How can we expect Wall Street’s me-first culture to change when regulators won’t pursue or even identify the me-firsters who are directly involved?
It is a deal that holds no one at the bank accountable for behaviour that caused investors to lose an estimated $2bn.
The settlement involved a disastrous municipal bond strategy the bank concocted and peddled to 4,000 wealthy clients from 2002 until early 2008. It was sold to investors as a safe-money option, even though it used considerable leverage, which always brings hazards when assets decline.
The S.E.C. contended that officials at Citi did not disclose the risks in the investment strategy.
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