CITIGroup is Cleaning Up its Track

Another sign of the fiat banking’s collapse is the eradication of all evidence of the crime it had commuted over the years. They certainly know that those slap on the wrist will never go unrectified.

Eliminating possible witnesses is not enough. Physical evidence, including shell companies,  must be wiped clean, too.

This they do while we were being  in constant state of distraction.

$7 Billion Citigroup Settlement: About Those 25 Million Missing Documents

By Pam Martens: July 15, 2014 

U.S. Attorney General, Eric Holder, Announcing the $7 Billion Settlement With Citigroup on July 14, 2014

Yesterday, the U.S. Department of Justice announced its long anticipated $7 billion settlement with Wall Street mega bank, Citigroup, over its sale of toxic mortgage-backed bonds to investors, which included pensions, charities, cities, states, hospitals and FDIC-insured banks and others. The Justice Department informed us that it had collected “nearly 25 million documents” for this one investigation.

The material facts the Department of Justice released to the public in its skimpy 9-page Statement of Facts (SOF) set a new low for bare bones disclosures. Instead of Appendix 1 being filled with incriminating emails or whistleblower letters proving Citigroup’s intent to defraud, it was instead a meaningless listing of deal names which tell the public absolutely nothing. Why would a serious law enforcement agency release such a worthless document to the public?

To grasp exactly what is going on here, one need look no further than the evidentiary record produced for public benefit by the U.S. Senate’s Permanent Subcommittee on Investigations in the matter of JPMorgan’s London Whale derivative bets gone bad with depositors’ money. The public was presented with a 306-page report, 98 pages of meaningful exhibits including internal emails with names, and two volumes of testimony under oath.

Adding further insult to public sensibilities, the Justice Department correctly summed up the impact of the wrongdoing by Citigroup, writing: “…our teams found that the misconduct in Citigroup’s deals devastated the nation and the world’s economies, touching everyone.”

And yet, all the devastated nation gets from those 25 million documents is one snippet from one internal email with no name included. The Justice Department writes:

“In one instance, a Citigroup trader stated in an internal email that he ‘went through the Diligence Reports and think[s] [they] should start praying . . . [he] would not be surprised if half of these loans went down. . . It’s amazing that some of these loans were closed at all.’  Citigroup nevertheless securitized the loan pools containing defective loans and sold the resulting RMBS to investors for billions of dollars.  This conduct, along with similar conduct by other banks that bundled defective and toxic loans into securities and misled investors who purchased those securities, contributed to the financial crisis…”

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2,061 of Citigroup’s Subsidiaries Go Missing

By Pam Martens: August 11, 2014

Citigroup's Magic Hat TrickMeet the new, slimmed down, less complex, more manageable Citigroup. Or not.

Figuring out what Citigroup owns and what it has sold is getting harder by the day as a vast number of its subsidiaries in the 160 countries in which it operates have up and vanished from its public filings but do not actually appear to have been sold in many cases.

One can understand why the global bank’s Federal regulators have thrown up their hands in despair and sent it back to the drawing board on its capital plans and so-called “living will” measures to unwind itself should its future insolvency threaten the financial system as it did in 2008.

According to Citigroup’s annual 10K filing with the Securities and Exchange Commission, the number of Citigroup’s subsidiaries have shrunk by a whopping 91.8 percent since December 31, 2008. Or not.

Take the case of Automated Trading Desk (ATD). One could certainly see why Citigroup would like to forget it owns that company. Citigroup paid $680 million for the company when it bought it in 2007. Five years later, it paid another $590 million to settle a class action lawsuit by ATD’s key shareholders who alleged they had been defrauded.

Automated Trading Desk sounds like a principal subsidiary that should be included on Citigroup’s Exhibit 21-01 as part of the 10K filing with the SEC. ATD says on its web site that it’s a Citi company and describes itself thusly: “From our ever-expanding retail execution to the institutional markets to creating the first-ever automated pinks and bullies execution system, ATD is leveraging our technology to become a single source destination for all U.S. equity order flow.” Automated Trading Desk also reports that it “trades in milliseconds” and “regularly” trades 200 million shares a day. That would mean it sees 1 billion share weeks — which suggests that it is a significant subsidiary of Citigroup.

Automated Trading Desk appears on Citigroup’s filing as a subsidiary for year-end 2007 and year-end 2008. It disappeared from the list in 2009 and has never made a comeback since.

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