Even with its ramped-up enforcement—especially on the antitrust front—the government didn’t get a free pass either. After the Securities and Exchange Commission trumpeted its proposed $285 million settlement with Citigroup Inc. over charges that the bank sold investors on a billion-dollar CDO it was betting against, Manhattan federal district court judge Jed Rakoff refused to sign off on the settlement. To approve such a deal would mean becoming “a mere handmaiden to a settlement privately negotiated on the basis of unknown facts,” Rakoff wrote.
Like Rakoff, many of our other newsmakers are tough negotiators who refused to serve as handmaidens to the powers-that-be in business and government.
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