Reaz Islam, who ran Citigroup hedge funds that lost most of their value in 2008, has “no regrets” about his performance and said “ambulance-chasing” lawyers are behind claims that he and the bank misled clients...The funds, now defunct, placed Citigroup at the center of a regulatory probe and a wave of litigation when they crashed four years ago. The Financial Industry Regulatory Authority, or Finra, has ordered the bank to pay at least $60 million to some of the funds’ investors, who said that Citigroup pitched them a safe, more profitable alternative to other fixed-income investments. There are 69 claims remaining, according to Philip Aidikoff, a lawyer for plaintiffs. “This was a high-volatility, high-return strategy and never a safe and riskless investment as claimed by a few rogue, ambulance-chasing attorneys,” Islam said in an e-mail. “I have no regrets and obviously learned a lot from the crisis, notably to expect the unexpected at all times and how people change color in times of crisis.” [Bloomberg]
Libyan Investment Authority: No, Really, We LITERALLY Had No Idea What Goldman Was Selling Us
This point cannot be stressed enough.