Citigroup Inc. may have to pay more than its proposed $285 million settlement with U.S. regulators over a collapsed collateralized debt obligation to satisfy a judge that the accord is fair, said lawyers following the case.
Citigroup Inc., whose $285 million settlement with U.S. regulators over a collapsed collateralized debt obligation was faulted by a federal judge as too lenient, may have to pay more money to avoid admitting it did anything wrong, said lawyers following the case.
Kareem Serageldin, the ex-global head of Credit Suisse Group AG’s CDO business charged in a bonus- boosting fraud tied to a $5.35 billion trading book, was surprised by the U.S. indictment since he has been cooperating with investigators for four years, his lawyer said.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon railed against higher capital requirements last year at the same time his bank was using derivatives to hedge more than $1 trillion of loans and bonds.
Both the international monetary system and American fiscal policy began to change in the 1960s. The system developed at the United Nations Monetary and Financial Conference, held in Bretton Woods, New Hampshire, in July 1944, fixed exchange rates to a dollar backed by gold. It worked successfully for years. But it couldn’t last forever.
The birth of the U.S. was paid for by both a debauched paper currency and large debts that it soon defaulted on. When Alexander Hamilton became Treasury secretary in 1789, his job was not just restoring the country’s credit by restructuring the debt and imposing new taxes; he also had to clean up the mess that was money in the early U.S.
Just when you thought you could forget about the fiscal cliff and focus on the Republican and Democratic conventions instead, along comes the Congressional Budget Office to remind us of the impending threat.