by Pam Martens and Russ Martens
Wall Street on Parade
Two U.K. regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), announced this morning that they have leveled fines totaling $78.5 million against Citigroup’s European trading arm, Citigroup Global Markets Ltd. (CGML). See here and here. The fines relate to a $300 billion flash crash in European stock markets on May 2, 2022.
Citigroup is the parent of the fourth largest federally-insured bank in the United States, Citibank. During the 2008 financial crisis, Citigroup imploded and became a 99-cent stock because of its high-risk market activities. It received over $2.5 trillion in bailouts and cumulative loans – the largest bailouts in global banking history.