On Wednesday, banking giant Citigroup agreed to pay $590 million to settle charges that it had hidden its exposure to the subprime mortgage market from investors before the financial crisis struck in 2008. Citigroup continues to deny the allegations in the suit — which had been brought by shareholders — but a spokesperson said the company was "pleased to put this matter behind us." Citigroup lost billions of dollars during the crisis on its portfolio of mortgage-backed assets, and received more than $40 billion in government aid to avoid going under.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How our botched understanding of 'science' ruins everything
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Mike Huckabee's head-scratching advice to Christian voters
- 43 TV shows to watch in 2014
- How Scotland's independence movement lost the vote and still won everything
- 6 things the happiest families all have in common
- The science of sex: 4 harsh truths about dating and mating
- Why so many Christians won't back down on gay marriage
- Adrian Peterson and our misguided debate about spanking
- The Tea Party has its own immigration problem: Cuba
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