Do you think you would be ticketed for speeding while your mayor would get off scot-free? The ability of the powerful to skirt justice is a common theme in politics and business. And an appeals court will soon rule whether the Securities and Exchange Commission and Citigroup (C) will get to exercise this unsavory tradition. It all began when the SEC accused Citigroup of misleading customers into purchasing mortgage securities. The financial giant wants to pay $285 million to settle the SEC’s charges, without admitting or denying wrongdoing. The SEC accepted this settlement. But federal judge Jed Rakoff rejected it, writing on November 28, 2011 that “there is little real doubt that Citigroup contests the factual allegations of the [SEC's] Complaint.” See CNN Money report here.
