Holding Wall Street Accountable

Holding Wall Street Accountable

A federal judge has rejected a proposed SEC settlement with Citigroup: What the ruling means for efforts to hold Wall Street accountable for its role in the 2008 financial crisis.

A federal judge in New York has rejected a proposed settlement between the SEC and Citigroup. The SEC claimed Citigroup knowingly misrepresented the value of mortgage backed securities in the run-up to the 2008 financial meltdown. In the settlement Citigroup would have been forced to pay a fine but would not have been required to admit to any wrongdoing. The ruling raises the stakes for both parties, and for many others who continue to wonder why so few of the players alleged to have had a hand in the 2008 near collapse of the U.S. financial system have paid a price: Ongoing efforts to hold Wall Street accountable.


Michael Greenberger

director, Center for Health and Homeland Security at the University of Maryland; former senior regulator, Commodities Futures Trading Commission.

Peter Wallison

Arthur F. Burns fellow in financial policy studies at the American Enterprise Institute; served as general counsel of the U.S. Treasury department in the Reagan Administration

Gretchen Morgenson

Pulitzer Prize-winning business reporter and columnist for The New York Times; co-author of the book, “Reckless Endangerment”

Harvey Pitt

former chair, SEC
Kalorama Partners, LLC

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