Today Citi settled with the SEC for nearly $300 million over a structured CDO deal. Seems like every bank is going to face these kinds of lawsuits.
What's interesting about this specific settlement is that it names an individual - Brian Stoker. Most of the settlements are very generic sounding and don't call out anyone. So of course I'm curious and I look him up on linkedin - turns out he's only 3 degrees of separation from me. Looking at his work history he went from VP at Merrill Lynch to Director of Structured Products at Citi and now he's an Analyst at some private equity shop. Ouch. Sounds like that structured products experience is a liability these days.