June 4 - Jed Rakoff was out of line for wanting an admission of fault before approving Citi's SEC settlement. But, Antony Currie and Ren Holding explain, courts and watchdogs already follow his lead.
Did break off the judge who has held Wall Street speak to the farm the crisis. Suffered. -- defeat but it could actually beat the best defeat of his career. Rent is just coming up this morning you've been making it this looks hysterical of one of C nine jet -- of getting in getting things fall back into. That's eleven if you remember the judge was faced with presented with a settlement between the SEC. And Citigroup parental authority studio. Collateralized debt obligation and an issue 2007. As he's he said look. You guys didn't disclose while you're selling this thing you're also. Betting against right we're playing both sides that same same calendar -- coming it'll go on and -- Bank of America loads of our banks will do us will be -- movie musicals it's right but that's part of the settlement which would have been the practice for. Decades of the SEC east bank was allowed to neither -- nor did the right. Fall and break up to global law I'd spot to approve that settlement announced in the public interest and fair. And you're not even tell me what the facts are you got it would you gotta admit something in got to -- that at ten he -- -- what the SEC -- side you receive a full when he enough to be a date for Saturday is safe. -- the settlement yeah we reject -- that's -- -- not enough little different circumstance but nevertheless -- against McCain it's interesting that he really has been the Madeleine one of the few people who steps up. And said what's -- on both on the regulation side and the back excites us and looks grow out yeah and a lot of judges agree with him after he did of this summit just as it was today taking the same approaching I'm gonna put this fundamental let's get some kind of -- mission here. So it -- that -- today is an appeals could assembled that he the ASEAN must have the smells cordon and and it really is probably right -- that -- finding the truth that's what trials are bound you wanna go to trial on the truth that's one thing but if you want to settle the case. That's about pragmatism -- side gives up a little you know. The facts are not determined but you get rid of the thing quickly units in the SEC's discretion to decide whether it wants to them that. A bank or other person right. You know. Not admit -- and pay a bunch of money and get out of the deal to us on the SEC's interest if it if it's determined and just by the judge just doesn't have the power to force people who that acts right out holding sell off so this looks like it's a bit of an -- -- is the last thing you're saying see it's there it's a bit of a meaningless -- right because the SEC about a year ago I mean even before. The new -- chairman of the commission can Mary Jo White. On its started require these admissions and marriage of like maintenance and look this can be part of my opponent Vick case is important cases we're not gonna accept -- this inept yet at some admission of the of fault. And also it's gonna affect some of the things like the big. The big settlement between SAC capital and you know the SEC recently has been pending the -- -- -- not -- -- this what was -- 600 -- you know million dollars settlement. Until we -- with second circuit says about break up and it -- that we don't go to the law regarding this that the Justice Department saying see you. Synchronous racy cover of Mikhail and they -- -- mental -- Deepak about also about allegedly to pay a huge -- and maybe admits until that clearly this is what investors embassy clearly this is what justice wanna see clearly this is something that has become part of the the fabric of the -- my financial cases. So even though the second circuit says. Judge you're wrong he ends up looking pretty good -- -- at the end of the day it. I came -- thanks of that will be back with mold breaking these Smart.