Barack Obama’s Justice Department on Monday announced that Citigroup would pay $7 billion in fines, a move that will avoid a humiliating trial dealing with the seamy financial products the bank had marketed to an unsuspecting public, causing vast damage to the economy.Obviously, Citigroup isn't the only "gangsta" that has wrecked so many lives of ordinary people, and we will get nowhere to solving these periodic crises and the dire future that lies ahead by casting blame on certain players. "It's the economy [system], stupid!" However, if the Justice Department were serious about pursuing justice, there would have been criminal charges brought against key players who knowingly perpetrated fraudulent deals. Instead Citigroup, like the other too-big-to-fail financial institutions have been rewarded by the Federal Reserve with trillions of dollars of near zero rate loans that Citigroup uses to provide credit for us at rates up to 21% interest.
For many more details on the deal worked out by the ruling class's "Justice" Department with Citigroup which provided cover for any criminal prosecutions, I highly recommend you read "$7 Billion Citigroup Settlement: About Those 25 Million Missing Documents" by Pam Martens.
