source familiar with the matter said on Sunday.
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they tip better that that. that's 600k that could buy 2 senators that chair committees.
Maybe $600,000,000 or $600,000,000,000 would be more in line with the damage they have done?
The Financial Industry Regulatory Authority needs to be fired immediately, what a pathetic excuse of an organization. They are actually making illegality happen.
WE HAVE HEALTH CARE WE HAVE HEALTH CARE CONGRATS OBAMA 4 GETTING IT DONE!
good articles; http://br.st/tU
Hmmm,... $600K fine,.... I wonder what miniscule fraction of the dollar amounts they made in fees making those reccomnedations $600K is,...
As several other posters here have already stated,... I bet they will really learn their lesson and not do that again after a 'hefty' fine like that.
$600,000, I bet they won't do that again.
A $600,000 fine for Citigroup? That will be paid by shareholders?
Wow. Now THAT should really deter the individual executives inside Citi from engaging in this behavior in the future.
The Obama administration really knows how to go after those bankers to stop their bad behavior, doesn't it?
Well, maybe not....
Stop with the fines and start putting people in jail.
600 K to save 6 Billion K ? S.O.P.!
I see everyone here feels the same way i do......600k is nothing to Citi they should be fined at least enough to make them feel it ... i have seen our courts do the same thing ...
pityfull
Hmmm. A rogue ACORN employee gives pointers on how to do esentially the same thing (although they never actually implement it), is caught on film and it results in congressional action...
A major financial institution which, by the way has received more taxpayer money than ACORN has ever dreamed of, actually implements a tax dodge scheme for its customers gets what amounts to a teeny-tiny slap on the wrist--more of a tap actually. Remind me again who our governement works for?
$600,000 is the size of a medium size bonus -- big deal
The fines need to be increased to $16 MILLION. So large, that they need to be footnoted on their quarterly reports and discussed at shareholder meetings. These fines need to be MATERIAL in terms of dollar amounts, otherwise they are just slaps on the wrist and laughed off.
Exactly, and yet no hand cuffs.
Obama needs to carry out more reform. He needs to get things done instead of just talking and planning because his voters are becoming impatient and the robber barons are at it again.
Good articles: http://pie.im/af30
2 party system gives no results.
spam
spam ~ ditto
Sigh, $600K?? THATS IT? Whew, we are really sticking it to these banks for sure! They make that much in, what, a day?
Yeah what was the profit margin, greater than a 600k fine I wager.
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First Posted: 10-12-09 10:27 AM | Updated: 10-12-09 11:01 AM