Thursday, February 26, 2009

Citigroup's still cheating all of us

A few weeks ago I was "RATE JACKED" by this most irresponsible and arrogant of banks. I received a notice informing me that my credit card rate would skyrocket to almost 17% from under 10%. As a former banker I understand very well the games the banks play so I called them and after speaking with a couple of representatives, I managed to get my interest rate lowered back down to 6%. That's right, 6% FIXED for another 6 months.

But that's not what I wanted to talk to you about today.

Just as Citi is about to absorb BILLIONS more tax dollars into the enormous financial black hole that this enterprise has come to be, another complication has emerged. One of Citigroup's most profitable holdings is in Mexico. Grupo Financiero Banamex. Some Citigroup executives are worried that an increased U.S. stake might subject the bank to pressure to relinquish some or all of its ownership of Grupo Financiero Banamex, the No. 2 bank in Mexico by assets, the Wall Street Journal said today. Really?

This is yet another outrage. Now there's talk that Citi and the Fed could consider "negotiating" with Mexico through diplomatic channels to have them "waive" this requirement in their laws. That's incredible. As the economy has worsened and my business revenue has declined dramatically, I have been forced to put some of my most treasured personal assets up for sale to pay my bills. But Citi is not being asked to do the same.

So while more of my tax dollars are being poured into this virtually bankrupt enterprise, I'm being forced to sell assets while Citi just keeps sucking up Fed money with no pressure to do the same. How is that possible??? Is it actually better to strong arm the Mexican government than to force Citi to unload some of its valuable assets? Apparently so.

I am just about ready to tell Citi to take my $24,000 credit card balance and stick it where the sun don't shine and I'll gladly take the hit on my credit score. It's gotten to that point.

With the economy in such bad shape I need to start looking out for myself and saving $24,000 is the first step in ensuring that I put my family and my financial well being in a position to survive the very crisis that Citi is responsible in great part for causing. I hope other courageous consumers that also have credit card balances with Citi will decide to do the same and send these bastards a clear message. What do you think?

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