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A federal judge will not accept the SEC's settlement with Citigroup for defrauding its customers of more than $700 million in just one of the firm's lousy investment opportunities. (more)A federal judge will not accept the SEC's settlement with Citigroup for defrauding its customers of more than $700 million in just one of the firm's lousy investment opportunities.

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“Was there some sort of ghost that performed these actions?” New York federal Judge Jed S. Rakoff demanded to know Monday in rejecting a deal that would let Bank of America off the hook in yet another banker bonus scandal.The average American is paying for the banking debacle not only in taxes for the bailout but with lost jobs and homes.

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AIG CEO Edward Liddy defended his enfeebled company on Capitol Hill Wednesday, yet claimed that even $180 billion in taxpayer money has only "reduced, but not eliminated the systemic risk [toxic assets] that AIG presents to the global financial system."

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The president's plan to bail out the banks reveals a deference to the existing financial system that puts him at odds with Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz.

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What a deal! Timothy Geithner's new plan to save the banks from themselves commits American taxpayers to a massive purchase of the toxic assets that the banks had originally insisted were risk-free investments. Of course, Wall Street loved the news. Update

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