Skip to main content

Subprime Related Subpoenas From SEC Recieved By Citi

In Friday’s quarterly filing with regulators, the New York-based megabank says for the first time that it has received subprime-related subpoenas from the SEC.

Citi’s filing said (on page 176) that it “continues to cooperate fully in response to subpoenas and requests for information from the Securities and Exchange Commission and other government agencies in connection with various formal and informal inquiries concerning Citigroup’s subprime mortgage-related conduct and business activities.”

Not that this comes as a great shock. Citi has disclosed before that its actions in the subprime mess and the larger credit crisis are the subject of legal interest from all angles. The firm spent the better part of two pages (at pages 263-265) in its annual regulatory filing detailing the scrutiny it faces from regulators, federal agencies, and plaintiff’s lawyers.

“Beginning in the fourth quarter of 2007, certain of Citigroup’s regulators and other state and federal government agencies commenced formal and informal investigations and inquiries, and issued subpoenas and requested information, concerning Citigroup’s subprime mortgage-related conduct and business activities,” the firm said then. “Citigroup is involved in discussions with certain of its regulators to resolve certain of these matters.”

Friday’s filing adds to the year-end filing in one way: in this one, Citi mentions the SEC by name.