From Jed Rakoff, the federal judge overseeing the SEC fraud settlement against Citigroup:
How can a securities fraud of this nature and magnitude be the result simply of negligence?
Good question! This is #9 of nine questions that Rakoff has about the settlement, in which Citigroup has been fined an arbitrary amount, with no real explanation for how the amount was calculated, no real explanation of just what the fraud entailed, and no admission by Citigroup of any culpability. I suspect that Rakoff isn’t going to get any satisfactory answers to his questions, but good for him for asking.