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JUDY WOODRUFF (NewsHour): “We should start praying. I wouldn’t be surprised if half of these loans went down” — that’s what a trader at Citigroup wrote in an e-mail in 2007, after reviewing thousands of mortgages bought and sold by the bank.
Today, the Justice Department cited those very words as it announced a $7 billion settlement with the bank. The government said Citi committed egregious misconduct in the lead-up to the financial crisis. Of the $7 billion, Citigroup will pay $4 billion to the Justice Department. More than $2.5 billion is set aside for what’s described as consumer relief.
Tony West is associate attorney general. And he was the government’s lead negotiator in this case.
And we welcome you to the program.
TONY WEST, Associate Attorney General, Dept. of Justice: Thank you so much.
JUDY WOODRUFF: So lay out for us, what was this egregious conduct and how many people at Citigroup were engaged in it?
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