Citigroup Awarded ''Honor'' as World's Most Destructive Bank
CONTACTS : Erick Brownstein: 215-919-5545 (cell); Rainforest Action Network
Patrick Reinsborough: 415-305-7246 (cell); Rainforest Action Network
US Top Bank Scores High Marks for Campaign Finance Corruption and Environmental Destruction. Rally unites globalization, human rights and environmental activists with urban community, youth and people of color advocates.
Philadelphia -- As Republican delegates continued their week of partisan
pomp inside the RNC Convention, a broad coalition of activists took their
message to the source of campaign finance corruption highlighted during the
summers political conventions: Americas top corporations. Outside of the
local headquarters of Citigroups subsidiary Salomon Smith Barney, the
countrys largest bank was honored with the award for the World's Most
Destructive Bank, earning this distinction for its role the buy-out of the
countrys elected political leaders and its unsurpassed contribution to the
financing of socially and environmentally destructive projects.
Citigroup has rightfully earned a triple A credit rating as the worlds
most destructive and corrupting bank, said Erick Brownstein of the
Rainforest Action Network. Whether it is buying influence with Republican
and Democratic officials, financing the most environmentally egregious
projects abroad, or employing predatory lending practices here at home,
Citigroup comes out Number One in a highly competitive private finance
industry.
During Citigroups award ceremony, environmental and community advocates
pointed to corporations nefarious role in campaign finance corruption and destructive funding. Citigroups funding for corporate prisons, Third World debt, genetic engineering, and rainforest destruction won the company its dubious
prize today, according to representatives from organizations including ACT
UP Philadelphia, 50 Years is Enough, Association of Community Organizations for Reform Now (ACORN), Just Act Youth Action for Global Justice, Student Environmental Action Coalition (SEAC), and Rainforest Action Network.
The time is now for Citigroup to stop underwriting campaign finance
corruption, predatory lending and destructive projects, said Kelly Nagy from SEAC. Big banks buy-out of politicians is bad for our communities and our environment.
Citigroup has contributed over $2 million to the Republican and Democratic
parties in the last two years as well as spending $17 million on lobbying costs since 1997. Citigroup used their campaign contributions to buy the very changes in the law which allowed the Citibank/Travelers merger by repealing parts of the
Glass-Steagle Act. Its outrageous that we are allowing giant destructive
corporations to buy off our political system. It amounts to nothing more than legal bribery. I never voted for Citigroup. said Patrick Reinsborough
from the Rainforest Action Network.
For more information about Citigroups destructive activities, please visit
the Rainforest Action Network Website
- 106 Money & Politics