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Citibank to turn its back on the U.S. Consumer – then why support them with taxpayer money?

It has been widely reported that Citigroup’s Chief Executive Officer has said that “Citigroup is looking for gains away from credit creation and the US consumer by harnessing globalization.”

Considering that the government has gone through numerous backroom machinations to hide the fact that Citigroup appeared to be one of the worst, if not the worst, of the troubled institutions, why should we continue to support any financial organization that is announcing its global ambitions to the detriment of the American consumer? Especially when a major portion of the bank is foreign-owned (Saudi)?

Considering the poor performance of Citigroup’s management, might it not be time for the management to be replaced and a re-evaluation of government funding performed?

I thought that the bailout funds were supposed to be given to relatively healthy banks suffering liquidity issues – not to simply shore up failing banks for the benefit of their executives and large institutional shareholders.

Perhaps we need to re-think any additional support for this dying dinosaur – perhaps forcing them into bankruptcy or an FDIC takeover?

-- steve

Vikram Pandit, Chief Executive Officer of Citigroup (June 15, 2009;  Detroit Economic Club's National Summit; Detroit, Michigan)

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OneCitizenSpeaking: Saying out loud what you may be thinking …


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