October 28, 2011

Quote of the Day: Some Wee Questions for the SEC

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From Jed Rakoff, the federal judge overseeing the SEC fraud settlement against Citigroup:

How can a securities fraud of this nature and magnitude be the result simply of negligence?

Good question! This is #9 of nine questions that Rakoff has about the settlement, in which Citigroup has been fined an arbitrary amount, with no real explanation for how the amount was calculated, no real explanation of just what the fraud entailed, and no admission by Citigroup of any culpability. I suspect that Rakoff isn’t going to get any satisfactory answers to his questions, but good for him for asking.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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