285 Million Dollar Golden Parachute

Today’s New York Times reports that Citigroup is going to buy its way out of the responsibility for the 1 billion in bogus mortgage securities that it sold just before the financial collapse in 2009. The article: Citigroup to Pay Millions to Close Fraud Complaint– By Edward Wyatt explains how Citigroup executives bundled up some risky mortgage investments into securities, sold them and then bet against them to rake in huge profits. Citigroup has agreed to pay $285 mil. to settle a civil suit for defrauding investors and will be used to refund investors as well as a $95 mil. fine. The deal isn’t quite final yet as the federal district judge in the case, Jed S. Rakoff, a hardliner in other SEC cases, may not approve the agreement. The leniency of the settlement and the fact that neither the SEC nor the Justice Department have commented on whether Citigroup will face any criminal action.

With profits of $3.8 billion in the third quarter of this year alone it would seem that the $285 mil is just a drop in the ocean and with Citigroup’s tacit admission of fraud it would seem that criminal charges and harsher fines should be directed at the company. In a statement, Citigroup noted that the S.E.C. did not charge it with “intentional or reckless misconduct.” Rather, it settled charges that its actions were negligent and misleading to investors. Yet it would seem that for Citigroup executives to have hand picked the bad mortgages that made up the fraudulent investments that there must have been some sort of prior intent.

To date very few bank executives have been charged and fewer still have been convicted. It would seem that the authorities don’t want to, or can’t, find those responsible for the billions that were lost in the mortgage collapse and that during these financially depressed times that the banks are not going to have to repay any of the money that the government used to bail them out. Yet again the taxpayer is the one who pays for the rampant greed of Wall Street while the golden parachuted bank executives have gotten off scot free.

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About dgmattichakjr

D G Mattichak jr was born in 1963 in Syracuse New York and immigrated to Melbourne Australia with his family in 1972. He was educated in one of Melbourne’s exclusive private schools before studying art at Preston Technical College. D G Mattichak jr has been a student of the occult arts since the early 1980s and has become well known in Australian magickal circles and, in recent years, around the world due to a string of essays on a variety of occult subjects http://www.scribd.com/dmattichak/shelf . He discovered the “key to the order & value of the English alphabet” from Aleister Crowley’s Book of the Law in 1983 and has since used this English Qabalah to unlock the secrets of Thelemite magick. Success in these methods admitted him to the highest levels of attainment in various Hermetic disciplines and until recently he has been passing on his knowledge to private students, many of whom have gone on to become notable occultists in their own right. After almost three decades of study and development D G Mattichak jr has finally been able to distil his knowledge of magick and Thelema into a book- A Comment on the Verses of the Book of the Law, the first in a planned series of books on Hermeticism and Thelemite magick, revealing, for the first time in over a century, the secrets of magick that have been hidden in Crowley’s magnum opus, the Book of the Law. D G Mattichak jr currently lives in Melbourne Australia with his artist wife Michelle and their two cats. He has had a long career as an al a carte chef in Melbourne’s vibrant hospitality scene and now spends his time writing blogs on cooking, writing and, in the guise of Master Ankh af na Khonsu, about magick. He is also one of the founding members of the Mt Franklin Annual Pagan Gathering and regularly contributes to its official website http://mountfranklinannualpagangathering.blogspot.com/ as both an administrator and as an author. D G Mattichak jr’s first book Loot was released in 2009. His books are available through amazon.com at http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias=stripbooks&field-keywords=D G Mattichak&x=13&y=20 .
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One Response to 285 Million Dollar Golden Parachute

  1. Pingback: The Color of Money | Dgmattichakjr's Blog

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