Citigroup Inc Comes Close to DoJ Ask, Avoids Public Trial

Citigroup Inc (NYSE:C) is trading 4 percent higher in early morning trade after reporting soft earnings but more importantly investors learned its often contentious negotiations with the US Department of Justice are now in the rearview mirror. Citigroup’s settlement with DoJ Citigroup Inc (NYSE:C) agreed to pay $7 billion to settle claims it sold mortgage backed securities leading up to the financial crisis that helped cause an estimated $12.8 trillion in economic damage to the US economy. The securities in question were intentionally designed to be opaque in their structure and masked the true toxic nature of the then highly…