You may have heard about the Citi Group mortgage fraud and their punishment. I want to fill you in on the "rest of the story", as Paul Harvey would have said.
Even though this despicable cover up took years to crack, was it a success? Citi Group got a slap on the hand for their actions. They were ordered to pay a settlement in the amount of $7 billion dollars, which is a large amount of money, but to this group it's a drop in the bucket. This amount, $4.5 billion in cash and an additional $2.5 billion in "consumer relief," will help consumers struggling with mortgages and other problems from the 2007-2009 financial crisis.
Also, while the judge held the company responsible, there was absolutely no individual consequences for the individuals responsible for these actions. Were they simply following orders to keep their employment or were they purposely frauding individuals to make their sales quota?
What is your opinion on this?
What other information or personal stories can you share that pertain to this event?
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