Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement on the Securities and Exchange Commission’s (SEC) nearly $180 million settlement with Citigroup Global Markets Inc. and Citigroup Alternative Investments LLC:
“Fining Citigroup or its affiliates, yet again for yet more law breaking, seven years after these funds collapsed during the financial crisis is laughable. For enforcement to work as punishment and deterrence, it has to be swift, commensurate with the violations, require full disgorgement plus fines, and meaningfully punish individuals. This SEC settlement, like so many others, fails those tests and follows a disturbing pattern of too little, too late. Justice delayed is justice denied, which too often is the SEC practice. The American public expects and deserves better.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.