Judge Rakoff rejects SEC - Citigroup Settlement

The rejection of the proposed SEC v. Citgroup consent judgment has, of course, been covered profusely.  So I'll just provide some useful links HERE , a link to Michael Rothfeld's profile of Judge Jed Rakoff, who is on his way to becoming the first judicial folk hero of the Great Recession, and an excerpt from the opinion:

"Finally, in any case like this that touches on the transparency of our financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interst in knowing the truth.  In much of the world, propaganda reigns and truth is confined to secretive, fearful whispers.  Even in our nation, apologists for suppressing or obscuring the truth may always be found.  But the SEC, of all agencies, has a duty, inherent in its statutory mission, to see that truth emerges; and if it fails to do so, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency's contrivances."