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

For Immediate Release
October 20, 2011

Contact:
Press@october2011.org

Freedom Plaza Occupation Shuts Down CitiBank

Washington, DC - The Freedom Plaza occupation in Washington, DC protested inside and outside Citibank in Washington, DC.  Six protesters, including a video team went inside the bank to protest the tax avoidance by Citibank through off-shore tax havens, continued foreclosures, choking the economy by not making loans, usury credit card rates, low pay of bank tellers while exorbitant pay for executives.

The Citibank, a subsidiary of Citigroup, at 14th and G Streets, NW was protested this morning after the announcement of their seventh consecutive quarter of massive profits while the economy continues to collapse. The protesters succeeded in shutting the bank down.

 

Forty-five protesters continued to protest outside the bank shouting slogans like "The Banks Got Bailed Out, We Got Sold Out" and "We are the 99%."

Leah Bolger, an October2011.org organizer who is a vice president of Vets for Peace said: "Citibank needs to be held accountable for its role in collapsing the economy and profiting from that collapse.  As the largest recipient of bail out dollars, Citibank owes the American people and needs to stop foreclosures now, re-make mortgages so they are consistent with true housing values and stop avoiding taxes."

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,: said Kevin Zeese of October2011.org. "The sweetheart settlement with the SEC announced today is an insult.  Citigroup profits $1 billion from selling fraudulent derivatives and gets fined $285 million."

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 against 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 3^rd quarter net profit of $3.8 billion, a 74% increase over last year.