Judge Jed Rakoff is furious. He should be. We all should be. On Monday, the Federal District Court judge rightly rejected a plan by the Securities and Exchange Commission to settle a securities fraud case against Citigroup…It’s not only that the money was not enough, though it certainly seems puny compared with the damage done. It’s not even that the S.E.C. only accused Citigroup of negligence, when Judge Rakoff said that his understanding of the matter indicates that a tougher charge of knowing or intentional fraud was probably warranted. Read New York Times Editorial here.
