During an hour-long hearing Wednesday, U.S. District Judge Jed S. Rakoff, an outspoken critic of the SEC's approach to securities-fraud settlements, challenged the SEC on why the regulator allowed Citigroup to settle the case using boilerplate language in which it neither admits or denies wrongdoing.
"Why does that make any sense in this context?" the judge said.
"They're out something like $600 million, so the net effect of this is, you're only returning a small fraction of what the plaintiff's lost, yes?" the judge asked. --Mish quoting WSJ
Just sell off the damn company.