► U.S. Judge Jed Rakoff of New York City; courage and integrity re: Wall Street Print E-mail

U.S. Judge Jed Rakoff of New York City; courage and integrity re: Wall Street

Judge Jed S. Rakoff was appointed as a District Court Judge for the Southern District of New York (Manhattan) in 1995.
From 1973 to 1980, Judge Rakoff was the chief Assistant U. S. Attorney in Manhattan dealing with business and securities fraud.
In October, 2011, Judge Rakoff refused to accept a $285 million settlement agreed to by the SEC (Securities and Exchange Commission) and Citigroup. In denying the proposed settlement, Judge Rakoff it was “neither fair, nor reasonable, nor adequate, nor in the public interest” because it does not provide the court with evidence on which to judge the settlement. (NY Times)
At last we’ve got a judge that refuses to allow corrupt financial institutions like Citigroup escape full liability for their egregious conduct.
Maybe in the future we'll be witness to some of these Wall Street crooks doing the "perp walk."
Clearly, Citigroup doesn’t want Judge Rakoff to obtain the necessary records regarding its corrupt practices. This is especially true given the Judge’s experience in prosecuting
Kudos to Judge Rakoff for his refusal to to act as a compliant rubber stamp for the SEC and Citigroup.

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