When we heard Tuesday that the jury acquitted the only person the SEC sued for all of Citigroup’s multi-year egregious derivatives fraud, we issued a statement that said the jury refused to let the SEC scapegoat a junior person when the SEC let Citigroup and all its executives, officers and other employees off scot free.
It was a tad aggressive because, while we believed it to be true, one really never knows why a jury does something.
However, the jury foreman and another juror have spoken and it is a fact that the jury refused to let the SEC scapegoat the one individual. But, much, much more important was the message the jury sent to the SEC: go after the criminals on Wall Street and prosecute the firms and their executives and officers. A terrific article in today’s New York Times spells it all out and we can only hope the SEC is genuinely paying attention.