“Crappy settlements” have become a cheap payoff system not serving the public interest.

It will only continue to get worse. What will it take for our politicians and government to understand that the securities fraud committed by Wall Street and their associates have created joblessness, homelessness, foreclosure and eviction that has affected families across the country? How can we continue to ignore the enormous wrongs?

Judge Rakoff was right when he told the Securities and Exchange Commission that their deal with Citigroup Global Markets, Inc. was not transparent enough and stated,
“[T]he Supreme Court has repeatedly made clear, however, that a court cannot grant the extraordinary remedy of injunctive relief without considering the public interest.”

The public interest has been sorely damaged by the fraud committed by the Wall Street Continue reading