Monday, September 29, 2008

We run your Citi!

You want to know who runs your company? Here is your introduction to Citigroup, who you are going to hear about more and more in the coming years. They are purchasing the world for pennies on the dollar. Their latest victim is Wachovia, which they purchased each stock for a dollar. I have an account with Wachovia, so now I'm officially processed in "their" system. Here is a brief introduction to the newest view into the Citigroup.

(Statistics comes from check everything. The truth is not hard to find)

The Good?
  • Citigroup is the world's largest bank by revenues as of 2008.
  • It's largest shareholder is Prince Al Waleed bin Talal (Saudi Arabia)
  • The company history dates back to the founding of: the City Bank of New York (later Citibank) in 1812
  • Company is worth $2.2 trillion
The Bad- Here is a list of all the companies and banks controlled by Citigroup

  • Citibank, providing consumer banking products.
  • Banamex, second largest Mexican bank
  • Banco Cuscatlan, El Salvador biggest bank
  • Citimortgage, mortgage lender (Debt)
  • Citi Insurance, insurance provider (Debt)
  • Citicapital, Institutional financial services
  • Citifinancial, Consumer finance aka subprime lending (Debt)
  • Citigroup, Alternative Investments, Global Wealth Management
  • Primamerica engages in direct selling of financial services.(Debt)
  • Smith Barney, investment services, both retail full service brokerage, private client services
  • CitiCard, Credit Cards (Debt)
  • Credicard Citi, Credit Card business in Brazil (Debt)
  • Wachovia Financials
The Ugly- Nova Orda Seclorum
  • A three-year investigation found that Citigroup from 1992 to 2003 used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders.
  • Citigroup is the 16th largest political campaign contributor, out of all organizations, according to the Center for Responsive Politics. Members of the firm have donated over $23,033,490 from 1989-2006, 49% of which went to Democrats and 51% of which went to Republicans.
  • Citigroup has agreed to buy Wachovia's banking operations for $1 a share, a move that that would concentrate power within the nation's banking industry in the hands of a few giant lenders

Fight The Power - Public Enemy

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