Apparently Citigroup has spent the last fifteen years laboring under the misconception that when the Securities and Exchange Commission asked for a look at the bank's trading data, it just wanted a taste of that data.
But now Citi gets that was a weird thing to assume...
Citigroup agreed on Tuesday to pay $7 million and admit to wrongdoing, after the U.S. Securities and Exchange Commission accused its brokerage arm of providing incomplete trading data to regulators for 15 years.
15 years though. That's a long time for this little misunderstanding to endure. What's the deal, Citi?
The Securities and Exchange Commission said a computer coding error led Citigroup Global Markets to make mistakes every time the SEC made a "blue sheet" request, or a request to provide details on things including the timing, pricing and volume of trade.
And how many trades did it take to realize the mistake?
The coding error occurred in software Citigroup used from 1999 to 2014 to process the SEC's requests for blue sheet data, the SEC's settlement order said. Citigroup, as a result, omitted 26,810 securities transactions from responses to more than 2,300 blue sheet requests by the SEC.
Eh, what's a few thousand incomplete blue sheets between pals? At least Citi was totally honest and apologetic when it figured out what was wrong...
After Citigroup discovered the error, it failed to report it to the SEC and waited nine months to produce the omitted data, the SEC said.
That does fit with the bank's new motto: "Citigroup, What's the hurry?"