Jury Tells SEC to Go After the Wall Street Criminals
August 4, 2012
When we heard Tuesday that the jury acquitted the only person the SEC sued for all of Citigroup's multi-year egregious derivatives fraud, we issued a statement that said the jury refused to let the SEC scapegoat a junior person when the SEC let Citigroup and all its executives, officers and other employees off scot free.
It was a tad aggressive because, while we believed it to be true, one really never knows why a jury does something.
However, the jury foreman and another juror have spoken and it is a fact that the jury refused to let the SEC scapegoat the one individual. But, much, much more important was the message the jury sent to the SEC: go after the criminals on Wall Street and prosecute the firms and their executives and officers. A terrific article in today's New York Times spells it all out and we can only hope the SEC is genuinely paying attention.