That's what New York Attorney General Andrew Cuomo is suggesting as he prepares to file against the troubled Wall Street giant. Considering how much of a free ride we've given Wall Street for a problem they created themselves, none of this is a surprise.
Cuomo outlined his intentions in a letter to Citigroup's general counsel dated Friday, saying that charges were imminent.
In the letter, the New York Attorney General's office alleged that the nation's largest bank "has repeatedly and persistently committed fraud by material misrepresentations and omissions" in the underwriting, distribution and sale of auction rate securities, touting them as safe, cash-equivalent investments.
Cuomo's office claimed that the sale of these securities had "a severe detrimental impact" on tens of thousands of Citigroup customers.
The AG also claimed that Citigroup "destroyed recordings of telephone conversations" related to the marketing and sale of auction-rate securities.
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