Jed Rakoff's Rules of Order: Maverick Justice Gavels SEC, Sends Citi Back to The Dock

It is not hard to imagine what the reaction was like around the Securities and Exchange Commission offices when it was discovered that U.S. District Court Judge Jed Rakoff would be tasked with approving the agency’s settlement agreement with Citigroup over mortgage-backed securities fraud.

It was Judge Rakoff, after all, who took the unusual step in 2009 of blocking a settlement between the SEC and Bank of America over executive bonuses, writing in a scathing ruling that “all this is done at the expense, not only of the shareholders, but also of the truth” and adding that “it does not comport with the most elementary notions of justice and morality.” Read More