United States Court of Appeal for the Second Circuit in SEC vs. Citigroup

It is truly a sad day when the sound discretion and judgment of our Federal Judges must be defended by lawyers’ to uphold the orders made by them.  I find it both disappointing and concerning that America’s chief watchdog, the SEC, has allied with their supposed adversary, Citigroup, only to fight a Judge who ordered them to do something they both think is unfair and apparently too risky – argue their cases in the sunshine of a federal court to determine whether there is any truth to the allegations that Citigroup dumped dubious assets onto investors whom lost $700MM, while Citigroup profiteered $160MM in the deal.  Instead, both Citigroup and the SEC are seeking what essentially amounts to a judicial override by various legal tactics, which are all of course at the American taxpayers expense, to get their $285MM settlement approved by the Judiciary and the facts of the matter far from the sight of the American Public.  Read the United States Court of Appeal for the Second Circuit March 15, 2012 decision here

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