They want to act like children? Fine. That’s their prerogative. He’s done.

“If the goal of the SEC is every two or three weeks to come out and say that there’s another financial company that’s done something wrong,” the agency will drive home the belief “that the financial system in the United States is rotten, that it’s run by crooks who create fraudulent products,” said Dick Bove, analyst at Rochdale Securities. As investors wait for more regulatory shoes to drop, “the markets will continue to act in the volatile fashion that they are right now,” he said.

Citigroup to pay $75 mn to settle SEC charges [Business Standard]