Citi Profit Hit By Charge Related To Shoddy Mortgage Securities - Presented by: The Aol. On Network

Citigroup reported a 96 percent drop in quarterly earnings after taking a charge of $3.8 billion related to a $7 billion settlement with the U.S. Department of Justice over the sale of shoddy mortgage-based securities. GERBER KAWASAKI CEO ROSS GERBER: The settlement figure, announced early on Monday, was more than twice what many analysts expected earlier this year but less than the $12 billion sought by the government in negotiations with the bank.



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