Forum Post: Boycott Citi Bank Today, starting NOW......
Posted 13 years ago on Oct. 20, 2011, 1 p.m. EST by BoycottCitiBank123
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Citi Bank just paid millions in a penalty fee to the Fed for being one of the worst offenders back in 2007/2008. (not enough or will it ever correct the mess and pain it inflicted on the World). We, the 99% are still paying and feeling the pain. Now it is their turn!
Every single American should withdraw their money and closed their accounts immediately from Citi Bank. The same with Goldman Sachs, transfer your account, close your account, withdraw your money. After we knock off the worst offenders than we put the other crooked CEO's out of business. We can occupy Wall Street as long as we want but this will really hurt them in their Pocket Books and Wallets.
Start Today........and spread the word asap
Excerpted from bloomberg.com: http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html
Foreign Borrowers
It wasn’t just American finance. Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms. They included Edinburgh-based Royal Bank of Scotland Plc, which took $84.5 billion, the most of any non-U.S. lender, and Zurich-based UBS AG (UBSN), which got $77.2 billion. Germany’s Hypo Real Estate Holding AG borrowed $28.7 billion, an average of $21 million for each of its 1,366 employees.
The largest borrowers also included Dexia SA (DEXB), Belgium’s biggest bank by assets, and Societe Generale SA, based in Paris, whose bond-insurance prices have surged in the past month as investors speculated that the spreading sovereign debt crisis in Europe might increase their chances of default.
The $1.2 trillion peak on Dec. 5, 2008 -- the combined outstanding balance under the seven programs tallied by Bloomberg -- was almost three times the size of the U.S. federal budget deficit that year and more than the total earnings of all federally insured banks in the U.S. for the decade through 2010, according to data compiled by Bloomberg.
I closed my account just last week.
There were several non US banks that got bailed out.
Here's a list of foreign banks (not all below received bailouts from the American public)
Credit Suisse (Investment Banking Division) 7.032 New York, NY
Deutsche Bank AG 6.710 New York, NY
Barclays Capital 6.610 New York, NY
UBS Investment Bank 6.180 New York, NY
HSBC North America Holdings 4.885 Mettawa, IL
Royal Bank of Scotland Group plc 4.749 Edinburgh, United Kingdom
RBC Capital Markets 4.738 Toronto, Canada
That's what caused the Great Depression! Everyone took their money out of banks and they failed! Do you think another recession is going to make people feel better?
Moving money to a better bank will not cause economic harm, and is likely to be constructive.
Failing banks were caused by the Great Depression. People had less money, so it went for necessities, not into the banks. Banks started to fail as loans could not be paid off. Then people who still had money worried that the banks did not have enough to give them their deposits, and that produced a run on the banks.