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  • Citigroup Inc. (NYSE:C) - Pact with SEC Approved

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    Wednesday Oct. 20, 2010 at 01:06 am EST
    Citigroup Inc. (NYSE:C) Finally Settled with SEC 
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    Today Citigroup Inc.'s revised pact with federal securities was approved by federal judge in response to allegations tha the bank had misled investors about $39 billion in subprime mortgage assets it held. As per the new pact, the bank will have to pay originally agreed fine of $75 million fine.to Securities and Exchange Commission.

    It has also agreed to maintain disclosures and earning committees for three years. Executive comittee including the bank's chief financial officers and chief executive officers would be required to approve statements attesting to the accuracy of earning statements and scripts used in earning conference calls. Citigroup's spokesman said, "We are pleased that our agreement with the SEC has been approved."

    Shares of Citigroup Inc. closed at $4.06 on Wednesday at resistance level of $4.11. The resistance levels above are at $4.25 and $4.97. The support levels below are at $3.98 $3.89, $3.8. Earlier this week Citigroup Inc.  Offered a New Deal to Lehman Bondholders . Treasury also said that they made profit by selling Citi shares.

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