Maybe there is a God. Citigroup Inc. on Wednesday agreed to pay a $285 million fine to settle civil charges brought by the Securities and Exchange Commission that it sold securities backed by mortgages that it simultaneously bet against, the Wall St Journal says.
The regulator alleged that Citigroup Global Markets structured and marketed a $500 million collateralized-debt obligation that was backed by subprime loans, and then bet against those mortgage-related assets, which it didn't disclose to investors.,,,
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