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« Eric Holder, Covington & Burling And MERS | Main | Comprehensive List Of Obama Tax Increases - 3 Years In Office & 21 Tax Hikes, Gingrich Plots To Overthrow Castro »
Wednesday
Jan252012

Citigroup Faces New $1 Billion Lawsuit Over CDO Fraud

Criminal action deserves criminal prosecution.  This is nothing but a minor distraction for Citigroup. 

--

NEW YORK, Jan 24 (Reuters) - Citigroup Inc was sued for fraud by Loreley Financing over nearly $1 billion worth of collateralized debt obligations purchased in 2006 and 2007.

Citigroup is accused of defrauding Loreley into purchasing "fraudulent investments that are now worthless," Loreley said in a complaint filed Tuesday in New York State Supreme Court in Manhattan.

Citi used the CDOs to offload the risks of toxic mortgage-backed securities on its books and to help preferred clients "short" the housing market, the lawsuit claims.

The case is Loreley Financing v. Citigroup Global Markets, 650212/2012, New York State Supreme Court.

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Reader Comments (2)

Criminal action deserves criminal prosecution.

1 Billion is hardly enough for the crimes they have committed to American citizens
Jan 25, 2012 at 3:17 PM | Unregistered Commenterformer employee
Just an indirect means to launder money. Citigroup has taken 10s of billions of $$ from the taxpayer. So it looks like this may be a backdoor payout to Loreley Financing. The only reason I'm suspect because the story comes from Reuters. Unsure why people rely upon Reuters for news...oops strike that....propaganda, but they do. So the perpetual cycle of misinformation continues.

And by the way, why in the fuck is Loreley Financing suing Citigroup for fraud? Where is the DOJ? Doesn't this seem a bit unusual to anyone? Or are we just fluoridated to hell that we have lost all ability for critical thinking.

No big deal though...its only a billion dollars. And who in the hell is Loreley?

Loreley= Lords Securities

http://businessprofiles.com/details/LORELEY_FINANCING_DELAWARE_NO_1_CORPORATION/DE-3496838

Here is what Lords Securities does....

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=24211418
http://www.lordspv.com/who_we_are.htm

In Nov 2008, TMF Group bought Lords Securities.

http://www.tmf-group.com/acquisitions/nov-2008-lord-securities-corporation-usa.aspx
http://www.nbu.bg/PUBLIC/IMAGES/File/Alumni/jobs/career2007/TMF%20GROUP.pdf

But wait...who owns TMF Group.....could it be Doughty Hanson & Co
The company was founded in The Netherlands in 1988, and has built a worldwide presence through a combination of organic growth and strategic acquisitions. Between 2006 and 2009, TMF Group made 47 acquisitions including departments of Ernst & Young, KPMG, Grant Thornton and Baker Tilly in countries like Brazil, Argentina, Mexico, China and Australia.[4]

In October 2008, British private equity firm Doughty Hanson & Co bought TMF Group for € 750 million.[5] In January 2011, Doughty Hanson completed its €350 million acquisition of Equity Trust. This paved the way for TMF Group's merger with Equity Trust, which was completed at group level in June 2011. The merger created a global powerhouse with more than 100 offices in over 75 jurisdictions and combined revenues in excess of €400 million, with an EBITDA of €110 million.[6]

Also from Wiki:

In June 2007 Doughty Hanson became one of the first private equity signatories to the United Nations Principles for Responsible Investment (UNPRI), which provide a framework for incorporating environmental, social and governance (ESG) issues into investment decision-making and ownership practices. A year later the firm became the first private equity manager in Europe to hire a dedicated Head of Sustainability to focus on the implementation, management and monitoring of ESG issues across the Doughty Hanson portfolio.[citation needed]

So then, can you see where the money is going?
Jan 26, 2012 at 3:25 AM | Unregistered Commenterdogismyth

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