Shit Is All Fucked-Up And Bullshit, Part Two

Citigroup to pay $7 billion settlement

The U.S. government is expected to announce that Citigroup (C) will pay $7 billion to settle an investigation into shoddy mortgage-backed securities the bank sold in the run-up to the 2008 financial crisis.

Seven billion sounds like a lot, right?

Bull and shit.

Dig this:

The $7 billion would include $4 billion in cash to the Justice Department, $2.5 billion in consumer relief, more than $200 million to the Federal Deposit Insurance Corp. and just under $300 million to settle investigations by five states, the Reuters news agency reported, citing sources familiar with the negotiations.

The payment for consumer relief will include financing for the construction and preservation of affordable housing and principal reduction for mortgage loans, Citi said. The bank has agreed to offer that relief by the end of 2018.

Boldfaced emphasis added by me.

Look at how just a fraction of a fraction trickles down to the actual victims!

This isn’t justice.

This is one gang — the Feds — shaking down another gang — a banking monster.

Justice would be Citigroup having to forfeit seven billion dollars worth of housing stock.

Their victims get their homes for free.

Until a settlement is actually painful for the crooks and liberating to their victims, don’t tell me that anything is “settled.” That’s bullshit.

Previously here:

Shit Is All Fucked-Up And Bullshit

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