Citigroup, the most insolvent bank ever to foul the earth, is being protected by the S.E.C. We want to know why.
Guest post submitted by Cheyenne, writer and producer of the soon to be released documentary, Bailout. Watch a trailer for Bailout here.
What is the SEC hiding?
William Cohan of Bloomberg wrote a curious story last week, “Why does the SEC protect banks’ dirty secrets?”
It’s a really good question.
Standing alone, however, Cohan’s article is just another electric tile in a giant mosaic that flashes intermittently in a news cycle, briefly illuminating another piston or grommet in the Wall Street-Washington corruption machine before fading without impact.
But when coupled with other evidence, Cohan’s piece, concerning the S.E.C.’s wholesale expungement of information from Citigroup documents in response to a Freedom of Inforation Act (FOIA) request, leads to what looks very much like a criminal conspiracy by Citigroup executives, up to and including Robert Rubin, to defraud the company’s investor-clients on a scale that is nothing short of colossal.
In this light, the S.E.C.’s concealment effort on behalf of Citigroup–not its first, as we shall see–poses issues about the exact nature of the S.E.C.’s role with respect to financial crime, because neither “regulator” nor “crime fighter” applies under any reasonable interpretation of the evidence.