Citigroup (C) started two hedge funds last year and sold interests in them to well-off retail investors. What those people were not told is that the investments were risky. Now, Citi is giving some of that money back.
Cit brokers, from the Smith Barney division, misled some of the poor souls who put up their cash. The retail brokerage operations "drummed up hundreds of millions of dollars from retail clients, including some who were told the fixed-income funds were a safe place to stash money," according to The Wall Street Journal.
Never give a sucker an even break, never wise up a chump.
Douglas A. McIntyre
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