the savers take it they are quiet there obedient and here we have the savers behind the wave of citi group speculators who were all involved in the fraud because remember bernie made off was able to defraud people of sixty billion dollars because they all knew most of his investors knew he was a fraudster but they assumed that they were gaining from it that he was front running based on his insider knowledge the same thing is here's the shareholders just quietly saying ok will obediently pay this two hundred eighty five million dollars fine because we know that there's probably far worse that they've stolen on our behalf and as long as will just pay this little finding move on to shareholders a citigroup have no expectation in the u.s. economy that fraud would be penalized at any time so they never give it a second thought even though they know the banks are committing fraud they don't see anyone using the law to stop any of these banks from committing fraud so why should they be the ones to stand up and say we don't want you committing fraud when it obviously is the accepted modus operand

few headlines come in from the savers judge challenges two hundred eighty five million dollars citi group settlement this is judge jed great coffee in manhattan and he's challenged the lawyers to explain why he should approve a settlement of serious securities fraud allegations when citi group incorporated either admits nor did nice wrongdoing so remember last week we covered this story where citi group settled a one billion dollar fraud fraud. again fraud they settled this fraud for two hundred eighty five million of which ninety five million is the fine print with the f.c.c. remember we have a conversation we're saying that how do they get away with this idea where they don't want to admit for a just pay a fine but africa meeting fraud so just recall past how can a securities fraud of this nature of magnitude be the result simply of negligence and he also asked why citi group shareholders not the individual executives responsible for the alleged fraud are required to pay so once again this is the same risk versus speculators the savers take it they are quiet their obedience and here we

has plans to settle a fraud cases against citi group for two hundred eighty five million dollars saying that the deal would recruit only a fraction of investors losses that would leave the firm free to reclaim its innocence and private lawsuits over remaining damages so once again citi group is another sort of goldman levy deal thing where they created these mortgage backed securities sold them to investors and then actually bet against the c.d.o. is themselves but in this court case max the f.c.c. lawyer argued that the judge is entitled to assess whether the proposed settlement is fair adequate and reasonable but not whether it is in the public interest so the washington post says it is unclear whether judges can do much more than criticize and control but it is clear that they can't anytime you do business on wall street you sign a form a new account for that put you into a binding arbitration and you don't go to a jury of your peers this is what i was working on wall street the first thing they taught you they said just get him to sign the new account form and it's karpov steal all

industry industry is based on fraud yes and now here you have the third largest bank in america citi group involved in this f.c.c. decision where they get to just pay this fine and not admit to any guilt now look at how the bottom ninety nine percent are treated eleven charged one billion dollar u.s. real world health scare. so eleven people were charged last week in a one billion dollar fraud where employees of a busy new york commuter rail service used fake medical diagnoses to boost their incomes with disability payouts these are union members on the long island railroad and they face twenty years in prison for this one billion dollar fraud you know that's their penalty for committing a crime relatively speaking doesn't even exist when you compare it to what citigroup doing well how how can fourteen trillion dollars alone go missing from the u.s. economy in fraud thirteen trillion which dwarfs this fraud here and nobody has faced any time not even an investigation because the bankers who committed the fraud also own shares and companies like correction corps of america which is a privat

looking to citi group attorney. oh well even i once you know i felt. he didn't do it i'm not who you are you know and if you see here's the. judgment iraq study group maybe something like you know seven hundred billion dollars off this and the fine was a couple hundred million members actually so literally these corporations to do illegal things the fines don't even come over. what they made in doing the fraud actually it would be cool sure. crazy to hear this this no matter what you were feeling now we're going to hear this on the wrist i don't. care for souls i mean freddie macin already cost us consumer. close to two hundred goalie it's pretty. cool we're throwing. dollars. but. all right so you're making the point that for every billion dollars of money stolen by bank of america citi group other banks they get fined maybe a hundred if they are two hundred million dollars so obviously it behooves them this simply continue in that mode there's nothing to stop them now i want to make a comparison outside out because you're right about china off on you

you know what that relationship has become to that citi group at this point just thinks the hey that's easy making these type of small time settlements that don't actually hurt us is just part of business. well exactly the f.c.c. has become a tremendous enabler which was not why it was created in one nine hundred thirty four and there was a study recently had like just one hundred random settlements with the f.c.c. none of them had disclosures of wrongdoing none of them had sort of guilty notions and that's what judge wake up was basically saying in the city group settlement by saying look you know what it doesn't matter the amount of money doesn't matter what matters is there is no admission of any guilt it's as if these charges are brought up and the banks just shook them off and pay a little settlement which is nothing nothing to them in terms of the amounts relative to what they actually profit by doing the very frauds that they're being charged with and then the matter is closed as happened with a five hundred fifty million dollars goldman settlement one hundred fifty three millio

baum who are known as a foreclosure mill and they represent mortgage lenders including citi group j.p. morgan chase bank of america and wells fargo and as you can see from these photos this is their theme of the homelessness but the people homeless due to their foreclosures so in this one image you see these two women who have the sign i lost my home and i was never served so specifically marking the fact that there are crimes all of these banks and these foreclosure firms that they are the ones that committed the crime and they're laughing at the people that they thrown out into the street. were all great i think we're all on the transit for a blink and now basically it is wall street banks have their way you know what we it's going to happen in europe is probably another. kristallnacht you know this is the night when game on you know when basically it just won't take it all you're going to the ghetto you're going to the concentration camp that's what the banks in france and germany are angling for now and let's turn to this other image here from that same. party there's one sign tha

district judge criticized a settlement with citi group. the financial firm would have paid $285 million to the agency for allegedly defrauding customers, but it would not have admitted any guilt. the federal judge said he couldn't tell whether or not the deal was fair, accusing the fcc of hiding the details of citi group's fraudulent investigation. >>> an audio tape surrounding the now fired basketball coach was not provided to the school and they investigated that coach six years ago. the school fired assistant coach yesterday after a third allegation of sexual abuse and a nearly 10-year-old audio recording surfaced. on that tape, fine's wife acknowledges her husband's alleged sexual abuse while speaking with one of his accusers, bobby davis. >> and that is also unreal. i think that this is just what he has done. >> davis says that he secretly recorded the conversations back it in 2002. they deny the allegations against him. he has not been charged with any crime. >>> well, with cyber monday wrapping up, many of the weekend's deals today

just a slap on the wrist this is ridiculous and and you're not forcing the entity in this case citi group to even admit wrongdoing for the crime that they committed in this case i think what is going on here is maybe a little bit more insidious that's it's a effort on the part of the f.c.c. to come up with settlements that are big enough so that judges like rakoff will not question them as much and that allows sort of the same gravy train to keep rolling where nobody admits wrongdoing they pay basically a pittance maybe it's a little larger now and they don't have to get exposed to all of the investors coming out with lawsuits because of if citigroup for example in its to actually defrauding investors then obviously there's a host of lawsuits and punitive damages they would be liable for so i think this is a way for the f.c.c. to try to minimize the damage to these banks by. having big enough fines so that they can get it past the judicial process in the settlements yeah and at the end of the day with them to find them right it definitely seems to me david thanks so much for joining us to

y entre los competidores city group, entre otros. >>> el consumidor estÁ hasta el Último pelo, estÁ frustradoque tienen que asumir. >>> las instituciones buscan recuperar hasta 6 mil millones que dicen que perderÁn despuÉs que el congreso aceptÓ que cobren. pero los bancos cobran por recibir su estado de cuenta, por entrar y hacer transacciÓn con cajero, y por no mantener un balance mÍnimo. >>> y tiene opciones para evitar esas tarifas, como cambiar a un banco comunitario, o un credit uniÓn. y reportan como el nÚmero de cuentas nuevas aumentÓ ahÍ. >>> son consumidores buscando quedarse con mÁs dinero en su bolsillo. >>> el gobierno federal presenÓo una demanda a uno de los mayores corredores de hipotecas privadas, se trata de un banco con cede houston, dice que le costaron al gobierno cientos de millones de dÓlares, y causo que miles perdieran su hogar. >>> el caso del doctor murray, acusado de la muerte de michael jackson, llegÓ a la quinta semana, hoy captÓ la atencion de la naciÓn, cuando tomo la mÁs importante decisiÓn de su vida. carlos nos amplia. >>> en la recta final el momento de may

various citigroup says an individual -- various city groups and individuals have offered us office spacesbor, and more. we ask you to assist us in meeting people's needs of healthy wholefoods, sanitary living, health care, and a space to participate. i would like to see this become a model of how people can live happily with each other and with the earth. i know it is possible and we can do it. please allow us to build a better world. if you wish to help us, we welcome your energy, presence, contributions, and input. we can make san francisco a beautiful and desirable place for all people to live, and provides solutions to the problems this city and the world face. if you want to contact me directly, it is rootsrhisin g@gmail.com. or you can visit me at the plaza, where i have been living. we asked for access to land to grow healthy food and medicine, and the ability to teach ourselves skills and concepts in classrooms and other public forums. thank you. president chiu: thank you. next speaker. >> good afternoon, supervisors. we certainly live in interesting times. i am here to speak broa

morgans the goldman sachs the bank of america the city groups they've benefited from huge amounts of federal taxpayer dollars they've been bailed out by all the taxpayers over and over again here's i think something to look for for them to do now because they used the financial emergency to get all these tarp funds these bailout funds well former a.i.g. c.e.o. suze claiming taxpayers need to point out twenty five billion dollars yes remember the taxpayer has given a i.g. over seventy billion dollars when their stock price was down it almost zero now hank greenberg on monday last week filed a twenty five billion dollar lawsuit against us claiming that the government takeover of the insured was unconstitutional claiming that he was not given just compensation well look i mean this is the problem is that because the crisis stage it was deemed that we couldn't possibly put any of these guys in jail we need to look forward remember this is barack obama the same guy. go forward well of course the risk is that these criminals will just come back to the trough again and ask for more money as

theory and the purpose is that a judge rake off on the citi group case the two hundred eighty five milliona city under the stall judge or a cross says that yes the sea is going to have to figure this out because they the federal judicial system doesn't have dominion over these criminal acts so there is no law governing the criminal acts of these various banks is there it's good to be the king listen you know when you have a congressional system that is based on e-bay when you could buy a congressman or senator or when they get sold to the highest bidder who gives a good out regulation who cares about any of that you could do whatever you want about thirty seconds left what do you think about this story that the congress is legally allowed to engage an insider trading with pretty i.p.o. stock given to congress people and it's not legally considered to be a bribe your thoughts it's consistent with everything else we know about the parliament of whores that is the u.s. congress they are up for bid you know we really need a third party to actually see if we can maximize how much we could sell

the pressure proved too much after chase, city group, wells fargo, suntrust and a host of others, announced they abandoned plans to charge a monthly fee for debit card purchases. >> this is a huge win for consumers, it shows when they take action, they say, we don't want to pay these fees and if you make us, we're taking our business elsewhere, have you a voice. >> reporter: even politicians had urged customers to leave their banks. >> to move to banks that aren't going to nail them with these fees that are driven by greed. >> reporter: but illinois senator durbin says it's banks who forced them to add the fees because they could only charge merchants half. >> we need to raise revenue or reduce costs. >> reporter: raising revenue means you should watch out for stealth fees. fees for receiving a paper statement. fees for using a teller. fees for not using your account enough and fees for not maintaining a large minimum balance. check your statement closely. these aren't easy times for the banks, they did pay back all of the $700 in bailout money. they've been accused of not lending willingly

recently attending because we were reading your tweets from the conference and you tweeted that citi group their chief economist william voter said that there should be a jubilee a debt jubilee every fifty years your thoughts on how that was received and that was a surprise to many a person he said that really every fifty years and we have meets the new forty nine or fifty so out he was basically saying that we should have to clean house then maybe that time has come everywhere maybe it's time that we. we start anew and i think that what i've been hearing everywhere is that people don't trust in the system any aspect of this is them because it's just miss out serving it doesn't matter if it's the financial system or all their systems so yeah why don't we take these good goods months economists and have you believe them everywhere well the gold and silver vigilantes are going to force the issue one way or another the government can put off the inevitable as long as they want to stop stopping gold and silver from continuing to go higher well finally brigade a question from facebook dot com s