The Financial Industry Regulatory Authority (“FINRA”) just issued a press release: “FINRA Fines Citi International Financial $600,000 and Orders Restitution of $648,000 for Excessive Markups and Markdowns”(March 19, 2012), which heralds the settlement by Wall Street’s self-regulatory organization with Citi International Financial Services LLC, a subsidiary of Citigroup, Inc. What struck me most about FINRA’s million-dollar plus settlement was this solitary line in its press release: “In concluding this settlement, Citi International neither admitted nor denied the charges.” Hmmm, why does that refrain sound familiar? Where have we heard that same line before? See Forbes report here.
