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October2011 Movement Closes Citibank to Protest Record Profits Made at the Expense of Human Needs


Washington, DC–(ENEWSPF)–October 20, 2011.  A group of 40 protesters marched to the Citibank, a subsidiary of Citigroup,  at 14th and G Streets NW this morning to protest the announcement of the seventh consecutive quarter of massive profits by Citigroup while the economy continues to collapse. Upon the arrival of the protesters, the bank shut down. Six protesters including a video team remained inside the building. Video will be available soon. Police have been called to the scene.
 
Citigroup, one of the nation’s largest banking and investment firms, reported yesterday that their quarterly earnings are up $3.8 billion, 74% higher than a year ago.  Citigroup continues to foreclose on mortgages.  They hold back loans to small businesses and consumers.  They choke the economy while they are profiting massively. 
This is a slap in the face to the average American who earns miniscule interest rates on the money they have in Citigroup banks, are unable to obtain loans and mortgages, and are being forced to pay all sorts of fees and charges just to access their own money.

Citigroup’s profits are typical of the banking industry in general who accepted billions in bailout loans from the American people, yet now seem to think that the money belongs to them personally.

Here is a list of complaints aginst Citibank:

1.  Citigroup has paid ZERO corporate taxes for the last four years.

2.  Citigroup has 427 subsidiaries in foreign tax havens to hide their profits.

3.  Citigroup was the LARGEST recipient of federal bailout money– $476 billion.

4.  CEO John Havens receives $9.5 million annually, while paying their tellers $12.65 an hour.

5.  Citigroup just posted a 3rd quarter net profit of $3.8 billion, a 74% increase over last year.

Source: www.october2011.org


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