Citigroup’s $7 Billion Wrist Slap
When Citigroup accepted what the media hailed as a whopping $7 billion penalty for defrauding its own investors and wrecking our economy, the bank just shrugged.
“We believe that this settlement is in the best interest of our shareholders and allows us to move forward and to focus on the future,” Citi CEO Michael Corbat said.
Note the lack of any regret, apology, or shame. And the total absence of any pledge that the bankers won’t do it again.