Wall Street Banks give sums to solve their misleading investors for the exotic mortgage discount, help close the financial system to overturn charge.
Citigroup is the latest pay. The securities and exchange commission said Wednesday that big Banks will be $285 million to solve it was kill by selling them in a complex mortgage products, it is a secret for investors betting charges. (through the survey found an E-mail, a citigroup traders described as "dogsh! T." investment)
Citigroup is not alone. In July 2010, Goldman sachs agreed to pay $550 million, solve the SEC charges, took a structured financial products of similar mischief. Jp Morgan's chief executive jamie Johnny Damon, has set up a file in the June regulatory costs complain that the long, tough, pay $153.6 million to solve similar securities and exchange commission's charges. In all the securities and exchange commission, said it has returned to the more than $1 billion above of misconduct in the leading or in financial crisis in 2008 during the financial company (PDF).
This brings up an interesting question: all the money will happen???????
The short answer is: it depends on. In some cases, the money back to suffer investors. In other countries, it's back to taxpayers through the department of the Treasury of the general fund-just like the most tax. In many cases, this is a combination of both.
Divided often depends on the following factors: a victimized investors fund-known as "fair fund"-through an elaborate court procedure, so it has obvious administrative costs. This means that in circulation are big enough, is worth doing. And victims, and, of course, the need to easily recognizable.
Citigroup trading, still needs approval by the judge, the United States securities and exchange commission said, $2.85 million will be through the fair fund to the investors to return. The amount is $160 million, reportedly has been unfairly taken, plus $300000 yuan of interest, and a $95 million fine.
At Goldman, hurt investors get $250 million, and $3 million back to the Treasury. In JP Morgan, $1.2587 million investors, services and get $277300.




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