Mega-Bank Citigroup Agrees To Pay $285 Million To Settle Charges That It Misled Investors

The Securities and Exchange Commission announced today that mega-bank Citigroup “agreed to pay $285 million to settle charges that it misled investors in a $1 billion derivatives deal tied to the United States housing market, then bet against investors as the housing market began to show signs of distress.” Citi is just the latest big bank that has paid millions to bury charges that it misled investors during the buildup of the housing bubble. But to put this amount in perspective, Citi announced yesterday that it made $3.8 billion in the last quarter alone.