The SEC Delicately Caresses The Wrist Of Citigroup To Settle Fraud Allegations

The New York Times reports that the Citigroup fraud settlement deal with the SEC may be in trouble. Federal Judge Jed S. Rackoff is questioning the Securities and Exchange Commission as to why the proposed settlement with Citigroup for its alleged role in the selling of junk mortgage securities is so light.

While the $285 million that Citigroup would pay may seem like a lot, it is really little more than pocket change for them and, perhaps most importantly, Citigroup would not have to admit any wrongdoing.

The SEC will get it’s chance to respond to Judge Rackoff’s concerns at a hearing next month.

My guess is that the they will probably ratchet up the penalty by asking Citigroup to also give every Citi credit card holder ten extra Thank You Points. Harsh…

Attention Sushi Lovers: “Chicken Of The Sea” Is Not Poultry!

Some Sushi is not really the fish on the menu i.e. mislabeled according to

By the time the fish appears on diners’ plates, it has undergone a Cinderella-like transformation: the escolar, which can cause digestion problems, is presented as white tuna or albacore – more palatable and pricier fish. writes that the problem with mislabeled tuna and other fish is “endemic” in the area. Given the ease with which fish is shipped around the country and world however, regardless of where you live, you have most likely had some escolar in place of tuna.

While I’ve never heard of escolar, and maybe it is actually better tasting than tuna, the FDA’s warning regarding escolar is enough to make me crave some “Chicken of the Sea”:

…the US Food and Drug Administration advises against the sale of escolar because the fish contains an oil that can cause severe gastrointestinal problems.

Domo Arigato to and Sumimasen (or is it Gomennasai?) to those of you who were hoping to enjoy some sushi tonight.

Goldman Sachs Loses Millions But Execs Get Billions!

The Daily Beast is reporting that despite losing hundreds of millions of dollars in the third quarter of 2011, the Goldman Sachs executive compensation bonus fund has still managed to stash away around 10 Billion dollars and counting.

How exactly does a Goldman Sachs’ executive really ever fail?

The Only Way To Control Bank Fees Is To Not Control Bank Fees (And Have Large Scale “New Job Uncreations”)

CNN Money is reporting that some House Republicans are suggesting that the way to get rid of the new bank fees is to bring back the old bank fees, aka the “debit card swipe fees“.

So someone must pay a fee so long as it is not a top bank executive or ceo? Banks are job creators after all! Except of course for these incidences where there is more than a bit of new “Job Uncreation“:

Bank of America: 324 NYC New Job Uncreations

Bank of America Intends to Have 30,000 New Job Uncreations in the Next 2 Years

Goldman Sachs Announces 1000 Intended New Job Uncreations

NY State Report Estimates 32,000 New Securities Jobs Uncreated Since 2008

Banks Institute New Job Uncreations To Save Executive Bonuses?

JP Morgan Chase Uncreates over 1k New Jobs In the 3rd Quarter. More New Job Uncreations Predicted

Please Contact Us with your link to additional New Job Uncreator news.


Boeing and Cabin Air Quality: Everything Is Fine, But Here Is A Big Pile Of Cash Anyway.

MSNBC News had an interesting report on Boeing settling over cabin air quality with a flight attendant:

A former flight attendant is believed to be the first person in the U.S. to settle a lawsuit against the Boeing Co. over what she claims is faulty aircraft design that allowed toxic fumes to reach the cabin, triggering tremors, memory loss and severe headaches.

Of course Boeing still claims:

…that cabin air is safe to breathe and studies by independent researchers have consistently shown that existing systems for providing cabin air to passengers and crew meet applicable health and safety standards.

So according to Boeing the cabin air is safe but nonetheless, here Ms. Flight Attendant, please take what is presumably a large sum of money for your time and effort.

My guess is that Boeing isn’t a particularly litigious company and that they would prefer to pay out some cash rather than get a bunch of lawyers involved.

I just wish that more people & companies would just act like Boeing and admit they are right but nonetheless pay when others say they are wrong. That is a perfect system.

BTW Boeing, I’m pretty sure your planes have given me a bad case of “Uromysitisis“. I’ll expect my seven figure check ASAP. Thanks!