Citigroup, whose existence depends on taxpayer money, wants to enter the debate about Employee Free Choice Act(EFCA). But instead of being a facilitator of the debate they are definitely taking sides and it is not in favor EFCA. That certainly is not a surprise but what is surprising is that it is allowed to operate like this with all the taxpayer money it has accepted. Oh wait, that is right cheap capital with no strings attached.
Citigroup is not the first one to this. Bank of America did the same thing. So did AIG.
In a time of crisis it is important that a country come together to work and solve its problems. But, taxpayers have done their part by allowing trillions of dollars to flow to these financial conglomerates to plug the holes in their balance sheets. And what do we get in return:
And with Citigroup lowering Wal-Mart's rating one day before the call, some were left wondering whether the bank was deliberating trying to frame EFCA as so calamitous for business that Congress would recoil from touching it. Indeed, as pointed out by one Democratic observer, Weinswig was high on Wal-Mart just a few weeks ago, giving the company a 9.5 rating out of 10.
We get duplicity and scheming on the part of the financial conglomerates that we own.
You are either with us or against us.
Citigroup, Bank of America, AIG and any other financial conglomerates needs to stay out of this fight or suffer the consequences (wishful thinking).
The best thing we can do is "Take Back Our Money". Close all accounts with Citigroup and move them to a local credit union. Unfortunately, I don't think Secretary Geithner is interested in doing anything to upset Citigroup.