The President says he understands the frustration behind the Occupy Wall Street movement. That's nice. But the anger will keep growing as long as the government keeps handing out free passes instead of perp walks to bankers at serial corporate criminals like Citigroup.
The Administration is finally talking the talk, but without criminal investigations it's not walking the walk. Iit's still not too late. While the SEC's latest deal should outrage you, the Administration can makes things right with two decisive actions.
Get-Out-of-Jail Free Card
The SEC announced yesterday that Citigroup agreed to pay $285 million to settle charges that it misled (synonyms for that word include deceived; lied to; tricked and defrauded) investors in a mortgage securities deal, telling them it was a good investment when it knew otherwise and was secretly betting it would fail.
That's not just slimy. As the Financial Crisis Inquiry Commission found in other instances, that kind of behavior is also illegal.
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