This is good. Here's Daily Kos' Adam B doing a wonderful job summarizing and highlighting a federal judge taking his job seriously and showing up with his competent dial turned up to 11.
So Rakoff calls out the corruption of our SEC trying to get a multiple offender - to the same crimes - off with a slap on the wrist. He says: "this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency's contrivances." Awesome.
Both the SEC and Citigroup clearly want this to just go away, but Rakoff devastates their "contrivance" by pointing out that their ruse isn't just wrong, it also prevents the court from doing its job: "[The Consent Judgment] is not reasonable, because how can it ever be
reasonable to impose substantial relief on the basis of mere
allegations? It is not fair, because, despite Citigroup's nominal
consent, the potential for abuse in imposing penalties on the basis of
facts that are neither proven nor acknowledged is patent." Nice.
More discussion on this ruling from Taibbi.
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