One who intends to leave others better off for his having existed.

1/6/15

Citibank CEO Vikram Pandit Securities Fraud and Insider Trading

On 2008-11-13, while Citibank was in possession of undisclosed Federal Reserve provided Term Auction Facility loans, Citibank CEO Vikram Pandit purchased 850,000 shares of Citibank stock valued at $9,633,050 without being arrested for Insider Trading and Securities Fraud.

During late 2007 and throughout 2008, unknown to shareholders but known to Citibank CEO Vikram Pandit, who certified Citibank's 2008 annual report filed with the SEC, Citibank borrowed billions from the Federal Reserve Bank's Term Auction Faciltiy on nine occations at interest rates as low as 0.42%, with up to $21.371 billion in Unencumbered Collateral representing an undisclosed credit line with the Fed, none of which was disclosed in Citibank's 2008 annual report.
           
http://www.federalreserve.gov/newsevents/reform_taf.htm
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Citibank's 2008 annual report cites the words "Term Auction" 0 times, and "TAF" 0 times, with no mention of the overall size of Citibank's Federal Reserve Term Auction Facility credit lines, interest rates and maturities, all of which were material inside information known to CEO Vikram Pandit but not Citibank shareholders, Congress, or the public.

http://www.citigroup.com/citi/fin/data/ar08c_en.pdf
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Sarbanes Oxley (SOX), which is certified in annual reports to the SEC states;

    "SEC.302. CORPORATE RESPONSIBILITY FOR FINANCIAL REPORTS.

    (a) REGULATIONS REQUIRED ...the principal executive officer or officers and the principal financial officer or officers, or persons performing similar functions, certify in each annual or quarterly report filed or submitted under either such section of such Act that--

    (2) based on the officer's knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading..."
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An SEC interpretation states: "Many financial institutions, such as thrifts and banks, are receiving financial assistance in connection with federally assisted acquisitions or restructurings...  If these or any other types of federal financial assistance have materially affected, or are reasonably likely to have a material future effect upon, financial condition or results of operations, the [Management Discussion and Analysis] should provide disclosure of the nature, amounts, and effects of such assistance..."

http://www.sec.gov/rules/interp/33-6835.htm
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I believe Citibank CEO Vikram Pandit is guilty of Securities Fraud and Insider Trading, with the consent of the Federal Reserve, the SEC etc... and the Justice Department.
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Previously;

BB&T CEO Kelly King and CFO Daryl Bible Securities Fraud

http://hartzman.blogspot.com/2014/09/bb-ceo-kelly-king-and-cfo-daryl-bible.html

Wells Fargo CEO John Stumpf and Chairman Richard Kovacevich Securities Fraud and Insider Trading

http://hartzman.blogspot.com/2014/09/wells-fargo-ceo-john-stumpf-and.html

JPM CEO Jamie Dimon Securities Fraud and Insider Trading

http://hartzman.blogspot.com/2014/09/happy-labor-day-jpm-ceo-jamie-dimon.html

Zions Bank search for "Term Auction Facility" from thier fiscal year ended December 31, 2008 10k
http://hartzman.blogspot.com/2013/12/zion-bank-search-for-term-auction.html


For the 400,000 plus Wells Fargo clients being lied to on their "Envision" retirement plans 

http://hartzman.blogspot.com/2013/01/envision.html 

Bank of America Insider Trading and Securities Fraud

http://hartzman.blogspot.com/2014/09/bank-of-america-insider-trading-and.html

Securities Fraud and Perjury via the Wells Fargo Wachovia Merger

http://hartzman.blogspot.com/2014/09/securities-fraud-and-perjury-via-wells.html

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