Friday, August 28, 2009

CITIBANK and COHORTS’ takeover American’s Loans and Credit: “Banks at Risk of Failure Has Reached 15-Year High”

CITIBANK and COHORTS’ takeover American’s Loans and Credit: “Banks at Risk of Failure Has Reached 15-Year High”

By Kevin Stoda

Democracy Now noted today, “Banking regulators are warning that the number of banks at risk of failure has reached a fifteen-year high. The Federal Deposit Insurance Corporation said the number of ‘problem banks’ had risen from 305 to 416 during the second quarter. The FDIC has already shut down eighty-one banks this year. This comes at a time when the nation’s largest banks are getting even bigger due to a series of federally arranged mergers and taxpayer bailouts. JPMorgan Chase, Bank of America, Wells Fargo and Citigroup now issue one of every two mortgages and about two of every three credit cards. JPMorgan Chase, Bank of America and Wells Fargo now each hold more than ten percent of the nation’s deposits, despite a rule barring such a practice.”

I have just returned from the Philippines, a country overwhelmingly dominated by CITIBANK credit cards and loans. There, I was able to share with Filipino nationals how Citibank has made life incredibly difficult for me for three decades. I also noted in various interviews that most Americans and foreign states (depending on Citibank’s predatory lending practices over the last half century) have not been happy with the growing debt and dependence.

A quick websearch shows that Americans are upset with Citibank. Whether it is in its student lending (i.e. often buying up student loans behind the backs of the borrowers), credit card swindles, or bad mortgages, CITIBANK leaves a bad taste in American users mouths.

Citibank has even been targeted in many smaller U.S. government investigations on fraud related to government credit cards. However, in the Philippines (where cozy capitalism and banking reign in an unholy alliance) little is done to get Citibank and other banks to behave better.

NOTE: Interestingly, Dubai investors have noted that although Citibank soaks the American taxpayers, it has helped the UAE state to survive the economic collapse of these past two years.

Meanwhile, Citibank Philippines is the largest foreign bank in the country. As well, hundreds of thousands of Filipinos worldwide also depend on Citibank credit cards and accounts to send monies homes to their families.

Naturally, Japanese Banks and other Asian banks also are involved in fraud and unnecessary debt in the Philippines, i.e. alongside Citibank.

Interestingly, the Philippines is still paying off a lot of bad bank loans to Citibank and other global financiers dating to the Ferdinand Marcos Dictatorship of the 1970s and 1980s.

Naturally, other USA banks, like CHASE need to be investigated. Moreover, the request still stands, which I made over a quarter of a year ago to fully nationalize Citibank (and other banks, including Wells Fargo) which is still squeezing American and foreign debtors while soaking up tax payer moneys.

Juan Gonzalez of DEMOCRACY NOW has noted, “We turn . . . the spotlight on President Obama’s massive foreclosure prevention program. Many of the lenders that helped fuel the housing crisis by issuing risky subprime loans are now lining up to receive more than $21 billion in taxpayer money intended to help bail out borrowers. At least twenty-one out of the top twenty-five participants in the Making Home Affordable program specialized in servicing or originating subprime loans, the report says. The funds come from the government’s $75 billion Home Affordable Modification Program, or HAMP, which gives lenders taxpayer subsidies to lower mortgages that might otherwise end in foreclosure.”

How can the country of the Philippines (or other smaller developing lands) ever go after the foreign bank giants like Citibank if America doesn’t go after them when the spotlight is on them fully as DN is doing now.

Come on Obama, set a global example and takeover these banks—stop throwing money at them!!!!!!!

Filipinos and others need America to set a fiscal and policy example by investigating the fraud of these big banks, which have helped destroy much of America’s middle class over the past decade.


Citibank and Me (1),

Citibank and Me (2),

Citibank and Me (3),




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