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(Reuters) – U.S. securities regulators have widened their inquiry into the trillion-dollar market for exchange-traded funds, according to a person familiar with the matter. Something is wrong with this picture. The SEC has been on Wall Street’s leash for more than a decade. Maybe Obama has decided to do some election year policing of his Wall Street buddies. This is a surprise.

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NEW YORK — A US judge Monday rejected a $285 million settlement Citigroup made with US regulators over its marketing of mortgage securities that quickly went sour, saying the bank was getting off lightly.

New York federal court judge Jed Rakoff scolded the Securities and Exchange Commission for agreeing to a deal that he called inadequate and not in the public interest.

He also labelled the huge bank a “recidivist” that viewed such fines as “pocket change” and simply “a cost of doing business.”

Matt Taibbi of Rolling Stone discussed Monday on Countdown with Keith Olbermann the “unusual” decision of a judge to reject settlement Citigroup made with U.S. regulators over its marketing of mortgage securities.

New York federal court judge Jed Rakoff scolded the Securities and Exchange Commission (SEC) for agreeing to a deal that he called inadequate and not in the public interest.

“He came out basically and said that the SEC and Wall Street have been in a wink-wink, nudge-nudge arrangement for years,” Taibbi explained.

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Click the link below for Keith Olbermann’s interview on this issue with Matt Taibbi.

http://current.com/bc/1299852505001?linkBaseURL=http%3A%2F%2Fcurrent.com%2Fshows%2Fcountdown%2Fvideos%2Fmatt-taibbi-on-judge-rakoff%25e2%2580%2599s-decision-to-reject-the-sec%25e2%2580%2599s-latest-settlement-with-citigroup

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