The "constant news" is the rehashing of the same story again and again. The "Dr Evil" trade was not illegal in the eyes of the UK regulators, it merely breached "standards of behaviour". The facts are that they took an abnormally large short position and then covered it after the price dropped. The Italians are now investigating the same trade. There is no investigation of "cook the books" as you have suggested.
Having read all your (repetitive) posts, what you failing to state is that the UK has finished its investigation and gave C a slap on the wrist fine.
IT seems England did not view the bond trades a being illegal but rather manipulative against the market. Maybe semantics but Citi or its people were not charged with a crime. It would seem the findings of one gov't should hold for the entire Euro market. But it seems individual conuntries can find a different outcome. Most of Citi's other actions were not deemed illegal but rather unethical or pushing the line beyond acceptable practices.
Regardless, the BD and Management are tainted and replacements are needed. This stock is lagging the market and other financials. At this time it has given back more than it gained on Friday.
Isn't Parmalat an Italian company? That is the other big negative news story still hanging around. Could be that the Italian government is putting the double squeeze on Citigroup to do what it has been doing much too often recently - pay with no admissions of wrongdoing - and make the problems go away.
I suppose the real question to ask is why it took the Italians from August of last year until July of this year to react?