“I look at this and say, ‘Why would I find this fair and reasonable?’” the judge scolded counsel for Citigroup and the SEC, which recently agreed between themselves to settle charges that the bank had understated its exposure to subprime by a few billion or so by paying a $75 million fine, which would largely come out of the pockets of shareholders. “You expect the court to rubber-stamp, but we can’t.” Maybe in the old days, but not now. [WSJ]
