RENEE MONTAGNE, Host: NPR's business news starts with Citigroup under investigation.</s>RENEE MONTAGNE, Host: The Securities and Exchange Commission is looking into allegations that the bank misled investors. The Wall Street Journal reports that the SEC has subpoenaed former Citi employees. The bank told investors that some of its debt funds, which included mortgages, were relatively safe. Then, those investors suffered heavy losses when the mortgage market began to crumble in mid-2007. If the SEC investigation finds that Citi misled its investors, the bank could be on the hook for fines.
The Securities and Exchange Commission is looking into allegations that Citigroup misled investors. The Wall Street Journal reports that the SEC has subpoenaed former employees. The bank told investors that some of its debt funds, which included mortgages, were relatively safe, then the investors suffered heavy losses when the mortgage market began to crumble. If Citi is found to have misled investors, the bank could be on the hook for fines.