GO JUDGE RAKOFF

This could be huge

Rakoff, of New York‘s Southern District, has been a critic of the custom that allows firms to use their pocketbook to settle charges rather than admitting guilt, and said there is a public interest in finding out the truth.

“In any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth,” Rakoff writes in the opinion, according to Bloomberg.

Why is this such a big deal? Simply, if Citi is convicted of defrauding customers it could throw it’s businesses into disarray since most banks and institutions have a policy of not working with companies convicted of a felony.

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