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» The Global Ripoff:

The Global Ripoff

Posted by on April 26, 2010 at 8:16 am.

 Last week Citigroup Inc. announced a 4.3 billion dollar ” profit” for the first quarter of 2010.  Wall Street acted on this news by pushing up Citigroup stock prices. What they neglected to do is thank US taxpayers for all of the free cash they have received.  Much of Citi’s reported profit came from their trading desk. In other words from trading stocks and bonds: http://www.businessweek.com/news/2010-04-19/citigroup-trading-revenue-drops-after-phibro-sale-as-peers-gain.html Profits from the trading desk include Citigroup borrowing money from the taxpayer at 0 percent interest and then turning around and loaning it back to the U.S. treasury(i.e. the taxpayer) for a profit. The spread on this scam is about 2.5 percent: http://www.financialsense.com/fsu/editorials/ash/2010/0423.html  The trading desk is also involved using taxpayer money to buy and sell stock for a profit.   Does this sound like a good way for a bank to operate?  Taxpayer donations to Citigroup include 45 billion in Tarp money, the U.S. treasury  guaranteeing 300 billion in Citi liabilities, 2.3 billion received in AIG derivative payoffs, and government purchase of of 7.7 billion shares of Citigroup stock. Of course Citigroup continues to charge many of it’s taxpaying customers anywhere from 19 to 30 percent interest while it has access to near 0 percent loans.  With all of this taxpayer money backing Citi they found some extra cash to set up banks in China: http://www.thaipr.net/nc/readnews.aspx?newsid=9CA242B53105835D2550EEE4A1D6719D  If you’re interested here is a link to set up a Citi account in China: http://www.citibank.com.cn/homepage/en/cn_homepage.htm      Not only are your taxpayers dollars being used to support a bankrupt bank but they are financing a globalist banking cartel. Keep in mind that this fraud is being multiplied many times over by the likes of Bank of America, Wells Fargo, Goldman Sachs and others. Is this what Obama calls change? To me it looks like the same old globalist banking scam.                                                                                                                                                                                                                After posting this blog , I made a very interesting yet frightening discovery. Take a moment to check out the Citibank logo. To the many conspiracy theorists out there it should be obvious. Let me know what you see.

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