Thursday, April 15, 2004

Citigroup posts $5.27 BILLION in QUARTERLY Profit

The same company that has lobbyists permanently squatting in the halls of Congress lobbying for creditor-friendly bankruptcy law changes just posted $5.27 BILLION in profits for one quarter. By my dead reckoning, this makes the company as profitable as the entire global auto industry put together.

Look at another way - the same day, Apple Computer posted $46 million in profits. This makes Citifinancial 115 times as profitable as Apple Computer.


In addition to making megabucks off of high interest rate credit cards in a low interest rate environment, Citigroup has now digested Associates Financial and is making megadollars off of home mortgages that some would call predatory.

Still, if Citigroup's lobbyists have it their way, thousands of working Americans who get behind on Citigroup's credit cards will be turned into defacto indentured servants and prevented from obtaining a fresh start in bankruptcy. That's America folks.

The New York Times > Business > Citigroup Tops Expections With $5.27 Billion in Earnings
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