In the ongoing saga of how banks view the world, this article on Bloomberg today caught my attention. There is a very glaring absence of the "attorneys" who so vociferously and courageously champion shareholder and investor rights. There was no mention of Whackovia that I saw. I excerpted a few paragraphs below. A few months back someone here asked what I would want to prosecute bankers for. This a tiny portion of a reply.
"The bank made misstatements on earnings calls and in financial filings about assets tied to subprime loans as the housing crisis unfolded in 2007, the SEC said July 29 in a complaint filed in federal court in Washington. Some disclosures omitted more than $40 billion in investments, the SEC said.
"Former Chief Financial Officer Gary Crittenden, who left New York- based Citigroup last year, agreed to pay $100,000 to settle claims he didn't disclose the risk after getting internal briefings. Arthur Tildesley, Citigroup's former head of investor relations, will pay $80,000 to settle claims that he helped draft disclosures that misled investors, the SEC said. Tildesley now heads cross-marketing at Citigroup, according to the agency."
[Those fines are an insignificant fraction of their "compensation."]