The Daily Take Team at The Thom Hartmann Program critiques the Citibank settlement at TruthOut:
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It’s time to start helping the people, and stop helping Wall Street.
According to an agreement announced earlier today, big bank Citigroup will pay $7 billion to settle a Department of Justice investigation into that bank’s involvement with risky subprime mortgages.
The agreement stems from Citigroup’s role in the trading of subprime mortgage securities, which helped to cause the 2007 financial collapse and Great Recession.
Of the $7 billion total settlement, $4 billion will be in the form of a civil monetary payment to the Department of Justice, $500 million will go to state attorney’s general and the Federal Deposit Insurance Corporation, and an additional $2.5 billion will go towards “consumer relief.”
But make no mistake about it. This agreement is another win for the big banks.
Under the agreement, Citigroup will most likely get a $500 million tax write-off.