https://www.reuters.com/business/finance/citi-hit-by-new-fed-rebuke-setbacks-consent-orders-2024-02-12/
12 replies (most recent on top)
This is Not a Wikileaks situation. Citi is a publicly traded company and the public has a right to know about Citi's weaknesses and new orders from the Fed, etc..
Post ID: @6rif+1r2p8ZzD As you said, only if the docs have the relevant statutes printed in the footnote or notations stating that the docs are Government property and may not be disclosed without the approval of the Government, or language to that effect. I've seen this language, but Not all docs have it printed on them. And so, the person who leaked the information may Not have committed a crime. Not all docs are owned by the Government.
How dare someone shine light on the truth.
The point is not whether the press should have reported it or not. The point is that the person who leaked confidential regulatory communications to the press likely committed a crime. Those docs are owned by the government and literally have the relevant statutes printed in the footnote. Do you people actually work on financial services and not know this? Double yikes.
Post ID: @zrm+1r2p8ZzD Would you have preferred the new violations, Fed rebukes etc. were not reported by the media ? If the media did not report about Citi's mass Layoffs, Citi would be like a Ninja sl!tting throats in the dark. The same goes for risk management failures, Fvck Ups, foot-dragging and delays.
It's shocking the Chief Risk Officer (CRO) is Not on the hook or being h@nged for this, at least not yet. It's also possible the media have Not yet gotten information or wind about these problems and the details.
Garbage in Garbage out
For someone going on and on about confidentiality...isn't it high time that people become aware of the dysfunctional mess that is Citi? Would you be happier if this were all kept a secret?
For one, shareholders have a right to know what's going on. Secondly, there is no accountability anywhere; MDs preside over regulatory deliverables that are poorly executed, late, or both -- and they still get to keep their job. Is that fair? Third, I am amazed, as an employee, at how little "real" work actually gets done.
What's the penalty? What's the fine amount? Citi is going to pay up big to the federal government. Another reason for the changes and cost cutting.
This is well predicted with Boston consultants messing around.. Will get worse if BCg is not controlled.. They are destroying the morale and citi structure
Does seem nobody is working now: "The audit email also shows how the work had been delayed. The original due date on the matter was June 30, 2022, but had been revised to Sept. 30, 2023. Under a column titled ‘status’, it said, “Re-Open.”
Serious breach of confidentiality, and probably a crime, to disclose those docs to the press without authorization. Yikes.