Democracy Now: Citigroup to Pay $75M to Settle Subprime Mortgage Claims

Citigroup has agreed to pay $75 million to settle federal claims that it hid more than $40 billion in subprime mortgage investments that were deteriorating. The holdings ultimately crippled the bank and forced the federal government to rescue the bank. As part of the settlement, two high-ranking Citigroup executives have agreed to pay a total of $180,000 in fines for their involvement in the subprime mortgage investments.

~ by wheresthemic on July 30, 2010.

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