Federal Judges Says Publics Needs a Trial for Citigroup

It's a rare day that there's a moral victory in the arena of politics, especially financial sector politics, but today we had one.

From Think Progress:

Federal judge Jed Rakoff just rejected “a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, citing a need for truth about the financial markets,” choosing instead to force the case to be taken to public trial. The “judge wrote that there is an overriding public interest in knowing the truth about the financial markets. He set a July 16 trial date for the case.”

Baddass. This is not only baddass because the $285 settlement that Citigroup agreed to is a paltry sum not anywhere near in accordance with their crimes, but also for a federal judge to acknowlege that settling, skirting the outer limits of the law, just plain isn't enough justice for these huge corporations that have so many more rights than the people who work for them and the people just trying to get by. So great call, Judge Rakoff. This was a small victory (who knows what will happen in court), but an important one.