BRUSSELS (AP) — The incoming leader of Europe's most powerful bureaucracy is a master of the backroom deal — and an outspoken and witty career politician who once advocated the right to lie in times of crisis.
Federal regulators and Citigroup are set to announce Monday a $7 billion settlement to resolve charges that the bank sold faulty mortgage-backed securities ahead of the 2008 financial crisis, US media reported. The deal ends months of negotiations between US Treasury Department investigators and Citigroup, people briefed on the matter told The New York Times. Citigroup initially proposed paying $363 million, while the Department of Justice was seeking $12 billion and threatening to sue the bank. Bank of America is reportedly in talks with the Justice Department on a similar deal for $12 billion or more.